What is GoGoPool? GoGoPool is a Liquid Staking protocol built on the Avalanche Subnet. So what makes GoGoPool stand out and attract many famous investment funds? Please follow me in the article below.
Before getting into the main content about GoGoPool, people can refer to some of the articles below:
What is GoGoPool?
Overview of GoGoPool
GoGoPool is a first-of-its-kind Liquid Staking protocol built and developed specifically for the Avalanche Subnet. GoGoPool will support both customers who want to run a node at a cheaper price than the market and serve regular retail.
With GoGoPool, validators can have some of the following advantages:
- Launching a node costs 1000 AVAX and 100 AVAX in GGP tokens is 1/2 of the usual price.
- Bonus Reward in the form of GGP is similar to the Liquidity Mining program.
- Starting a node is quick and convenient.
For those participating in the protocol on the retail side
- You only need 0.01 AVAX to participate in GoGoPool.
- Receiving ggAVAX helps optimize profits in DeFi through a number of activities such as Farming, Providing Liquidity, Lending & Borrowing,…
GoGoPool’s mechanism of action
GoGoPool’s operating mechanism will be in two directions for those who want to deposit the asset AVAX into GoGoPool to make a profit and those who want to deploy a node at a cheaper cost than the market on GoGoPool.
For those who want to launch a node on Avalanche, it will happen as follows:
- Step 1: Users will deposit 1,000 AVAX + 100 AVAX as GGP tokens into the protocol.
- Step 2: The protocol will take additional AVAX from the pool sent by regular retails to the protocol to make a profit to combine with the above amount to be eligible to deploy 1 node.
- Step 3: The protocol will deploy a node to the user.
- Step 4: Users will receive larger and more diverse rewards than users who send AVAX to the regular protocol
For those who deposit AVAX into GoGoPool to make a profit, it will happen as follows:
- Step 1: Users will deposit AVAX into the protocol with a minimum of 0.01 AVAX.
- Step 2: In addition to the APR received from GoGoPool, the user will receive ggAVAX representing the user’s AVAX within the protocol.
- Step 3: Users can earn additional profits from ggAVAX through speculation and participating in DeFi activities with ggAVAX integrated protocols.
- Step 4: Users can exit ggAVAX positions through two ways: swap on supporting AMM platforms and burn ggAVAX.
In the future, GoGoPool will support all subnets being deployed on the Avalanche Subnet network.
Development Roadmap
Update…
Investor
August 31, 2022: Successful $5M fundraising protocol led by Framework Ventures & Coinfund with participation from Avalaunch, Republic Capital & Flow Traders.
Core Team
The GoGoPool construction and development team has a lot of experience in the crypto market when participating in many different projects in this market.
Tokenomics
Overview information about GoGoPool tokens
- Token Name: GoGoPool
- Ticker: GGP
- Blockchain: Avalanche
- Token Standard:
- Contract: 0x69260B9483F9871ca57f81A90D91E2F96c2Cd11d
- Token Type: Utility, Governance
- Total Supply: 22,500,000
Token Allocation
- Foundation: 41.42%
- Core Team: 20%
- Seed Round: 15.58%
- Staking Reward: 15%
- Advisors: 3%
- Pre – IDO: 3%
- Liquidity: 1%
- IDO: 1%
Staking Reward is divided between 3 parties: 70% for validators, 15% for GoGoPool’s Tresury and 15% for Rialto DAO.
Token Release
The entire amount of GPP will be paid off within 4 years with detailed parameters as follows:
- GoGoPool Foundation will be locked within 3 months then will be deployed according to DAO Voting within the next 48 months.
- Core Team will be locked for 12 months then paid in installments over the next 36 months and unlocked once every 3 months.
- Seed Round will be locked for 12 months then paid in installments over the next 36 months and unlocked once every 3 months.
- Staking Rewards will be paid in monthly installments within 48 months.
- Advisors will be locked for 12 months then paid in installments over the next 36 months and unlocked once every 3 months.
- Pre – IDO divided into 2 groups with tickets under $100,000 locked for a minimum of 12 months and tickets over $100,000 locked for a minimum of 12 months and paid in installments over the next 36 months and unlocked once every 3 months.
- Liquidity and IDO will be 100% unlocked at the time of TGE.
Token Use Case
GPP will be used for some of the following main purposes:
- Governance
- Staking rewards
Exchanges
Update…
Project Information Channel
- Website: https://www.gogopool.com/
- Twitter: https://twitter.com/GoGoPool_
- Documents: https://docs.gogopool.com/design
- Medium: https://gogopool.medium.com/
- Discord: discord.gg/rgfFPYwhrp
Summary
GoGoPool was born in the context of the Liquid Staking market being in the spotlight with the Shanghai update on Ethereum and the Ethereum network really needed a GoGoPool protocol to increase security and decentralization of the network. However, with a new project like GoGoPool, more observation is still needed in the future.