Leading DeFi/NFT hybrid Aavegotchi announced that it’s mainnet GHST token staking functionality has gone live on Oct 20. Though, only available for KYC’ed users, staking would generate a non transferable second token FREN, which can be redeemed for NFT cards, collectibles, contest tickets, games, consumables and more!
Contrary to the norm, Aavegotchi team got an audit done before allowing for mainnet staking. A week long review didn’t reveal any issues with GHST tokens staking contract and as such, the team believes that users are ready for a powerful gamified DeFi experience. Currently, staking 1 GHST can get a user 1 FREN / day and 1 GHST LP rewards are 100 FRENs / day.
Aavegotchi Lists On OKex
The project also recently won an OKex listing after a popular vote contest, where it was able to beat the trend setter MEME project. GHST trading has already gone live on the centralized exchange OKex, however the team has advised users to wait for a while, because of the recent technical issues on the exchange.
Aavegotchi Secures Funding From Community
Another interesting development was the team receiving community approval to be granted funds from the treasury. This revolutionary form of governance is called DAOICO, which was first proposed by the Ethereum co-founder Vitalik Buterin.
In DAOICO, short for Decentralized Autonomous Organization Initial Coin Offering, the community has control of the funds and not the team. The team requests the funds for project’s development, much like a democratic setup, instead of having absolute authority.
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Aavegotchi’s team submitted the first proposal on Oct 15, requesting $100,000 DAI per month, from the community. 99% of the participants voted yes, the quorum was reached and hence the proposal passed.