Monthly GHST purchase program details confirmed, and a new DAO vote!
Last month, the AavegotchiDAO concluded a successful proposal to increase the tap emission from 100,000 DAI per month to 150,000 DAI per month, with the understanding that the extra 50,000 DAI would be used by Pixelcraft Studios (the lead developers of Aavegotchi) to purchase GHST from the curve.
Our fearless DAO braved the high Ethereum network fees to register an unprecedented 16% quorum for the vote — once again modeling what a healthy, engaged crypto community looks like.
Now, we are excited to announce that starting this month, Pixelcraft Studios will begin purchasing GHST from the Ethereum mainnet bonding curve. As stated in the AGIP-3 Proposal, this GHST will not be used to pay staff, developers, or other internal expenses. It is specially earmarked for promotional activities such as liquidity incentives, boosting player rewards when needed, and bootstrapping liquidity to new DEX pools.
Barring unforeseen circumstances, we are committed to a monthly schedule of swapping 50,000 DAI for GHST via the bonding curve, on the 10th day of every month.
Ramping up AavegotchiDAO responsibilities
While we’re on the subject of AavegotchiDAO, we have some exciting updates to share. Recently, we migrated the Aavegotchi Snapshot (gasless, off-chain voting) to Matic and performed a successful test vote.
This is a great milestone for AavegotchiDAO governance, and allows us to have effective community signaling while we are waiting for AavegotchiDAO V2 Metamorphosis to come online.
With the first Haunt of Aavegotchis launching this month (exact date TBD) and the migration to Matic Network successful, it’s the perfect time for AavegotchiDAO to increase its share of decision making, especially regarding intricacies of the game experience.
Although the game has not yet launched, we can continue simplifying the onboarding process for new users by ensuring that they can easily bridge Ethereum Mainnet tokens to Matic.
Our liquidity migration program has been a huge success, with over 8M GHST migrated to Matic already. However, as many community members have noted, liquidity for the GHST-USDC pair is still not deep enough to support trading large amounts of USDC for GHST on Quickswap.
We believe one way to remedy this is by adding GHST-USDC as a pair eligible for FRENS on https://aavegotchi.com/stake-matic. Just like GHST-QUICK has a receipt token stkGHST-QUICK, staked GHST-USDC can also emit a stkGHST-USDC token, which may be eligible for rewards on Quickswap, if their team deems it necessary.
Since this decision directly affects gameplay, we believe it is a ripe candidate for our first Snapshot vote on Matic.
We are setting a 500,000 GHST quorum for this vote to be enacted.
The GHST-USDC LP token will earn FRENS at the same rate as just staking GHST, since impermanent loss is minimal and fees are significant.
Please head to Snapshot to signal your vote using GHST* within the next 72 hrs! If the vote passes and meets quorum, GHST-USDC will be added to the GHST Staking contract on Matic within a few days.
*GHST voting power is derived from your wallet’s GHST balance, your GHST in the GHST Staking Contract, and the GHST from GHST-QUICK LP tokens staked in the Staking Contract.
That’s it for this update!
Stay spooky frens,