Aavegotchi, the community-owned NFT gaming protocol, is gearing up for a significant tokenomic shift for GHST. The update includes a migration of GHST to the Ethereum Mainnet, a delisting of DAI as collateral from the bonding curve contract, and the elimination of rights resulting in a fully immutable token with no governance backdoors.
To ensure a smooth transition, the Aavegotchi team is taking measures and offering incentives for all parties involved. Here's what you need to know:
Step 1: Migration of GHST to the Ethereum Mainnet
The first step is the migration of GHST to the Ethereum Mainnet. To reach a quorum for the on-chain votes conducted on Aragon, 8% of the total supply of GHST must be present on Ethereum at the time of the vote. The Aavegotchi team is offering a BIG XP BONUS to all wallet owners who participate in both on-chain Aragon votes. Participants will get 100 XP per vote for each Aavegotchi in their wallet. The deadline for completing the migration is March 8th at 02:00 AM UTC. The creators will postpone the vote for the next 24 hours if they fail to meet the threshold.
Step 2: Delisting DAI as collateral from the bonding curve contract
The second step involves two on-chain votes. Vote 1 will delist DAI as collateral from the bonding curve contract. Once the DAO enacts the delisting by reaching the quorum, it will freeze all trading on the bonding curve. After Vote 1 passes, the DAO will approve an external wallet to transfer the DAI from the treasury. During Vote 2, the DAO will instruct the transfer of the DAI to four separate wallets according to the orders specified in AGIP65.
Step 3: Smart contract AMM switch off the bonding curve
The third step is the switch off of the bonding curve upon the successful execution of these votes, and it will no longer produce or burn GHST. Pixelcraft Studios will complete the final cleaning of the GHST token, eliminating rights resulting in a fully immutable token with no governance backdoors.
In conclusion, the Aavegotchi team is taking measures to ensure a smooth transition for all parties involved. Interested parties are encouraged to alert others about the tokenomic shift and take necessary actions to minimize their risk. Providing liquidity for GHST on various DEXes is also important, as the deepest pool of liquidity will be no more once the Curve turns off. Stay tuned for updates as the process unfolds.