Moving GG Forward

Apes, while the force remains strong with the rebel star fleet – simply put, the last 48 hours have been an utter shit show. Here at mission control, we can’t say that we are totally surprised - when you push inflation to the max, you are bound to get a pullback in token price as people exit. What we didn’t expect was the cascade of selling bringing $GG price to as low as it is now.

So, what went wrong at Mission Control to cause this?

We increased APY too much, too fast, too many times, and for too long of a duration – it was runaway inflation, plain and simple. While it is not an excuse, Mission Control chose to do this as it was the only way to compete with other newly launched protocols. You see, $GG was the first to initiate the APY boost, we termed it the “Galaxy Boost '' but others in the space copied the idea and mercenary capital was off to the races.

This flight for APY was proven out with Midas DAO, ICE DAO, Life DAO, etc. Wherever the APY was highest, that is where most of the apes rotated between. So, in an effort to remain the dominant protocol in the apeosystem, we pushed our APY to compete with everyone else. In hindsight, this was an obvious mistake – we believed that we would quickly acquire the liquidity of other fledgling protocols, but once they copied our model, it just became an arms race to the bottom.

“Could you not just prevent runaway inflation while keeping APY high?”

We attempted to offset inflation with our multi-million dollar burns and buybacks, but at the end of the day, it just couldn’t keep it. The tokenomics exist in that only 1/3 of the $GG issuance is sent to the DAO wallet, so even burning EVERYTHING we had would only amount to a third of what was being issued. Buybacks and burns in this inflationary environment are not an ideal long-term solution. The impact can be seen by the pricing and selling action experienced during yesterday's buyback and subsequent paperhanded sell off.

“Ok so if you knew it was an arms race that could end in disaster, why do it?”

Great question ape, we at mission control were bombarded with requests about: wen marketing, wen galaxy boost, wen mint discount? We decided to go against what we viewed as a sustainable course of action to bolster the community – and it worked tremendously. We grew exponentially (over 15K followers on Twitter and in Discord), token price soared, and we created, dare I say it, the most exceptional community crypto has ever seen. That amazing accomplishment said, our $GG token price is FUCKED and it will likely never see it’s glory days unless something is done quickly.

“FUCKED? SO WHAT DO WE DO???????”

In this light Mission Control has come up with three options and it will be up to the community to decide. After all, this community is how we thrive and how $GG ascends to Apehalla.

*Note this is a slight variation of what Kingston said in discord due to feedback

Option 1 We take a snapshot of all users holding $GG and re-launch a new token on Binance Smart Chain. To immediately curb inflation, for every 100 GG users held they will receive 1 of the new token (100x reduction in supply). We will continue to pursue Node and Metaverse partnerships in the event this option passes. This would give exposure beyond AVAX alone, on one of the most user-friendly and widely used networks, BSC.

Now, I know what you’re saying – “I lose value there”! You don’t, it will be at the same price equivalent of what you currently hold. IF WE DO THIS OPTION, we will create a sustainable protocol from the start (i.e. 25-55% 5-day staking ROI max) and we will continue to pursue our metaverse and node partnerships. We will continue to develop and ship as always but this option allows us to focus on the development of protocol advances instead of inflation management.

Option 2

Similar to Option 1, we will take a snapshot of all users holding $GG and re-launch the new token on AVAX. As mentioned, to immediately curb inflation, for every 100 GG users held they will receive 1 of the new token (100x reduction in supply).

Again, we will continue to pursue Node and Metaverse partnerships in the event this option passes. We will also pursue the same sustainability goals as Option 1. Again, users would be airdropped the equivalent value of the $GG held towards the new token.

Option 3

All $GG token holders are bought out of their holdings at the backing price per $GG. Meaning, if you own $GG, the treasury will buy out your position at the current backing price. People have said the backing price is incorrect, but it is not (we must include the variability of LP shares in that calculation, which means backing is ALWAYS lower than the simple circulating supply/treasury value). Erring on the conservative side for LP shares is for user protection.

NOTE TO VOTE YOU MUST HOLD sGG AND VOTING WILL BE LIVE FOR 72H