Introducing GRAIL Governance Token — The Governance Rail of the AlgoVest Ecosystem
GRAIL is a governance token as well a liquidity yield farming token for AlgoVest.
Dear AlgoVest Community,
On January 31, 2022, we launched our passive income yield generation platform, AlgoPool by AlgoVest, providing up to 60% APR on USDC deposits, paid in USDC. The platform brings a powerful use-case to our native $AVS token as it combines staking of $AVS with generating yield on stablecoin. Moreover, we have been working to release a governance system and liquidity yield farming platform to boost liquidity as well as give direction to the $AVS token through community decisions. Today, we are excited to announce the introduction of our new token, GRAIL Governance Token.
The more AlgoVest matures as a community project, the more it becomes necessary to have a governance system that also rewards liquidity providers (LPs) with high yield for supporting the ecosystem. Achieving this will establish AlgoVest in the decentralized finance (DeFi) category. Hence, we are delighted to launch GRAIL.
What is GRAIL Governance Token?
GRAIL Governance Token (GRAIL) is the governance and liquidity yield farming token that empowers community’s involvement in the AlgoVest ecosystem. Unlike $AVS, the GRAIL Governance Token is not backed by a modular algorithm and has no intrinsic value. Its purpose is governance and liquidity yield farming. Even so, GRAIL is uniquely designed to add tremendous value to the AlgoVest ecosystem. GRAIL has valuable utilities and it’s sustainable.
GRAIL is the mechanism that the community can use to shape the direction of AlgoVest by proposing, delegating or voting on changes to steer the continued evolution of the AlgoVest ecosystem. GRAIL model is similar to Compound Finance, COMP. The initial voting parameters will be set when the on-chain governance is deployed.
We want everyone to have the equal opportunity of benefiting from the GRAIL Governance Token at launch. For that reason, $AVS holders and stakers eligible during the snapshot will benefit from GRAIL airdrop. Currently, we have minted 6,006 GRAIL to the GRAIL Governance Token Contract Address 0x54cc8F6F1540714788C6ec3593597EbD4Dd9FfF2 for team and airdrop to community. We have proposed 77,000 GRAIL as total supply, though, inflating supply by minting or reducing supply by burning is possible by governance decision. At some point after reaching the proposed 77,000 total supply, we expect the community to vote for regular GRAIL token burn to regulate the limit total supply.
2,002 GRAIL will go to early backers such as core development team and advisors.
4,004 GRAIL is allocated for airdrop to early supporters such as $AVS holders and stakers. We will airdrop GRAIL to wallets that hold or staked during the snapshot period. The distribution of GRAIL airdrop will take place closer to when our liquidity farming platform will launch in May.
2,695 GRAIL are allocated to be offered for sale to early private investors to generate additional liquidity for the ecosystem or offered on the Bonds-as-a-service for Protocol Owned Liquidity at OlympusDAO. These tokens have not been minted and we won’t need to mint them if the offering is no longer necessary.
68,299 GRAIL is reserved for governance and yield farming through LP token on our farming platform.
How to get GRAIL Governance Token
Getting GRAIL is simple. We will list GRAIL on Sushiswap (1 GRAIL : 666.66 $AVS) and you can get it there. But you will be unable to buy GRAIL using ETH. The basic way to earn GRAIL is by providing liquidity to one of our LP pools on Sushi: AVS-ETH, AVS-GRAIL and GRAIL-USDC. We expect liquidity to grow very fast to attract the listing of GRAIL on cryptocurrency tracking website like CoinGecko and CoinMarketCap when we apply to them.
AlgoVest is one of the first projects involved with generating profits from TradFi through its modular algorithm. We have developed into a passive income yield generating protocol for Decentralized Finance. GRAIL token will determine the direction of the AlgoVest ecosystem, and as AlgoVest further develops, the future of GRAIL is of significant importance. Whereas $AVS is a token that protects and generate yield for its holders, GRAIL is the governance rail that oversees the development of $AVS token.
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