Design your own pool with our new GoodGhosting governance

Kicking off governance — Create your own pools with over $75K in prizes!

Since launching, we have always been about community. Today is a big day, as we open up pool governance to all of you! Have an awesome idea for a pool? Now you can submit a proposal for your pool concept. If it’s popular, you as the pool author, or Pool Angel 👼 will get recognised with cash prizes. We will also add extra $69k stablecoin incentives across up to 10 proposed savings pools with the most votes. A great way to help your friends and family to build their crypto wealth whilst getting rewarded.

v1 Governance takes place between 18th Oct — 31st Jan

What’s new and exciting?

Of course opportunity to to design and create your own pool type. Pick your ideal saving, or hodling amount, get creative with names, themes and NFTs. Share your pool with the community and become an Angel in the network.

But importantly, we have personal prizes for the Pool Angels (pool creator) to be handed out! If your pool is successful, personally you can bag up to $2K worth of stablecoins. We also have a killer launch and closing party, and the opportunity to pitch your pool in all new pool hustings events!

How does it work?

Governance will be NFT weighted, and on snapshot. Yes, that means you can put to good use all those GoodGhosting NFTs you have been collecting. The more GoodGhosting pools you have completed, the more NFTs you’ll have and the more voting power you get. The voting power, also called GGVOTE, largely corresponds to your existing GG Score. You can check out the NFT vote weightings here.

Voting will take place on our Snapshot page, available at http://goodghosting.com/vote . To submit a proposal you will need a vote weight of at least 1500 GGVOTE. However, anyone with any number of GGVOTE can vote. Proposals will need to receive a minimum of 50000 GGVOTE to be considered valid (i.e. pass quorum).

As this is our first experiment with decentralised governance, we will be time bounding running v1 governance between 18th Oct and 4rd Nov. During this time, governance will select 10 pools to be launched, once the proposal voting period ends on 5th Nov. The proposals with the most votes will be chosen to deploy in chronological order. We will launch 10 pools during Nov and Dec (see below for schedule). Pools will deploy on Tues or Fri at 2pm UTC. All successfully chosen Pool Angels will get an exclusive Pool Angel NFT — and Discord role 👀

😇 Pool Angels — what we are calling the creators of the chosen pools

Win up to $2k personally in the Angel Awards! And earn your share of the $69k of pool incentives.

What prizes are there?

Submitted an awesome pool as an Angel? Good news, we have some stablecoins set aside for you! We want to reward community members that create high value pools and spread the word of GoodGhosting. That’s why in addition to sponsoring the pools up to $69K USD, we will be recognizing the following in our Angel Awards:

$2k — The Biggest Pool

The Pool Angel of the pool with the greatest amount of addresses* will be awarded $2000 worth of cUSD or DAI.

$2k — The Highest TVL (daily average)

The Pool Angel of the pool with the highest average TVL** will be awarded $2000 worth of cUSD or DAI.

$2k — Best Daily Yield Performance

The Pool Angel of the pool with the greatest absolute yield earnings*** will be awarded $2000 worth of cUSD or DAI.

Furthermore, we will also be awarding an additional $500 of stablecoins to the runner up Pool Angel in each category. (Assuming we deploy 10 community pools).

In addition to these prizes, all winning Angels will get some very exclusive Prize NFTs — something that might come in handy in the next iteration of our governance!

To encourage more winners, each pool is eligible for one one prize, details, along with how we calculate these are found in the Appendix below.

Are you winning, anon?

Pool Sponsorship ($69k)

As well as offering personal prizes with the Angel Awards — we will be providing sponsorship to each of deployed pools. Making them great places to park your crypto and encouraging you to build better financial habits.

Each pool will receive a base sponsorship of $2000 USD in either cUSD or DAI depending on its network.

We will add an additional $4000 USD of stable tokens for pools that hit the bonus milestone of either $50k TVL, or 3K users, within the first week.

Winning pools, win for all!

But it doesn’t end there. If you are in a pool which wins one of the Angel Awards, not only will the pool angel receive a prize, but we will also be awarding participants of the pool with an additional $3K of stablecoins. This will be added either to the pool, if it’s still in progress, or sent out to the addresses of the winners directly.

