Hey gotchi fam, Dystopia Swap airdropped a big portion of their initial supply to Polygon dApps including the Aavegotchi protocol. This means it is up to our community to decide how to best use that voting power to support the DeFi aspect for Aavegotchi and GHST. I would like to propose that this voting power be used to support the vQi-Qi pool which secures liquidity and rewards for the ~4M GHST in the vGHST protocol.
There is no other voting option that supports GHST directly. The only other possibility to consider would be the USDC-MAI pool as GHST holders can borrow MAI on QiDAO and deposit that MAI in dystopia. Most community members either stake GHST for FRENS, stake for GLTR, or deposit for vGHST, so I don’t believe that option really makes sense. I’d like feedback from the community before submitting a sig prop.
The sig prop would detail that the voting power be used for the vQi-Qi pool until otherwise designated as to avoid overly frequent sig props. Anyone could submit a sig prop for future votes should reallocation be considered. Solidifying Aavegotchi’s place in Polygon DeFi will be important for our long term success. We are doing everything we can at the GotchiVault to add value to GHST and appreciate the support.
Good plan. Also emphasizes why our VP system needs an overhaul. We are as exposed as Qi is, and the vault has been extracting from them for a long time.
I really disagree with this take. The Vault brought hundreds of users and millions of dollars worth of loans to QiDAO. They make money from loan repayment. There has been great synergy from both sides and it’s disingenuous to say the Vault is extracting. QiDAO loves Qi wars and demand for their Qi token. The Vault has locked up nearly 1M Qi tokens which is great for their ecosystem. Similarly, I believe the Vault and vGHST adds significant value to the GHST token. This supports the price and adds amazing utility in getting paid to borrow against your beloved Aavegotchi asset!
I posted some concerns in the dao-discussions channel. Prob more appropriate to add to here:
I need some education on this. And I do know DYST and how it works at all at the moment. I need to do more research.
So the entire VP that Aavegotchi as a protocol got airdropped will be used to support vGHST, a product from the Vault that is a part of the ecosystem? And it will “force” more folks to deposit GHST into the Vault in order to benefit from it? I guess there’s no other existing option or there’s no way to directly benefit GHST holders, or even apGHST or wapGHST? As with this proposal, likely more GHST VP will likely go to the Vault as well.
I am sure new options on DYST if possible will take some time. I guess we can vote later. I hope that we can come up with something that could use the VP to benefit folks regardless they are in the Vault or not.
There might be some urgency with this voting on DYST. The forum thread was just created 4 hours ago.
The Aavegotchi protocol is decentralized which is a beautiful thing. It means projects can build off of it and enjoy the incredible tokenomics and community that come with it. I hope we see more games decide to use or integrate the GHST token given its stability on the curve. I can even imagine a future where Pixelcraft uses their expertise and experience to develop additional games which decide to use GHST as the foundational token. If the GHST token has broad utility as a financial product, all of the above are more likely to happen. vGHST is one example, but we will see many more with time. For now, we should leverage our position and support projects that are building on top of the Aavegotchi protocol to snowball our success.
I think it’s necesseary to evaluate all the pros and cons about this. We haven’t had a discussion about this and we already have a proposal open.
How old is dystopia? Who is behind the project? Maybe good questions to add (obviously everybody needs to do their own research) but it would be nice for everybody to have some information.
Plus it looks like this is going to just benefit vGHST and the position of the Vault and not the Aavegotchi protocol (GHST). I want to know more about what benefits brings to GHST not vGHST.
Why we don’t discuss first all the other posibilities of using that power to incentivize the grow of the Aavegotchi protocol, instead of just throwing one use case
It would be nice first to know how much VP was received and the importance of it.
I think a lot of people are in the same boat not knowing anything, maybe you that already have information (and for sure did all the deligences) can illustrate us more about this subject.
Just want to see if there are other use cases that we can use that for. If at the end it’s better to give that VP to the Vault, good, I just want us to be sure to choose the best option for the ecosystem.
Dystopia is a small project that, like most new DEXes, may or may not succeed in the long run. They aidropped initial tokens to ~20 projects on Polygon including Aavegotchi, GoodGhosting, The GotchiVault, OtterClam, and others to hopefully attract new pools and liquidity. Those initial tokens can be used to vote and guide DYST allocation. The project remains quite small, but it’s an enormous opportunity for the 500+ vQi holders and 1000+ vGHST holders to grow liquidity for vQi-Qi. These holders, of course, are predominantly members of the Aavegotchi community. None of the other pools benefit Aavegotchi directly or, really, indirectly aside from vQi-Qi. You can see the list of pools to vote for here: Dystopia. Their shitty UI does not populate all pools for some reason and you have to manually search vQi-Qi which does not portend good things overall.
In short, this vote supports hundreds of members of the Aavegotchi community who have exposure to vGHST and vQi and indrectly supports thousands of members of Aavegotchi who hold the GHST token. No other vote makes sense. The Gotchi Vault is not paying any bribes for the protocol to anyone. This is an opportunity to support a community built project and the GHST token indirectly.
If you believe voting for a different pool is best for the community, please elaborate.
The more important discussion here would be to determine how we can have good quality control with their DEX. Support on a lot of the DEX’s has been terrible, and if what you are saying about having a large voting power is true, then we should be able to get top notch listings and support.
Yes the vault is getting vGHST in, but this also means that we have flex to make sure our tokens are listed properly and have charts that are reliable.
I have to agree here. A voting option that includes a fair sale price of the of the DYST token to the Vault makes more sense to me than keeping them in the DAO treasury and voting on behalf of the Gotchi Vault.