GOGOPOOL X AVALAUNCH: IDO ANNOUNCEMENT
The demand for Web3 technology is growing exponentially, and will result in the onboarding of millions of new users in the coming years. In its current form, Web3 is built for thousands of users and can not meet the scaling demands of these anticipated millions. One truly popular app could completely break any layer 1 chain. The only way to scale Web3 and meet this demand is through appchains—and GoGoPool thinks Subnets are the best (and only) option to create this safe and scalable solution.
Subnets partition blockchain networks into smaller, more manageable parts, each with their own set of validators and levels of security. Basically, Subnets are their own sandboxes that are customizable, flexible, and scalable. It’s a private blockchain with batteries included.
Avalanche is unlike any other network in that it was specifically designed to support the creation and management of Subnets. The blockchain’s consensus mechanism is unique because it allows for fast and efficient validation of transactions across the network. This makes creating Subnets with their own features, consensus mechanisms, and governance models easier.
Avalanche is uniquely positioned to engineer a future where Subnets are responsible for network scalability, flexibility, and interoperability cross-network for Web3.
GoGoPool is working to advance the adoption of Subnets by making it simple for builders to create and manage them.
In their own words, “we make Subnets easy.”
GoGoPool is keenly aware of the challenges arising for builders as the Subnet ecosystem begins to grow. In particular, there are three noted obstacles: high validation costs, inefficient tooling, and a lack of community onboarding.
Every validator node of a Subnet must also be a validator of the Primary Network, which costs 2000 AVAX. That means to get started, a Subnet which requires 5 nodes will force a project to source 10,000 AVAX. This prohibitive cost makes experimentation with a Subnet untenable. Projects need a way to quickly source hardware and AVAX easily.
The first release is GoGoPool; a permissionless staking protocol designed specifically for Avalanche Subnets to make sourcing validator nodes easy. At launch, GoGoPool reduces the AVAX requirement to launch a new validator node by about 50% via liquid staking.
When using GoGoPool to liquid-stake, users swap AVAX for ggAVAX token, a new staking token which represents their staked AVAX plus any rewards it has accrued in real-time. Users can sell, hold, or spend ggAVAX. Effectively, they can use ggAVAX in the same way they use AVAX. No technical knowledge or hardware is required, and there is a 0.1 AVAX staking minimum.
You use ggAVAX to grow the Subnet Ecosystem while liquid staking.
Once a liquid staker swaps AVAX for ggAVAX, they start earning rewards automatically. The AVAX is held in the Deposit Pool smart contract where it gets matched to node operators.
To launch a new validator node through GoGoPool, users supply their own hardware and register minipools by staking only 1000 AVAX (instead of the normal 2000) and stake 10% of that value via the GGP token. Because node operators stake AVAX and GGP, they earn rewards in both AVAX and GGP. New minipools are placed in a queue to get matched from the ggAVAX deposit pool.
Once matched, minipools are launched as full AVAX validator nodes.
Minipools are non-custodial and were designed for maximum safety and freedom for node operators and liquid stakers. Operators retain full ownership of their node and may use it to validate Subnets, and it is this commitment to maintaining a permissionless protocol that makes it easier for participants to launch a Subnet!
BENEFITS TO USERS
The primary users are liquid stakers, node operators, and subnet operators.
Liquid stakers now have a direct way to support the Subnet Economy, as every AVAX they stake gets matched directly to a minipool. This lowers the cost of hardware and sourcing AVAX for a Subnet; helping Subnets launch faster. Liquid stakers still earn AVAX staking rewards, while not needing any technical knowledge. Avalanche Network penalties and rewards are socialized across the pool, creating a safer and more stable experience than solo delegation. If a node operator’s rewards are slashed, their GGP collateral is also slashed to help make stakers whole. The ggAVAX token can be used in DeFi the same way AVAX can.
