On 4/21/2023 at 1:00 p.m. (PST), an AMA session was held on Avalaunch Telegram group with GoGoPool co-founders, Steven Gates and Johnny Gault, to cover the technical underpinnings of the project. The focus of this AMA will be the underlying tech, development and roadmap.
Below we present to you an excerpt from AMA with questions and answers.
Dave | Avalaunch
Welcome to the follow on AMA with the great GoGoPool. Today we have co-founders @JohnnyGault and @ggp_steven here to trip the lights fantastic. Welcome guys. how are you doing today?
Steven Gates | GoGoPool
Doing great, happy to be back 🙂
and this time with my cofounder, @JohnnyGault !!
who will be joining us for a bit
Dave | Avalaunch
Good to have him as I know we’re technically diving some and Johnny is rumored to be CTO material
Let’s get right into it — Can you describe the technical process for minting and burning ggAVAX tokens in the GoGoPool ecosystem, and how does this mechanism maintain a stable relationship with the underlying staked Avalanche tokens?
Johnny Gault | GoGoPool
ggAvax is an ERC 4626 token that allows for staking rewards to be streamed to holders seamlessly.
Steven Gates | GoGoPool
(and for those technically minded, here is the code 🙂 )
https://github.com/multisig-labs/gogopool/blob/main/contracts/contract/tokens/TokenggAVAX.sol
Dave | Avalaunch
Can you describe the erc 4626 and what that means for the lay person? I think it’s one of the newer standards so I’m not up to speed myself
Johnny Gault | GoGoPool
Its a new standard that allows interop between liquid staking tokens and the rest of DeFi. A standard way for yield to be paid out.
Haha kinda aggressive eh?
Dave | Avalaunch
Understood. We’re finally setting some standards in DeFi 😁
And what is its importance to GoGoPool?
Johnny Gault | GoGoPool
Mainly as a way for our token to be recognized by others in the ecosystem and integrated into their systems and contracts.
Dave | Avalaunch
How have the smart contracts within GoGoPool been adapted to work seamlessly with the Avalanche network?
Steven Gates | GoGoPool
We’ve built the protocol to be a good citizen in the ecosystem and make it extremely easy for others to build on top of.
At the same time, we’ve focused intensely on security and shipping very clean and robust code. As clean and robust as possible.
Dave | Avalaunch
Cleanly and robust. Nice.
How has the decentralized oracle system within GoGoPool been implemented to address the unique challenges of providing accurate and timely data to the platform while operating on the network?
Johnny Gault | GoGoPool
The GoGoPool Oracle DAO will be in charge of running the decentralized protocol that reports price and other information from the P to the C chain. The DAO is invite-only at this time but in the future we plan on using a GoGoPool Subnet for this functionality so that it becomes permissionless, more secure, decentralized, and a public good for the entire ecosystem.
Dave | Avalaunch
This is interesting. This is the kind of project that builds piping beneath the city. Well done
What strategies have you employed to minimize potential slashing penalties in the GoGoPool ecosystem when operating on the Avalanche network, and how are responsibilities shared among node operators?
Johnny Gault | GoGoPool
Risks and rewards are socialized across the entire protocol, so that it is less risky than solo validating or solo delegation. Thankfully, the Avalanche protocol itself makes earning validator rewards pretty easy. So we are not that worried that slashing will become an issue for node operators.
Dave | Avalaunch
Thanks for this Johnny.
What does it means to be socialized across the protocol? Can you say a bit more?
Johnny Gault | GoGoPool
Talking about the ggAVAX staking experience, where there is less risk then say direct deegation.
You are less dependant on a single node for your yield.
As a node operator, yes if you get slashed thats all on you.
Dave | Avalaunch
Got it
Johnny Gault | GoGoPool
But doesnt hurt the ggAVAX holders.
Dave | Avalaunch
Thanks for that additional explanation
What measures have been put in place to handle potential node failures, including redundancy and fault-tolerance mechanisms, to ensure the continuous operation of the GoGoPool network on the Avalanche platform?
Johnny Gault | GoGoPool
We inherit all of that from the Avalanche network itself, when it comes to the smart contracts.
We inherit all of that from the Avalanche network itself, when it comes to the smart contracts.
Dave | Avalaunch
Thanks. Look forward to that.
How does GoGoPool manage upgrades to its smart contracts and other critical components without causing disruptions to the network, and what precautions are taken to ensure smooth transitions when operating on Avalanche?
Steven Gates | GoGoPool
The most important thing for us was security considerations.
Because the Avalanche Network is getting rapid updates, it is important to make sure that the smart contract protocol can update as well to maintain a high degree of security.
In designing the upgradeable aspects, the clear design choice was to focus on mimizing the contagion and minimize permissions for any singular protocol.
Johnny Gault | GoGoPool
As we learn and optimize the protocol, and when the Avalanche protocol supports a few key features, we can “ossify” it and turn it into a permissionless public-good.
Dave | Avalaunch
Excellent. Let’s do one more before we move on to the community portion of the program.
How has GoGoPool’s architecture been designed to adapt to future upgrades and changes in the Avalanche network, and what are the long-term plans for maintaining compatibility and performance as the network evolves?