This means, the pool you have designed could be sponsored up to $9K USD! This is shared between all players in the pool that complete all deposits (i.e. winners).

Timeline

UPDATE ⚠️Due to recent market conditions, we have postponed the launch of the first pools to Nov 29.

• 18th Oct — Snapshot page opens for proposals and voting and discord launch party
• 21st Oct — Proposal Office Hours. We are here to help!
• 25th Oct & 1st Nov — Pool hustings on our Discord Forum — join in to share with our community, why your pool should be voted on.
• 5th Nov — Proposal submissions close
• 6th -13th Nov — voting continues to be possible, but no new submissions.
• 1̶5̶t̶h̶ 29 Nov — First Tuesday pools launched*
• 1̶8̶t̶h̶ 2 Dec — First Friday bonus pools launched*
• 6th Dec — 23th Dec — Pools launched weekly on Tues and Fri*
• New date: Jan 26 2023 at 2pm UTC— Snapshot time to determine the Pool Angel winners
• New date: Jan 31 2023 at 1pm UTC — Closing party and prizes awarded to Pool Angels ✨ in our Discord

*On Tues 29th Nov and Fri 2nd Dec, two pools will be launched, all following dates will have a single pool launching.

How can I submit a pool proposal?

You want to submit a pool proposal? Great! Here’s how you can make your pool a success:

• Choose your name and description — Feel free to get creative*
• Choose your network — Celo or Polygon. Note that at least 40% of the total pools will happen on one of these chains.
• Pool Type — Savings or HODL. Choose a HODLing pool if you’d like just one deposit, and a longer waiting round. Choose a Savings pool if you’d like to have multiple deposit moments.
• Deposit amount — how much users need to save regularly, or deposit once off in a Hodl pool. Up to $10k per deposit. Note that flexible deposits will not yet be available.
• If you have chosen a savings pool, specify how many deposits are needed and how far apart. For example, a total of 6 deposits is needed with a weekly deposit frequency.
• Choose your yield strategy (full list below)
• Early withdrawal fee. The percentage charged, between 0 and 100%, when a player exits the pool early. The higher the fee, the more evil your pool (see docs).
• If a HODLing pool, the length of the deposit and waiting round.
  For example, two weeks to make your initial deposit, followed by an 8 week waiting round. For all times of pools, there is a min duration of one week and a maximum of six months.
• Your own NFT design (optional). If you are creative feel free to design your own, otherwise you can choose from our pre-designed selection
• Sponsorship (optional). If you are generous and would like to sponsor the pool with an additional token amount, you can do so.
• A link to your discussion thread in our Discord forum (Optional)
• A contact link. email, discord or telegram handle. We need this to get in contact with you if your pool wins a prize, or if there is anything unclear in your proposal.

The easiest way to to create your own proposal is by duplicating our templates: Celo template & Polygon template.

If you have any questions about how to submit a proposal, please reach out to one of the GoodGhosting team on discord.

* follow our community guidelines (see Appendix below)

To get started you can make a copy of our template, see appendix for details.

Choose one of our pre-designed NFTs, or if you are feeling creative, submit your own.

Yield Strategies

A full list is available in the Appendix.

To create a proposal, please follow these guidelines and read the Appendix below. Note pools that do not meet the criteria will not be eligible for deployment. Want to create a successful pool? think about what would be a popular pool people would like to see, and share it in your own communities💪.

We are super psyched to launch this. We have more planned for the future, but for now we want to give back to our community in a way which everyone can benefit. So get involved, create some pools and let’s build something great together!

If you have any questions or suggestions please reach out on our discord or join the conversation on twitter.

Let’s get those proposals rolling in!

The GoodGhosting Team 👻

— — — — — — — — — — — — — — — — — —

Appendix

Angel Awards

How the awards are calculated:

The Biggest Pool

• Based on unique wallet addresses in a winning or waiting state, either when the pool finishes (for completed pools) or if the pool is still ongoing, on the snapshot date.