Node operators are able to launch more validators at a cheaper cost, while earning more. They earn in 3 ways: staking rewards, monthly GGP rewards, and an operator commission from the matched liquid staking funds. Minipools are permissionless and noncustodial, giving full ownership to operators. Operators are also able to participate in the GoGoPool DAO, giving them access to Subnets who are looking to test their technology and find product market fit.
Subnet operators can launch their own nodes through the protocol, and tap into the community as they need to scale and decentralize. Projects that partner with the GoGoPool DAO will also get access to Subnet tooling (more details on this coming soon!) to help them launch faster with less engineering costs.
TOKEN AND UTILITY
When a user deposits AVAX into the deposit pool, they receive a synthetic derivative token called ggAVAX.
ggAVAX represents a staker’s deposit plus the rewards it gains over time. This token is considered liquid and can be used like AVAX whereby users can:
- Hold it to accrue staking rewards
- Sell it, or
- Use it to earn additional yield.
If there is floating AVAX in the deposit pool, users will be able to exchange ggAVAX back for AVAX (which burns the ggAVAX, and draws AVAX from the deposit pool). Alternatively, they will have the option to exchange it for any token they would like on exchanges that list the token.
GGP is an ERC20 token and serves as the protocol token for GoGoPool. The GGP tokens allow Node Operators to launch minipools i.e. full Avalanche Validator nodes matched with user funds for 1000 AVAX.
Node Operators have to stake a minimum amount of GGP tokens to secure their assigned staking funds as insurance for good behavior. At genesis the minimum will be 10% of their AVAX staked amount, but the operator can choose to stake as much as 150%. The higher their GGP stake, the higher their monthly GGP rewards will be. Node Operators can use these GGP rewards to launch new validator nodes, increasing their overall yield. In the future, Node Operators may restake their monthly GGP rewards to request AVAX delegation from liquid stakers onto existing minipools.
If a node operator has excessively low uptime and causes a loss of rewards for the protocol, stakers can be compensated from the GGP insurance put up by the Node Operator. This socializes the risk of being matched with a bad operator, and minimizes any potential losses. Slashed GGP can be sold to token holders at a discounted rate, with AVAX proceeds awarded to Liquid Stakers.
GGP token holders will have the ability to participate in the GoGoPool Protocol DAO, which allows members to propose and vote on a range of governance issues including inflation schedule of GGP, removing/replacing bad actors, smart contract upgrades, payment of community developers for future work, and rewarding outstanding members of the community (as well as other configuring the settings of the protocol).
GGP’s goal is to have every component of the protocol be configurable by the ProtocolDAO. Anyone with a GGP token has the ability to partake in the ProtocolDAO, proposing and voting on new items. Members of this DAO will be responsible for pushing the limits on what DAO members can and will do, and set the standard for other web3 projects.
The ProtocolDAO will maintain a treasury to pay for security audits and reward community/developer contributions.
Some of the governance factors the ProtocolDAO members will have influence over are listed below:
- Depositing funds into the treasury wallet.
- The GGP token inflation schedule and rate.
- At genesis, there will be 0% inflation for 4 years, at which point the DAO can contemplate adding a 2-5% inflation rate to be used as rewards.
- GGP reward distribution between Node Operators and DAOs.
- Configure protocol settings like min/max staking amounts, enabling/disabling registration, etc.
- Deciding on liquidity mining and bootstrapping reward programs.
- Blacklisting / whitelisting Subnets.
Snapshot voting will be used to gauge sentiment, and outcomes will be executed on by the GoGoPool Foundation. The Foundation is a Cayman entity which has an independent Director, and is in charge of executing DAO proposals and guiding the progressive decentralization process for the protocol.
There is a second DAO which is responsible for maintaining the health of the protocol in its earlier days. The RialtoDAO is initially made up of the core developer team, and will be decentralized over time. This DAO operates Rialto (MPC software) and maintains a few important functions for the GoGoPool protocol (distribution of Avalanche staking rewards, initial price oracle to the protocol). See docs for more information.
