[VOTE] AGIP 39, 40, 41 & 42: Modifying the Channeling Window, Sunsetting FRENS Immediately, Updating GLTR Emissions, & Setting Limits for the Amount of borrowed Gotchis

Four new Core Proposals are live for voting on the official Aavegotchi Snapshot, including a proposal to change the way we handle cooldowns for Alchemical Channeling, cease FRENS emissions immediately, retire the GHST-MATIC LP pool, and set a limit on the number of borrowed Gotchis allowed per wallet address. Keep reading to get the full scoop of each Proposal, join the discussion on the official AavegotchiDAO forum, and then finally head into Snapshot to cast your vote!

Please examine each proposal carefully before voting. If a CoreProp reaches quorum, XP will be sent to all voting wallets’ Aavegotchis regardless of which side of the results one is on.

The votes are open for the following seven days. Plenty of time to consider, discuss and VOTE on the AavegotchiDAO Snapshot.

Now, let’s have a look at these two Core Proposals, shall we?

[AGIP39] Modifying the Channeling Window

Authors: Quincy1971, HARDKOR, XEKO, Actaeon, JG1, FrostC, eMM, Choyna, Slick
GotchiIDs: 5375, 15883, 10044, 9819, 9362, 23748, 5139, 233
Quorum requirement: 20% (9M)
Vote duration: 7 days
XP Reward: 20 XP for each Aavegotchi in the voter’s wallet
Discourse Thread: https://dao.aavegotchi.com/t/giving-gotchi-owners-the-ability-to-reduce-cooldown-time-for-solo-channeling/3107

After trying out the 24 hour channeling window, many people were displeased with the results that it achieved.

Issues with the current system include extra server load from Midnight to 1 UTC, the creation of a "prime time" where there is a short window of time where most alchemica is spilled, and problems caused by needing to channel a gotchi before putting it on the market(we do not have the full action control lists yet).

The goal of this sig prop, is to give quality of life improvements to Gotchi owners with creating an exploitable mechanic or causing undue server loads or other issues.

The proposed solutions are to either to A) revert to the original implementation, as presented in the Gotchiverse Bible, B) Leave the system as is and let the issues resolve themselves over time, or C) Keep the current system, but add a feature that lets you burn glitter to move your gotchi(s) channeling window reset time forward by one block, per glitter spent.

The implementation, would be that we are given a way to adjust one or all gotchis channeling window, by spending GLTR to move the window forward one block per GLTR spent. It will only be possible to move the time forward, and you can only do this, if the gotchi(s) are currently able to channel.

The risks associated with this are that there will be unintended consequences, as always.

Option 1: Revert to the original solution
Option 2: Keep the current solution
Option 3: Use GLTR to move channeling

[AGIP40] Sunsetting FRENS Immediately

Author: Dr Wagmi#6629
GotchiID: 16635
Quorum requirement: 20% (9M)
Vote duration: 7 days
XP Reward: 20 XP for each Aavegotchi in the voter’s wallet
Discourse Thread: https://dao.aavegotchi.com/t/sunset-frens-by-october-1st/4255

I propose that we cease FRENS emissions immediately. FRENS emissions have been used as a liquidity mining (LM) incentive by providing GHST holders and liquidity providers access to future content through the raffle system. While this was an initially effective tool for LM, it is now doing more harm than good. Outlined below and in the forum thread are the reasons why Aavegotchi should sunset FRENS:

Eliminating FRENS will reduce Aaveogotchi protocol pressure to hold dilutional events by eliminating ongoing “content debt” created by FRENS emissions
GHST has alternative staking utility with GLTR liquidity mining
Shifting focus to alchemica/GLTR pairs reallocates LM rewards to asset holders who are more directly providing value to the ecosystem in the form of liquidity vs single-sided GHST staking which provides limited and historically overcompensated value
Future content events can generate protocol revenue instead of paying out content debt. This allows for a more sustainable revenue stream for Pixelcraft and the Aavegotchi DAO
The value of future content can be captured on-chain with GLTR/Alchemica/GHST instead of off-chain with FRENS
Capturing on-chain value of the above native assets will significantly add utility to all tokens
Current FRENS and raffle ticket holders must be acknowledged with raffle(s). There are multiple avenues for this which are outlined in the DAO forum thread. The community can design and publicize events to utilize these FRENS which will be an easier task if we stop further emissions and narrow the scope of the raffle with cessation of FRENS’ emissions.

There will be an additional signal proposal outlining changes to GLTR emissions to support liquidity provision for the GHST token specifically. While the bonding curve is in place, it is important that a sustainable GHST liquidity plan is in place that captures and rewards LPs fairly and sustainably.

Dr Wagmi

Option 1: Sunset FRENS immediately
Option 2: Taper FRENS w/ end date of 10/1
Option 3: Keep FRENS as they are

[AGIP41] Update GLTR Emissions: Increase GHST-USDC to 20%; Retire GHST-MATIC

Authors: Dr Wagmi#6629, MoonGotchi#1234
GotchiIDs: 16635, 3541
Quorum requirement: 20% (9M)
Vote duration: 7 days
XP Reward: 20 XP for each Aavegotchi in the voter’s wallet
Discourse Thread: https://dao.aavegotchi.com/t/sunset-frens-by-october-1st/4255

I propose that we cease FRENS emissions immediately. FRENS emissions have been used as a liquidity mining (LM) incentive by providing GHST holders and liquidity providers access to future content through the raffle system. While this was an initially effective tool for LM, it is now doing more harm than good. Outlined in the forum thread are the reasons why Aavegotchi should sunset FRENS.

