Frens, it’s time to flex our collective strength and kick off AavegotchiDAO with a proper, on-chain vote.
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
Just as Aavegotchi is pushing boundaries in regards to NFTs and composability, we are also very happy to be leading by example with the DAO + ICO model (DAICO). From the start we knew a project of Aavegotchi’s scale needed proper funding, but we didn’t want to do an ICO. The ICO model’s failure seems to be inherent to its nature. When large amounts of funding arrive in a very short amount of time, even well-intentioned teams become less efficient, and ill-intentioned teams simply run away with the funds.
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.
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
Voting takes place at https://client.aragon.org/#/aavegotchi.
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
The first month since launching the GHST bonding curve has seen a number of milestones achieved across key metrics including:
- 7000+ followers on @Aavegotchi Twitter
- 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
- 5000+ wallets holding 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
- Ultra-transparent development journey launched on Kovan
- 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 enthusiasm of the Aavegotchi community confirms there is demand for a robust and fully realized vision of Aavegotchi for mainnet (and layer 2) launch. To do so, the team needs to scale by hiring more talent, collaborating with more partners, and reaching new markets.
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
This tap increase will also help us to continue contributing GHST liquidity directly to places the community desires such as Uniswap. Without a tap increase, we will definitely not be able to contribute significant funds from the tap to Uniswap liquidity.
What about GHST staking? Can I stake and vote?
Our GHST Staking contract is currently being audited and should finish up in the next few days. Once the vote is complete, if the audit is complete and no exploits are discovered, staking will launch immediately on Mainnet.
What happens if the proposal doesn’t pass?
If the quorum is not met, or the community votes NO, then the tap will remain at 50,000 DAI / 30 days. If you love Aavegotchi and want to see it succeed, we hope that you will vote YES to support the work the core team is doing.
See the DAO, Be the DAO
The proposal will be launched Thursday, October 15 at 10am Singapore Time (GMT+8) and discussion of the proposal will primarily take place in the #DAO channel on Aavegotchi Discord.
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,