100K+ USD Liquidity Migration Incentives Announced, Aavegotchi is moving to Matic! (+FAQ)
Over 100,000 USD worth of liquidity incentives in GHST, MATIC, and QUICK await you on Matic!
Hey frens, we’ve been working hard to ensure there’s a smooth transition from Ethereum Mainnet to Matic.
The first piece of the puzzle is mapping GHST token onto Matic and beginning the liquidity migration. We are excited to announce that the bridging mechanism is ready to go.
You can find GHST on Matic at this address: 0x385Eeac5cB85A38A9a07A70c73e0a3271CfB54A7.
The Great L2 Migration is almost ready to start!
Over 100,000 USD in liquidity incentives await you on Matic, starting January 29!
Mass migrations are hard to coordinate and expensive for everyone involved.
That’s why the Aavegotchi development team (Pixelcraft Studios) is offering 50,000 USD in liquidity migration rewards, split between everyone who participates in GHST Staking on Matic, beginning on January 29th.
(NOTE: This liquidity is provided by our DAICO Tap, which is currently set to 100,000 DAI per month. If you would like to see more liquidity incentives like these in the future, please support our DAO Proposal to increase the tap to 150,000 DAI per month.
The additional 50,000 DAI will be used to BUY BACK GHST from the curve every month and redistribute it back to the community via player rewards and other liquidity incentives like these.)
More details about the proposal here.
Our good frens at Matic have also promised to match our 50,000 USD worth of GHST with an equal amount of MATIC token! Bringing the total rewards for staking GHST on Matic to 100,000 USD.
In addition, the team at Quickswap (the Matic equivalent of Uniswap) are promoting the listing of GHST on Matic by creating two new rewards pools: GHST-QUICK and GHST-USDC.
These two pools combined will offer over 1000 QUICK (the native governance token of Quickswap) in rewards PER DAY to LPs.
As of this post, one QUICK token is worth about $6.50, with a total supply of just 1,000,000 QUICK and a circulating supply of around 100,000.
Do the math, fren.
All in all, it’s an extremely exciting time to be in GHST!
GHST is the cornerstore of the Aavegotchi ecosystem, and who knows, it may play an important role in the Matic ecosystem in the future too…
All of these liquidity incentives kick off on January 29th and will last for two weeks.
All we ask of our dear frens is that as you’re unstaking your GHST from the Mainnet pools and preparing to migrate to Matic, please consider voting on the Aavegotchi improvement proposals on January 18th as outlined here. Each unique participating address will get 250 XP per vote (500 XP total) for all claimed Aavegotchis in their wallet after Matic launch.
GHST2MATIC — Frequently Asked Questions
Q: Where can I migrate my GHST? Is there a deadline?
A: You can use our custom UI at https://aavegotchi.com/bridge or the Matic Wallet for all tokens, including GHST. There is no deadline for migrating, but the liquidity incentives outlined above start on January 29th and run for two weeks.
Please consider voting for the two AGIP proposals before migrating your GHST to Matic!
Q: How do I participate in the liquidity incentives?
A: Here is a step-by-step guide to earning GHST, MATIC, QUICK, and FRENS for migrating and staking.
All incentives begin January 29th and last for two weeks.
Migrate your GHST token from Ethereum Mainnet to Matic. (Remember to vote first!)
Get some QUICK token from Quickswap. The most liquid pairs are currently QUICK-UNI, QUICK-WETH and QUICK-USDC. Soon GHST-QUICK will also be an option.
Become a liquidity provider in the GHST-QUICK Pool on Quickswap.
Take your LP tokens received from Step 3 and stake them into the GHST-QUICK Staking Pool to get stkGHST.
Finally, take the stkGHST receipt tokens emitted from the GHST Staking Contract and stake them into the Quickswap Rewards pool at https://quickswap.exchange/#/quick.
Now you are earning QUICK and FRENS!
During the 14 day liquidity period, we will use hourly snapshots to determine the balances of all stakers from Step 4. A total of 336 (14*24) snapshots will determine the balance for all stakers in the GHST Staking contracts.
70,000 USD worth of GHST+MATIC will be distributed proportionally to stakers in the GHST-QUICK Staking Pool, while the other 30,000 USD will be distributed proportionally to those just staking GHST.
Please note that to receive QUICK rewards on top you must do Step 5 and stake your stkGHST into the GHST-QUICK reward pool, starting January 29th!
Q: When will Aavegotchi go live on Matic?
A: There are currently only two blockers preventing a launch on Matic. One is Chainlink VRF has not yet been deployed onto Matic. However, the Chainlink team is confident it will happen this month.
The other is that handling the Aave aToken interest on Matic requires a custom solution, which we are currently implementing.
Once these two blockers are solved, we will be ready to launch!
Q: What happens to my FRENS, Raffle tickets, and vouchers?
A: During the deployment of the new GHST Staking contract onto Matic (on or before January 19th) your current FRENS balance will be snapshotted and migrated to Matic.
All Raffle Tickets in your wallet at the time will also be transferred over.
Finally, all Wearable vouchers (even unclaimed ones) will be converted into real Wearables during the deploy to Matic.
All Tickets and Wearable vouchers will be marked as “Invalid” on Ethereum Mainnet marketplaces.
That’s it for this update!
Expect many more updates in the coming weeks as the migration continues.
Stay spooky frens,
The Aavegotchi Team
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