Johnny Gault | GoGoPool
We are in close communication with core devs, and hope to have a voice (and code!) in the future direction of Avalanche.
The space moves fast, and we can do in jump in and start SWIMMING!
Steven Gates | GoGoPool
The contract system is upgradeable in order to reflect the future upgrades and changes inthe Avalanche nwtork, and like John said —
the intent is to ossify the protocol as the Avalanche updates slow down.
And especially as we think about supporting Subnets!
Community Questions
Dave | Avalaunch
Awesome answer.
Now let’s move on to the community and start with the standard issue softball question…. @Jaeforet36 perhaps predictably asks — Does GoGoPool have any plans to implement AI on its platform?
Steven Gates | GoGoPool
Now THAT
THAT is an interesting question
STAY TUNED!!! !
Johnny Gault | GoGoPool
GoGoPool IS an AI…. sshhhhhh
Steven Gates | GoGoPool
I’m not sure we are allowed to say what is coming next when related to AI
But it is definitely …. how you say …… on our minds.
Dave | Avalaunch
Share something like the alpha machines you are.
Steven Gates | GoGoPool
Let’s just say that a significant amount of Subnets have been interested in AI
And AI will help makes Subnets easy
1 + 1 = 3!!!!
Dave | Avalaunch
Finally, a non-gratuitous potential AI use case. Kudos.
Steven Gates | GoGoPool
🤫🤫🤫🤫🤫
Dave | Avalaunch
And one of the lengthier questions ever asked here comes from @mackfarrow84 who wants to know — I’ve been looking forward to setting up as a validator using GG and I have a question: The docs say that 10% of the avax stake needs to be in GGP tokens, so it’s 1000 avax plus 10% more (but in GGP tokens). So I’m confused as to how many GGP tokens I need to buy in order to run a validator, because the free market is going to dictate the GGP/AVAX price ratio right? Or does the protocol automatically make the trade or something when you setup the validator?
Steven Gates | GoGoPool
GREAT question my friend.
Here is a calculator for you, so you can play around with the protocol numbers:
https://docs.google.com/spreadsheets/d/1Gjdp1rP2MrsGO9QQuia_rjyo_8nQm-5jNDt2vIUZMhI/edit#gid=0
(make a copy + start adjusting numbers ! 🙂 )
Johnny Gault | GoGoPool
But yes for now you have to buy GGP at market (whatever that is)
In the futuer we will make that more seemless.
Steven Gates | GoGoPool
You are allowed to collaterize more than 10%, and earn rewards up to a 150% collaterization.
So if you are wondering how many tokens is needed — the web UI will help guide you through that, and most people tell me that they will just go for a 50%+ collaterization
So that they dont have to worry about the minimum floor.
Dave | Avalaunch
and the good Ernest asks @ErnestBueno18 — what do you foresee as the greatest challenges on your roadmap and given the landscape in Avalanche, your greatest challenge in fully executing on the project’s vision?
Steven Gates | GoGoPool
I think a lot depends on the Subnets that want to build on Avalanche.
And Subnets themselves have their own engineering timelines.
So it is up to us to make sure that building and launching a Subnet is as easy as possible!
And that requires very close coordination with Subnets, the community, and developers in the ecosystem.
Dave | Avalaunch
Although this was addressed earlier to some degree, the incomparable @Amy_springer wants to drill down by asking — is there any documentation regarding slashing for node operators and GoGoPool is a multisig labs project, does this parent company have any other projects ongoing or upcoming?
Steven Gates | GoGoPool
Here are our docs: https://docs.gogopool.com/
A node operators AVAX stake is not slashed. If they have low uptime and lose rewards for the liquid stakers, their GGP collateral is slashed.
GoGoPool started out as a Multisig Labs project, but the GoGoPool Foundation is backing GoGoPool.
The Foundation is in charge of supporting GoGoPool and the DAO.
Multisig Labs is exploring a second product, geared towareds helping Subnets launch faster. Stay tuned for an announcement on that!
Dave | Avalaunch
Time flies but this is the last one and it comes from the wily @Andromedamin who inquires — Can you explain the benefits and potential drawbacks of using snapshot voting to gauge sentiment in the GoGoPool ProtocolDAO, and how does the Foundation plan to use these results to guide the protocol’s development?
Steven Gates | GoGoPool
Snapshot voting is the first step towards becoming a fully decentralized protocol. It gives the community a way to vote on different issues related to the protocol and to express their sentiment in a clear way.
And that information will guide and Councils that work for the DAO to operate the protocol.
And the Foundation’s mandate is to execute any DAO Action (eg. executing on payroll / HR / legal fees / etc).
And especially, snapshot voting will provide a guide on which grants to fund and not fund.
Anyone can propose a grant (with the purpose of furthering the protocol), snapshot voting can be used to determine if its a go/no go, and the Foundation has the mandate to execute any resulting DAO Action (like payroll).
Dave | Avalaunch
This is very cool. I’ll propose a grant to get on more AMAs
@ggp_steven and @JohnnyGault it was indeed a pleasure having you both here today. I understand that your pre-IDO partnership has received unprecedented interest and will be closing oversubscribed. Well done. It’s nice to see that there’s so much support for what you’re building and we really appreciate your time here today.
