Author(s): @AL_GG @sudeepb02 Status: BIP Date Applied: 2023-03-14 Date Updated: yyyy-mm-dd Date Ratified: yyyy-mm-dd Vote Start Date: yyyy-mm-dd Vote End Date: yyyy-mm-dd BAL grant amount: 50k BAL 80/20 Pool live on Balancer
This grant application requests 50k $BAL to be awarded to Aavegotchi as a participant in Balancer’s program outlined in BIP-146 which aims to support all systems involving the staking/locking of 80/20 BPT pools with TVL rewards achieved over time. This proposal follows an internal core vote at AavegotchiDAO where we have already committed funds to Balancer for liquidity provision for long-term management with the removal of the DAICO bonding curve (More here).
As part of the wider treasury management strategy passed & ratified in AGIP65 the ve80/20 pool has been established, maintains $4mn USD in current TVL, and is protocol-owned with a long-term outlook in value locked & volume generated. More stats on the pool can be found here (it is only about 5-days old at time of writing).
Aavegotchi is an open-source, community-owned NFT gaming protocol, with strong ecosystem governance components. Aavegotchis themselves are fully on chain crypto-pet NFTs that have modifiable traits, use aToken compability to act as DeFi savings banks, and are playable in the Gotchiverse and elsewhere.
The diversity rooted in being a GameFi application makes Aavegotchi a unique platform to grow a player base from and we have acquired a wide range of players like DeFi power users, hardcore gamers, NFT enthusiasts, creators, and much more. With $GHST being a centric element to our ecosystem we think BalancerDAO will greatly benefit from and contribute to our ecosystem growth while experience complementary revenue generation as the demand for our tokens increase.
Project Track record – AavegotchiDAO started in 2020 with bootstrapping from a DAICO bonding curve that was just removed to lock in fixed-float supply for $GHST, we are a leading DAO by snapshot voting metrics, and have a rich NFT ecosystem worth over $20mn+USD between two generations of aavegotchis, wearables, and land sales.
Another key qualification reason is embedded in our long-term view of committing liquidity via DAO mandate & for supporting the growth of our token ecosystem.
Market Activity – Our circulating market cap is 51,157,239 $GHST out of a max supply of 52.747mn tokens approximately.
With a strong Polygon presence new and existing users will continue to drive trading volume in the ve80/20 pool to gain exposure to the Aavegotchi ecosystem while treasury unlocks bolster an attractive fixed supply & DAO market strategy conducive to speculation & volatility.
Unique protocol features like a 24/7 bid-to-earn auction house or the upcoming Gotchichain – a polygon Supernet w/ $GHST as a gas token – should add to demand and coincide with our growth and roadmap for 2023.
For all these reasons we believe that we are strong candidates for the $BAL incentives program and believe this is a great way to strengthen and align incentives between our two DAOs, especially following the $BAL ↔ $AAVE token swap.
Some more statistics:
~$5mn USD average TVL (non-protocol owned) – Quickswap GHST-USDC pair
One of the First dApps on Polygon (March 2021)
Only GameFi token listed on AAVE
BAL incentives will go to ve8020 lockers only, as defined in the BIP-200.
Official Wiki: https://wiki.aavegotchi.com/