GM frens! With the successful passing of Snapshot votes AGIP64 (Close the GHST Bonding Curve) and AGIP65 (25/25/25/25 Split for Curve DAI), we now turn to the main event – the formal, on-chain votes to close the GHST Bonding Curve and allocate the DAI inside.
These are certainly exciting times for Aavegotchi and the Gotchigang, so we want to ensure everything goes as smoothly as possible for all parties involved.
This blog post will go over the important details necessary to ensure a smooth curve turnoff.
Let’s jump in!
Part 1 – The Migration
The bonding curve contracts are deployed on the Ethereum Mainnet, which means that to make an onchain vote, enough GHST must be present on Ethereum to reach quorum.
The quorum requirement for Aragon, the platform where we will be voting, is 8% of the total supply of GHST at the time when the vote is created.
This means that if the total supply of GHST is 50,000,000, four million GHST will be needed to vote and reach quorum.
This is no small feat, which is why we are following tradition and offering a BIG XP BONUS to the Aavegotchis of all owners who participate in the votes.
Any wallet that participates in both of the onchain Aragon votes will receive 100 XP per vote for each Aavegotchi in their wallet, so long as those votes reach quorum.
As for when the migration must be completed, we are aiming to initiate the Aragon voting at 02:00 AM UTC time, or 10AM SGT on Wednesday, March 8th.
By this time, we require at least 12% of the total supply of GHST to be present on Ethereum Mainnet, to ensure we can reach quorum without too much difficulty.
If, at the appointed time, we have not met this threshold of GHST on Ethereum, the vote will be delayed by 24 hours and tried again until the threshold has been met.
How to Bridge GHST to Ethereum:
Bridging GHST to Ethereum is easy, fren! We’ve got you covered with a simple, step-by-step guide:
- Head to https://app.aavegotchi.com/bridge
- On the right, enter the amount of GHST you would like bridge back to Ethereum and click “Transfer X GHST to Ethereum”
- Confirm the transfer and gas fees with your web3 wallet
- Withdrawing from Polygon takes approximately 2-3 hours, sometimes longer, after the withdrawal is complete you will need to click on the “Claim On Ethereum” button on the Bridge Tokens page in order to get your tokens onto Ethereum Mainnet
Once you’ve claimed your GHST on Ethereum, you’re all set and can simply wait for the Aragon vote to begin!
Part 2 – The Voting
“Turning off the bonding curve” is a simplified label for what we are trying to achieve. The actual process requires two votes:
- Delist DAI as a collateral from the bonding curve contract.
- Approve an external wallet to transfer the DAI from the treasury.
Vote 1
We will begin by creating Vote 1 to delist DAI as a collateral, which will freeze all trading on the bonding curve once it has reached quorum and been enacted.
EXTREMELY IMPORTANT: If you regularly trade on the bonding curve, it is highly recommended that you do not perform any trades on the bonding curve once Vote #1 has been created. This is because the “Claim” function of the bonding curve will become unusable once the vote passes, and your funds may become stuck.
Vote 2
Once Vote 1 has successfully reached quorum and been enacted, we will create the second vote to transfer the DAI from the bonding curve treasury to an external multisig. Once the transfer is complete, we will transfer the DAI to four separate wallets, according to the orders of the DAO in AGIP65.
Part 3 – The Aftermath
Once the above votes have been successfully executed, the Bonding Curve will be turned off, and no more GHST will be minted or burned via the smart contract AMM.
Pixelcraft Studios will perform the final cleanup of removing permissions on the GHST token, making it a fully immutable token without any governance backdoors.
It is at this point that a new chapter of Aavegotchi and GHST begins, and whatever day it all concludes on shall henceforth be proclaimed as “GHST Independence Day.”
What You Can Do
There are many actions you can take now to help ensure a smooth transition between the Pre-Curve Aavegotchi and Post-Curve Aavegotchi. These include, but are not limited to:
- Alerting interested parties to the monumental tokenomics shift that GHST is undertaking, to ensure they have taken all of the necessary actions to minimize their risk;
- Provide liquidity for GHST on various DEXes, as once the Curve turns off, our deepest pool of liquidity will be no more;
- Create memes or videos celebrating GHST Independence Day using the $GHST cashtag and sharing on social media;
- Bridging your GHST to Ethereum to help ensure we meet quorum
- Voting in the two Aragon votes and scoring 100 XP per vote for your GotchiGang!
…and probably many more!
2023 is the Year of the Gotchi frens – and we’re off to a great start!
Stay spooky, and we’ll see you in a post-curve world,
Aavegotchi Team
About Aavegotchi
Aavegotchi is an open-source, community owned NFT gaming protocol, enabling true asset ownership for gamers. Aavegotchi NFTs are on-chain collectible ghosts staked with Aave’s interest-generating aTokens.
Compete for player rewards by earning XP, leveling up, and increasing the rarity of your Aavegotchi fren. Aavegotchi is governed by the AavegotchiDAO and the native eco-governance token GHST. Visit Aavegotchi.com today and join the future of DeFi-staked NFT avatars!
Aavegotchi Resources:
Website: https://aavegotchi.com/
Blog: https://blog.aavegotchi.com/
Official Wiki: https://wiki.aavegotchi.com/
Twitter: https://twitter.com/aavegotchi
Discord: https://discord.gg/aavegotchi
YouTube: https://www.youtube.com/c/Aavegotchi
Reddit: https://www.reddit.com/r/Aavegotchi/
Telegram: https://t.me/aavegotchi
Gotchiverse Resources:
Website: https://verse.aavegotchi.com/
Gotchiverse Docs: https://docs.gotchiverse.io/
Fake Gotchi Resources:
Website: https://www.fakegotchis.com/
Twitter: https://twitter.com/FAKEgotchis
Instagram: https://www.instagram.com/fakegotchis/
