Pixelcraft Studios and AavegotchiDAO have successfully raised $30 million DAI in the world’s longest token sale and one of, if not the first such sale to use the DAICO fundraising model. The sale was closed following the DAI depeg, with the DAO Treasury receiving $22.5 million, while the developer of the NFT gaming protocol gets $7.5 million.
Groundbreaking Fundraising Model in Web3 Gaming Space
Web3 Gaming has experienced a significant milestone with the successful decentralized token sale held by Pixelcraft Studios and AavegotchiDAO. The DAICO fundraising model, suggested by Ethereum co-founder Vitalik Buterin in 2018, combines elements of Decentralized Autonomous Organizations (DAOs) and Initial Coin Offerings (ICOs) to create a more secure and transparent crowdfunding method.
Aavegotchi: A Pioneering NFT Gaming Protocol
Aavegotchi is a pioneering blockchain game developed by Pixelcraft Studios. It features the first pixel art-styled NFT collection on the Polygon network, which has attracted significant attention in the crypto gaming space. The recent DAICO marks a new chapter in the ongoing development and expansion of the Aavegotchi gaming universe.
Tokenomics Shift and the Successful Token Sale
The recent token sale was initiated as a result of a tokenomics shift in the $GHST token, which aimed to address concerns surrounding the potential depegging of DAI due to recent banking collapses. As predicted, DAI and USDC did depeg, leading to the end of the bonding curve and marking the conclusion of the token sale.
The sale began on September 14th, 2020, and utilized the innovative DAICO model, allowing investors to purchase $GHST tokens through a bonding curve. This approach resulted in a fair and successful token sale, free from the influence of angel investors and venture capitalists.
A Milestone for Decentralized Fundraising and AavegotchiDAO
The successful completion of the DAICO marks a watershed moment for decentralized fundraising in the blockchain gaming industry. The funds raised will be allocated with 75% ($22.5 million) going to the AavegotchiDAO Treasury, and the remaining 25% ($7.5 million) going to the developers at Pixelcraft Studios. These funds will be used for various purposes, including development, marketing, liquidity provision, and protocol rewards.
In conclusion, the groundbreaking DAICO fundraising model used by Pixelcraft Studios and AavegotchiDAO highlights the potential for decentralized funding in the rapidly growing Web3 gaming space. The success of this token sale paves the way for future projects to leverage secure and transparent crowdfunding methods, empowering the ongoing development and expansion of innovative blockchain gaming experiences.