GGP GoGoPool

Use Cases of GoGoPool

• Liquid Staking: GoGoPool allows users to stake their AVAX tokens while maintaining liquidity. When users deposit AVAX, they receive a wrapped proxy asset called ggAVAX, which can be freely transferred, traded on DEXs, and deposited within DeFi protocols. This enables users to earn staking yields while still being able to use their tokens in other DeFi applications.
• Validator Network: GoGoPool facilitates the creation of new validator nodes with a lower barrier to entry. Validators can start with a minimum of 1000 AVAX and 100 AVAX in GGP tokens, reducing the typical requirement of 2000 AVAX. This makes it easier for more participants to contribute to the security and decentralization of the Avalanche network.
• Subnet Support: GoGoPool supports the launch of application-specific chains (subnets) on Avalanche. By providing a coordination mechanism for validators and subnet operators, GoGoPool helps in bootstrapping network security for these subnets, making it simpler for developers to build custom blockchains.
• Decentralization and Security: GoGoPool contributes to the decentralization and security of the Avalanche ecosystem by making it easier to spin up validator networks. This encourages the expansion of Avalanche’s validator fleet and enhances network security.

Pros of GoGoPool

• Liquidity and Flexibility: GoGoPool allows users to stake AVAX tokens while maintaining liquidity. Users receive ggAVAX, a liquid staking derivative token, which can be freely transferred, traded on DEXs, and deposited within DeFi protocols.
• Lower Barrier to Entry: Validators need only stake a minimum of 1000 AVAX tokens (instead of the typical 2000 AVAX) and an equivalent value of 100 AVAX in GGP tokens, making it easier to participate.
• Additional Yields: Users can earn additional yields in the form of GGP tokens by participating in the ecosystem, which can further boost their AVAX yields when staked.
• Simplified Validator Setup: GoGoPool offers a One-Click Launcher, making it easy for anyone to launch a new validator or relaunch existing nodes as validators, contributing to decentralization and security on Avalanche.
• Decentralization: GoGoPool encourages decentralization by using liquid staking deposits to bootstrap new validator nodes, expanding Avalanche’s validator fleet.

Cons of GoGoPool

• Complexity: The concept of liquid staking and the use of derivative tokens like ggAVAX may be complex for new users to understand.
• Dependence on Avalanche Ecosystem: GoGoPool’s success is closely tied to the growth and stability of the Avalanche ecosystem.
• Limited Use Cases: While GoGoPool is designed to support subnet development, its primary use case is currently focused on liquid staking, which may limit its broader applicability.
• Staking Requirements: Validators still need to stake a significant amount of AVAX and GGP tokens, which can be a barrier for smaller participants.
• Technical Expertise: While GoGoPool simplifies the process, setting up and managing validators still requires some technical knowledge.

Founders of GoGoPool

The founders of GoGoPool are Steven Gates and Johnny Gault. They met at the first Avalanche Summit in Barcelona in 2021, where they combined their ideas to create GoGoPool.

Investors in GoGoPool

GoGoPool has received funding from several investors, including:

• Framework Ventures: A venture capital firm that co-led the seed round.
• CoinFund: A venture capital firm that co-led the seed round.
• Avalaunch: A corporation that participated in the funding round.
• Republic Capital: A venture capital firm that participated in the funding round.
• Flow Traders: A corporation that participated in the funding round.
• GBV Capital: A venture capital firm that participated in the funding round.
• Taureon Capital: A venture capital firm that participated in the funding round.
• FinTech Collective: A venture capital firm that participated in the funding round.
• Builder Capital: A venture capital firm that participated in the funding round.

These investors contributed to a total raise of $5 million in the seed round.

Halal Status of GoGoPool

• Halal Status: Yes
• Reason: GoGoPool is a staking protocol that operates on the principle of liquid staking and minipools, which does not involve lending money to another party with the expectation of additional return, a key characteristic of riba (interest) in Islamic finance. Instead, users stake their assets to support the network and receive rewards, making it compliant with Islamic finance principles.