I propose that we alter GLTR emissions to optimize GHST liquidity and support the sunsetting of FRENS as outlined in the “Sunset FRENS” signal proposal here: https://vote.aavegotchi.com/#/proposal/0x0ad57c0cffa815efcc3f41afac774245777f4bae11fee8d0c0ea956ce34a2427

The above proposal and this one will accomplish the following:

Retire the GHST-QUICK liquidity pool liquidity mining rewards (currently FRENS)
Retire the GHST-WETH liquidity pool mining rewards (currently FRENS)
Retire the GHST-MATIC liquidity pool mining rewards (currently FRENS + GLTR)
Add 5% weight to the GHST-USDC LM rewards (taken from GHST-MATIC) for a total of 20%
This consolidation will maximize our most successful pool in GHST-USDC. It will eliminate rewards for unpopular pools and help grow our most successful pool. The GHST-WETH pair was borne from the Dinoswap pool which is a failed project. The GHST-MATIC pair is the only one on SushiSwap which is an inactive exchange on Polygon. Neither project offers ongoing LM incentives. The increase in GHST-USDC LM rewards is necessary to offer compensation for the impermanent loss risk incurred by the pair, otherwise single-sided staking for wapGHST will be prioritized and not afford further depth in the GHST-USDC pool. Below is the chart with highlighted changes to GLTR emissions and resultant estimated APYs.

Option 1: Yes. Increase USDC remove MATIC.
Option 2: No. Leave emissions unchanged.

[AGIP42] Setting limits on the number of borrowed gotchis allowed per wallet address

Authors: eMM#9638, aargh#7037
GotchiIDs: 23748, 6605
Quorum requirement: 20% (9M)
Vote duration: 7 days
XP Reward: 20 XP for each Aavegotchi in the voter’s wallet
Discourse Threads: https://dao.aavegotchi.com/t/from-days-to-blocks-modifying-the-new-renting-safeguards/4274
https://dao.aavegotchi.com/t/anti-botting-limits-on-rentals/4294
https://dao.aavegotchi.com/t/reform-public-rental-market/4089

Until recently there have been no limits on the number of gotchis an address can borrow at the same time, either from a whitelist or from the open (non whitelisted) market.

This was recently changed to a limit of 1 borrowed gotchi on the open market and 1 by default on all whitelists. A whitelist owner can change the number of allowed borrowed gotchis per address using Louper Dev, and soon, through the official UI.

This change was put in place with no warning as an experiment in anti botting measures. Community members had reported difficulty in securing a gotchi to borrow for channelling, particularly around the 0:00UTC reset time, which has been attributed to bots scraping all the best rental offers before humans get a chance.

The change has so far seen Gotchigang report an increase in available gotchis to borrow around reset time which is a positive.

On the negative side, other Gotchigang have reported being unable to fully channel their aaltars due to not being able to rent enough gotchis. This is particularly for borrowers who’ve paid, say, 20ghst for a long term rental and are now stuck with that 1 gotchi and are unable to channel other parcels using other borrowed gotchis. This issue will tend to grow over time as people level up their aaltars and generate more channelling opportunities. The current limit on the open market is a disincentive to levelling up aaltars and purchasing more land for those without enough gotchis who prefer longer term rentals. It could also severely limit the demand for lending out gotchis long term, however it forces people to approach multiple guilds/whitelist owners for spots which is a positive for the social element of the game.

A poll was run in the weekly DAO Hangout by CoderDan with the results suggesting most community members would prefer the allowed number of borrowed gotchis on the open market to reflect the number of parcels a wallet address holds plus 1, so in theory each parcel could be channelled once per day whilst still holding longer term rentals. For single channel rentals this is less of a concern as people can return a gotchi and borrow another as soon as they’ve finished using it.

Further increasing the borrowing limit up to the number of available channellings per address was suggested by considering aaltar levels as well, but it was deemed too inefficient to be constantly recalculating this number dynamically in the background.

https://discord.com/channels/732491344970383370/892307846010658856/1008035273168392243

As this was an experiment, I propose we revert these changes back now and continue to monitor the impacts so we can be clearer on the severity of the botting issue and be more confident in the effectiveness of this solution, whilst voting to implement the below.

Once this experimental change is reverted, voting for option 1 in this proposal will set in place the following:

Set a limit on the number of gotchis each address can borrow from the open market equal to the number of parcels in the borrower’s wallet plus 1.

Voting Options:

Set the limit on the number of gotchis each address can borrow from the open market equal to the number of parcels in the borrower’s wallet plus 1.
Keep the original unlimited system and do nothing further, allowing unlimited numbers of borrowed gotchis per address both on the open market and through whitelists.
Leave the open rental market to allow unlimited gotchis to be borrowed, but set the default to 1 on all whitelists and implement the ability for whitelist creators to change the limit per whitelist.
Use a limit of 1 gotchi per address across whitelists and the open market, while WL owners can adjust the number as seemed appropriate.

Option 1: Limit market to # of parcels + 1
Option 2: Keep original unlimited system
Option 3: Unlimited open, limit whitelists
Option 4: Limit open market to 1

XP Reminder

Your participation in Aavegotchi governance is valuable to the project and to your own Aavegotchis! Each Aavegotchi you own will earn 20 XP for your voting in each individual CoreProp. That’s 80 XP total! The XP is airdropped directly to your Aavegotchis in the week or so following the conclusion of the vote. Your Aavegotchis earn XP irregardless of whether you vote for or against any particular proposal.

Conclusion

Make sure you join the discussion threads before voting, as it is very important to hear any concerns that are not addressed in the original verbatim proposals. Once you’ve heard from both the bulls and bears it’s time to put your voting power to use!

AGIP39 VOTE
AGIP40 VOTE
AGIP41 VOTE
AGIP42 VOTE

Stay spooky frens,

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!

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