Vote with GHST! AavegotchiDAO’s Inaugural Proposal Opens Oct. 15

Frens, it’s time to flex our collective strength and kick off AavegotchiDAO with a proper, on-chain vote.

The AavegotchiDAO Crest

The GHST Bonding Curve has been live for nearly one month and with that comes the first opportunity for GHST holders to adjust the DAICO’s tap mechanism. AavegotchiDAO 1.0 is built on the Aragon platform and functions as a straightforward DAICO where GHST holders are able to vote once per month to increase or decrease the flow of funds to the core team via the tap. The tap provides DAI directly from the GHST Bonding Curve where over 7.5 million DAI are currently secured.

We request the Aavegotchi community vote to increase the tap from 50K DAI / 30 days to 100K DAI / 30 days. Proposal details and explanation below.

DAICO for Fair Funding

What’s more, the community of token holders have no direct way to enforce accountability.

At Aavegotchi, we are trying to promote this new model of accountability, one where founders are incentivized to work hard to achieve their vision, while also prioritizing the interests of the tokenholders.

Here, governance of our treasury is directly in the hands of YOU, our GHST token holders. The DAI that flows into the GHST bonding curve form our DAO’s reserve, and a mechanism called “the tap” funds our team.

There are currently more than 7.5 million DAI in the reserve and the tap drips DAI to the core team at a rate of 50k DAI per 30 days. This is less than 1% of the reserve which is always ebbing and flowing. In fact, if our core team continues delivering wins, the reserve will grow at a far greater rate than the tap’s outward flow.

There are 7.5 million DAI in the bonding curve reserve

With this context in mind, the core team is submitting this first proposal with a request to increase the GHST bonding curve’s tap rate from its current 30days/50k DAI to 30days/100k DAI. The entire proposal is included below.

How to Vote

A quorum of 8% total GHST is needed (at time of publishing, around 2.2 million GHST) so it’s really important that holders of the token participate, if you want Aavegotchi to succeed.

Voting will be available from October 15–19 (96 hours total).

The Aragon dashboard is user friendly so you can vote by simply connecting your MetaMask and following on screen prompts.

AavegotchiDAO Proposal 1: Tap Increase for Scaling Sprint

Community growth

  • 5000+ members of Aavegotchi Discord
  • 200+ posts on newly launched subreddit r/aavegotchi
  • 800+ Active Aagents completing 8 or more community missions
  • Winning #1 in the OKex DeFi x NFT tokens competition

GHST Token

  • GHST Uniswap liquidity growing by an avg 77% week to week
  • GHST listed on over a dozen crypto exchanges
  • GHST listing on global exchange OKex
  • Staking mechanism developed and deployed to testnet

Game Development

  • Both buying portals and opening portals deployed on Kovan
  • Over 350 wearables and in game items finalized
  • Realm metaverse development has begun
  • Multiple Layer 2 solutions trialed and way forward ready TBD
  • GHST staking audit from tier 1 smart contract auditors underway

Engage Thrusters, it’s time to grow!

The first month’s 50k tap was maxed out so that we could achieve the above listed milestones and more. This included budgeting for Uniswap liquidity provisions, market development in regions like China and Korea, smart contract audits and bug bounties, design, community rewards and, of course, legal costs.

50k DAI was not enough to cover all of the above and the next sprint is even more ambitious. The hard coded constraints of AavegotchiDAO 1.0 limit this proposal to only a 50K DAI increase for this month’s voting period and thus we have budgeted our strategy with a total 100k DAI tap in mind.

The budget going forward deploys the additional 50k DAI into 4 distinct categories:

  • A game maker’s fund so we can solidify terms with key game developers.
  • Additional contracts for key positions in marketing, design, and development.
  • A marketing boost to make sure Aavegotchi’s presence is expanded.
  • Community rewards so we can continue to develop programs (like the Aartists and Aaprentices teams) that incentivize the most inspired in our community.

A word on liquidity support

What about GHST staking? Can I stake and vote?

What happens if the proposal doesn’t pass?

See the DAO, Be the DAO

When you’re ready, we’d love to see you join in this inaugural vote by visiting https://client.aragon.org/#/aavegotchi.

Voting will be available from October 15–19 (96 hours total) so don’t hesitate and see you at the polls.

Stay spooky fam,
Aavegotchi Team

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