Home » Policy » Aavegotchi bonding curve closes on exact day of DAI depeg

The entity line closed the correlation curve defining the exchange rate between its Aavegochi (GHST) token and the Dai (DAI) dollar peg on March 11, according to the mobile game's irreplaceable token (NFT) protocol AaveGotchi. On the same day, Dai lost the exchange rate system linked to the US dollar because of the bankruptcy of the Silicon Valley Bank of the United States and the constant danger of Circle's publicly issued dollar coins (USDC) being decoupled from the US dollar. The decoupling of USDC was due to the collapse of Silicon Valley banks after 3.3 billion dollars of stable collateral deposits were held up.

In an announcement for Cointelegraph, Nigel Carlos, Pixelraft Studios's chief marketing officer, explained that the neighborhood ended a two-and-a-half-year contract at 2am this morning to sell its local GHST tokens and "derisk from Dai". Carlos said: "

Online voting ends a shrewd contract (debt curve), a deal that brings liquidity to the manufacture and ignition of GHST. GHST is the monetary volume and governance symbol of the Aavegochi ecosystem, with a total market capitalization of more than $76.6 million and a total supply of $54.6 million. It is bound to wear, and the smart contract contains wear vault.

According to Carlos, GHST is now a fixed supply token, and the $33 million DAI token used to forge GHST in the agreement is "an ecosystem of solutions for game development agreements." GHST is described as a "ticket" to Aavegochi. Users can use tokens to buy NFT portals, smart wearers and consumables in AaveGotchi games, bet on ranching rewards, and participate in decentralized autonomous organization (DAO) governance. The Aavegochi fusion curve will be established on September 1st. 145pm 2020, opening price is 0.2 DAI per GHST.

When customers choose GHST based on DAI, the association curve intelligent contract encouraged by Aragon guarantees that a new GHST token will be forged, and vice versa. However, when buying GHST tokens, each subsequent customer must pay a high price for each token, resulting in the total market value of GHST higher than its DAI reserve.

In basically representative sales over the years, the agreement received a total of 30.3 million DAI. Developers first proposed in January that DAI funds should be allocated to agreement working capital (20 per cent), Aavegochi Dao (40 per cent) and head office Pixelraft Studios (40 per cent).

With the clearing of the debt curve, GHST rates are now free-floating and will no longer be determined by DAI. At the time of this article, the value of tokens plummeted 18.09% to $1.12 in the past 24 hours. In addition, the price of wearing stable coins has fallen 6.76% to $0.9314 in the past 24 hours. Although it will no longer matter, the profits from representative sales have suffered huge losses as a result of Dai decoupling.

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