The Highest TVL (daily average)

• This will be calculated in USD terms, at the time the pool finishes, or if the pool is still ongoing on the snapshot date. For this, the “principalConverted” parameter of the GoodGhosting API will be used, divided by the total number of days the pool has been running for (i.e. from contract deployment until the end of the waiting round or the snapshot date, whichever comes earliest).

Best Daily Yield Performance

• Defined as the USD value of rewards that is earned by the pool, not including the $ value of incentives that is added to the pool by GoodGhosting (i.e. the sum of the “interestConverted” and “totalRewardsConverted” parameter of the GoodGhosting API). This includes both the yield generated by the pool, and the early withdrawal fee. Similarly to the other rewards, it will be calculated at the time the pool finishes, or if the pool is still ongoing on the snapshot date.

Conditions

Prize allocation

• Only one prize per pool! — This gives more pools and Pool Angels a chance at a prize. In the case of a pool being eligible for multiple prizes, it will be awarded to the one in which it excelled the most in comparison to its rivals.

Suspicious behaviour

• If the team notices suspicious behaviour occurring during the voting process, or onchain pool activity, the GoodGhosting team upholds the right to remove a pool proposal from eligibility to win one of the prizes.

Language

• We welcome pool proposals from our global community. Proposals can be submitted in another language, as long as an English translation is also provided alongside on the snapshot page.

KYC

• Note that to claim these Angel prizes, you will need to complete a standard KYC and AML check (via Blockpass). This to make sure we are not breaching any international laws. Thanks for understanding! Note this is only for the Pool Angels, not pool participants. If you want to be a Pool Angel without KYC, you can choose to donate the rewards to a KYC’ed address. We will only ask winning Pool Angels to complete the KYC process.

Pool Construction

Pool Capacity

• Each Pool will be capped at 20,000 addresses. Once the pool hits this number, new addresses will no longer be able to join the pool.
• Pools GG Scores are calculated with our regular formula, but will be capped at a maximum of 5,000 for each pool.
• Minimum timeframe for regular deposits is 24 hours, i.e. we can’t have more frequent payments than daily. No hourly deposit pools.
• Minimum total duration of one week (7 days), and a maximum duration of 6 months.
• Maximum deposit amount of $10,000* per individual deposit. *volatile assets valued at close of governance voting
• No fee on transfer tokens, this will not work technically with our smart contracts.

Yield Sources

On Polygon:

• Aave v3
• Aave v2
• Curve Atricrypto (volatile)
• Curve Aave (stable)
• Curve stMATIC-MATIC

On Celo:

• Moola
• Mobius cUSD-USDCet (Portal)
• Mobius: cUSD-USDC (Optics)
• Mobius: cUSD-DAI (Optics)
• Mobius stCELO-CELO
• Open strategy. Great for tokens which are not supported by the previously mentioned yield strategies. Although it’s important to note that these tokens do not generate any yield (aside from incentives)

Community Guidelines

• For name, description and NFT artwork, designs and copy must not include offensive, abusive, or illegal content. Any racist, sexist or homophobic slurrs, or comments void the proposal for deployment. No sexually explicity imagery.
• No Trademarked words or images in the pool name, description or NFT design, if submitted the Pool Angel or submitter takes full legal responsibility for any trademark infringement.
• NFT artworks — if submitting your own design, please make sure it does not contain offensive or copyrighted content. By submitting your work, you confirm that you fully own the rights to the artwork and it does not infringe on any existing copyright. By submitting you assume full responsibility for any potential copyright infringements. Binary Node Ltd is not responsible for any copyright issues arising from a community submission.

Template Proposal

The easiest way to to create your own proposal is by duplicating our templates:
Celo template
Polygon template

Fill in all the relevant data between the brackets: << >>.

Pool Selection and Ordering

• Only proposals with over 50% of ‘YES’ votes will be considered.
• Minimum of 40% of pools will be selected on each chain (i.e. when deploying 10 pools, a minimum of 4 will be deployed per blockchain.) .
• The pool with the highest number of GGVotes will be chosen for deployment, until that chain has reached its maximum number of pools.
• Pools will be deployed in order of their popularity during the voting period. Meaning the pool with the most votes will be deployed first. Incase of two proposals receiving the same amount of votes, we will deploy the earliest submitted proposal first.