- Proof of Concept Demo completed June 14, 2022
- Announced $5M Seed Round on August 31, 2022
- Audit 1- Kudelski Security, October 31, 2022:
- First Subnet Partnership, Hunting Party, released February 23, 2023
- Launched to Testnet on March 1, 2023
- Second Subnet Partnership released March 4 with [redacted].
- Audit 3- Code4rena, March 21, 2023 GoGoPool contest
GOGOPOOL – LINKS AND TEAM
PARTNERS AND BACKERS
“GoGoPool isn’t just another Liquid Staking Protocol, it’s an LSP and a coordination mechanism that allows subnets to be deployed easier and cheaper. With their innovation, we believe GoGoPool could become a core infrastructure component for the Avalanche ecosystem, which is at the forefront of blockchain technology. Disclaimer necessary: This testimonial does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product.”
– Brian Johnson, Republic Capital
“We believe GoGoPool is on the forefront of innovation in Avalanche scaling and growth by addressing the two most critical points: reducing the friction of launching and operating a subnet, and lowering the barrier to entry for staking participants who seek to reinforce the network. If you’re a supporter of Avalanche, you should be very excited by the important tech that the GoGoPool team continues to roll out for the ecosystem.”
– Brandon Potts, Framework Ventures
“I have been an Avalanche validator since day 1 and believe subnets are key to truly scaling blockchains. The GoGoPool team has the potential to help achieve that dream, by creating a rich platform connecting validators like me to web3 builders eager to launch their own subnets. The team has strong technical expertise, a community-focused vision, close ties with Ava Labs, and no obvious competitor. I can envision a future where the GGP token plays a crucial, bedrock role in a dynamic subnet economy.“
– B_Tanyeri, Avalanche Validator
GoGoPool aims to make the adoption of Subnets in Web3 seamless and efficient. By addressing the challenges of high project costs, inefficient tooling, and lack of community onboarding, it is empowering builders, node operators, and users to participate in the rapidly growing Subnet ecosystem. The permissionless staking protocol reduces the AVAX requirement for launching validator nodes, making it more accessible for a broader range of participants while giving liquid stakers a way to directly help the Subnet ecosystem.
The mission is to drive the future of blockchain technology through network scalability, flexibility, and interoperability, as envisioned by Avalanche. By offering benefits to liquid stakers, node operators, and subnet operators, it fosters a more collaborative and interconnected blockchain landscape.
The introduction of the ggAVAX and GGP tokens further enhances the functionality of the platform, providing a way for node operators and liquid stakers to work together to grow Subnets. The GoGoPool DAO ensures that the platform’s future is shaped by its community, giving GGP token holders the power to influence governance decisions and drive the platform’s direction.
GoGoPool is a crucial step toward the realization of a truly interconnected Web3 world. By streamlining the creation and management of Subnets on Avalanche, we are making this cutting-edge technology accessible to a wider audience and helping to build a future where blockchain networks can seamlessly communicate and collaborate with each other while handling a Web2 level of scale.
Join in the journey to revolutionize the blockchain landscape and advance the adoption of Subnets for a more connected and decentralized world.
“It’s been great working with Avalaunch, and it’s awesome to be a part of this whole thing. We are all-in on making Subnets easy, reducing launch times for projects, and creating an ecosystem in order to scale Web3 and bring blockchain to the world. If we as a community play our cards right, I believe that in 3 years 80% of appchains will be powered by Avalanche Subnets.”
– Steven Gates, GoGoPool Co-Founder
The GoGoPool launch on Avalanche represents a truly community-centric, cooperative piece of infrastructure that will go a long way in moving Subnets forward.
To ensure fairness, transparency and community support the original private sale and public sales are at the same price. Public participants will note that the private sale is subject to a significant lock as are the pre-IDO partners whom are also buying at a premium over the public round. GGP feels this is important to make sure that all parties are correctly aligned at launch – there are no pricing differences between what is paid by private investors (VCs, angels, etc) and the Avalanche community. This way, everyone is sharing the same risk and rewards at genesis and fosters equality and fairness.
