JP-26 Open a ggAVAX - AVAX Market

Resubmission as previous vote failed to reach quorum. Initially proposed in discord by memerson. Temperature check 26 votes for and zero against.

Summary

GoGoPool proposes to the Trader Joe community the creation of a ggAVAX - AVAX market.

High Level

GoGoPool would like to leverage the Liquidity Book AMM to facilitate efficient trading through the capabilities of its zero to low slippage discretized liquidity architecture. Supporting GoGoPool with Liquidity Book will help to support the acceleration and growth of Avalanche via proliferation of Subnets.

About GoGoPool

GoGoPool is a permissionless staking protocol designed for Avalanche Subnets, simplifying validator node sourcing and reducing validation costs through liquid staking. GoGoPool reduces the AVAX requirement of launching a new validator node by ~50% via liquid staking.

Liquid staking users swap AVAX for ggAVAX, a token which represents their staked AVAX plus any rewards it has accrued. ggAVAX holders can redeem at any time for AVAX so long as there's float in the contract.

On the other side of the protocol, node operators supply their own hardware and register minipools by staking 1000 AVAX and 10% value in our GGP token as collateral. Minipools are matched with funds from liquid stakers and launched as full validators.

Specifications

Chain: Avalanche Token: $ggAVAX Contract: https://snowtrace.io/address/0xA25EaF2906FA1a3a13EdAc9B9657108Af7B703e3

Tokenomics

ggAVAX is an ERC4626. Staking rewards are reflected in the exchange rate between ggAVAX and AVAX, which will favor ggAVAX over time.

Summary

GoGoPool’s mission is to accelerate the Subnet Economy. We believe ggAVAX will be an important base primitive in Avalanche that will align the community’s incentives towards a common goal: to help builders bring blockchain to the world using Subnets. Utilizing Liquidity Book for liquidity provisioning will help to drive towards that goal.

Links

Litepaper: https://docs.gogopool.com/gogopool-litepaper Github: https://github.com/multisig-labs/gogopool Zellic & Code4rena audits: https://docs.gogopool.com/audits