Announcing GOGO governance, a glimpse at GOGO v2 and the UST compensation plan

  1. DAO Governance
  2. GOGO v2
  3. Compensation for the USDC pool affected by the UST de-peg

UST compensation plan:

  • The airdrop amount will be to the amount of wUST deposited as well as the number of GOGO coins held in eligible wallets as per 31/05/2022 12PM UTC snapshot. (Eligible wallets are also required to submit a claim form by Friday May 27th 12PM UTC)
  • The precise amount will be voted on by the current governance token holders in the first public governance proposal of the DAO as we kick off the road to GOGO v2 deployment.
  • Given that over 50% of our affected community members lost less than $5000/each, a second voting article of the GOGO governance proposal will decide whether any recovered funds by insurance and treasury reserves will be distributed proportionally to funds lost, or prioritizing the maximization of median funds recovered per user.
  • Currently the recoverable funds that are expected to be in the Protocol and insurance reserve to be paid out right away are $126,000 as of today.
  • Only users that have successfully submitted a claim can become eligible for any payout.

Value accrual and payouts:

  • The precise percentage of revenue generated by the protocol’s performance fee (currently set to 15%) paid to the governance token holders will be decided through a governance vote.
  • The team will strongly suggest that this number should not exceed 50%.
  • LOW risk: Looped single asset strategies farming liquidity mining incentives on money markets. Projected APY: ~10–20%
  • MEDIUM risk: Farming of liquidity mining incentives on Uniswap v2 and v3 protocols employing money market leverage to hedge the impermanent loss risks. Projected APY: ~30–80% depending on opportunity
  • HIGH risk: An actively managed “Degen” fund that will trade in and out highly speculative DeFi and Play2Earn strategies across multiple blockchains. Projected APY: ~30–40%

Our goal is to have the Protocol generate enough revenues to compensate for any losses and pay out eventually more than what was deposited in the USDC pool.

Example strategy (in deployment)
  • Assuming (a) a certain level of TVL projections, (b) yield APRs, and (c ) a 25% proportional governance power of all affected users as a block, we think that a significant portion of affected users funds may be realistically compensated over the course of a couple years if the GOGO DAO protocol evolves and performs as we expect it to.
  • While this offers no guarantee, we believe the only realistic way forward is to align the incentives of our community members with those of all other users and team members pushing for our growth, innovation, and success.

Glimpse into our strategies and GOGO v2:

  1. One-click onboarding into DeFi
  2. DeFi strategies: Delta-neutral, DeFi arbitrage, Leveraged staking, new composable DeFi primitives
  3. Advanced/ Degen-Mode
  4. Multi-chain operability
  5. MUCH MUCH MORE

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
GOGOcoin

GOGOcoin

GOGOcoin is constructing the most user-friendly open source DeFi protocol for asset management and savings. https://www.gogocoin.io/