GGP believes that every person involved in both sales will directly help the protocol decentralize and scale for the years to come.
Total Supply: 22.5M GGP Tokens
- Seed Round—5M USD at $1.33 per GGP
- Pre-IDO Partner Sale: up to 1.35M USD at $2 per GGP*
- Avalaunch Validator IDO: 50K offered to validators at $1.33 per GGP
- Avalaunch Stakers IDO: guaranteed 250K USD at $1.33 per GGP**
*The pre-IDO partner sale is ongoing and GoGoPool will not accept more than 1.35M although interest may exceed this number. GGP reserves the right to sell less and any remainder will roll over to the foundation.
**Total IDO allocation is up to 1% of the total supply. Any remainder after 90 days rolls over to Foundation.
SUPPLY BREAKDOWN & VESTING
Total Supply: 22,500,000 GGP
- GoGoPool Foundation: 41.42% | The below allocations are subject to change according to DAO voting. Snapshot voting will be used to gauge sentiment, with recommendations executed by the Foundation.
- DAO Fund: 16.42% | allocated as per the DAO — eg. growth capital, additional grants, liquidity incentives, airdrop schemes, strategic alliances, advisors, etc.
- Ecosystem Development Grants: 15% | To fund engineering, business development, and marketing.
- Liquidity Incentives: 10% | To be deployed as the DAO sees fit.
- Original Team: 20%
- Seed Round: 15.58%
- GGP Staking Rewards: 15%***
- Advisors: 3%
- Pre-IDO Partner Sale: up to 3%
- Liquidity: 1%
- IDO: up to 1%. Any remainder rolls over to Foundation
***GGP Staking Rewards are split between 3 parties, and unlocked when issued:
- 70% to node operators
- 15% to Rialto DAO
- 15% to Protocol DAO Treasury
Vesting Following TGE:
- GoGoPool Foundation: Locked for 3 months, to be deployed under DAO snapshot voting over the following 48 months.
- Original Team: 12-month lock up, 36-month with quarterly vesting.
- Seed Round: 12-month lock, 36-month with quarterly vesting.
- GGP Staking Rewards: 48 months, monthly vesting.
- Advisors: 12-month lock, 36-month with quarterly vesting.
- Pre-IDO Partner Sale:
- Tickets under 100k USD: minimum 12-month lock with 12-month quarterly vesting.
- Tickets over 100k USD: 12-month lock, 36 month quarterly vesting.
- Liquidity: Fully unlocked at TGE.
- Avalaunch IDO: Fully unlocked at TGE.
Initial Supply: 225,000 GGP | 1%
- Liquidity pool—500K (250K USD + 250K GGP)
- IDO sale: 300k USD—225,000 GGP tokens
- Initial Market Cap (excluding liquidity): ~300K USD
Note: The only day 1 circulating tokens, excluding liquidity, will belong to Avalaunch IDO participants.
Registration Opens: Tuesday, April 18 at 3:00 p.m. (UTC)
Registration Closes: Sunday, April 23 at 6:00 p.m. (UTC)
Validator Round Begins: Tuesday, April 25 at 6:00 a.m. (UTC)
Validator Round Closes: Tuesday, April 25 at 3:30 p.m. (UTC)
Staking Round Begins: Tuesday, April 25 at 3:30 p.m. (UTC)
Staking Round Closes: Wednesday, April 26 at 6:00 a.m. (UTC)
Booster Round Begins: Wednesday, April 26 at 6:00 a.m. (UTC)
Booster Round Closes: Wednesday, April 26 at 10:30 a.m. (UTC)
INTRODUCING AVALAUNCH REFUNDS
The upcoming GoGoPool x Avalaunch sale debuts Avalaunch’s innovative refund policy, focusing on safeguarding user participation. This includes a 14-day price performance guarantee, making users with unclaimed tokens eligible for refunds in the event of poor token performance. Refunds can be conveniently processed via the Vesting Marketplace, enabling simple requests and fast completion.
For more detailed information about the refund policy and its requirements, please refer to the main article.