The next round of smart contract upgrades for GoodDollar protocol have just passed with the support of 99,9% of the community with 255 members voting!
GIP-11-GoodDollar V3 Enhancements has passed with 99.7% support of the GoodDAO! This vote
All proposed changes in V3 are designed to limit inflation and encourage usage of G$ as a medium of exchange and engagement in the ecosystem among active G$ holders and community members.
The first changes to be implemented will be in a contract upgrade scheduled for Dec 8th-10th. The initial changes to be implemented immediately are 1) removal of staking rewards; 2) change in the Reserves Ratio to decline at 15% annually.The smart contracts for the Community Fund & G$ Savings rate will be created; though they will be activated and launched through January 2023.
What does GoodDollar V3 include?
GoodDollar protocol’s mission is to issue a sustainable crypto universal basic income, as a public good, that members are able to use G$ as a medium of exchange. You can read the full GIP 11 proposal here.
All proposed changes are designed to:
encourage usage and engagement among active G$ holders and community members
reduce the rate of leverage of the currency, to encourage sustainable growth with minimal price volatility
lay the groundwork for the GoodDAO to begin to propose, lead and fund community-led initiatives
Eliminate G$ Staking APY Rewards for Mainnet Stakers
Reduce Speed of Annual G$ Minting/Issuance – Reduce Reserves Ratio Decline from 20% → 15% annually
Allocate 10% of the daily G$ UBI mint towards savings rewards
Allocate 10% of the daily G$ UBI mint to fund a GoodDAO controlled community fund
These proposed changes will be proposed, voted on, developed, activated, and implemented over the period of November 2022 through Q1 2023, as per the larger GoodDollar V3 roadmap.
No active changes required on your part, just keep claiming!
What will happen to my G$ daily claim amount?
The daily claim amount should not be affected by this upgrade. Of course, the daily amount of G$ each individual receives will depend on the number of active claimers. Keep claiming!
When the Savings feature is released later in January, G$ holders that stake their G$ will be rewarded a fixed 5% APY on annual basis, in addition to earning GOOD rewards, which enables you to participate in GoodDAO votes. (Learn more about how to claim your stake in the GoodDAO here).
When are the staking contracts going to be modified?
The staking contracts are going to be modified and rewards removed following in an Upgrade pushed between Dec. 6th-8th. The contract upgrade will be executed by way of the GoodDollar guardians.
When do I need to unstake? Is there a deadline?
You will not lose the rewards that have been generated with your stablecoin staking. When you unstake from the GoodStaking contract, G$ rewards will be minted out.
When you withdraw your stablecoin stake from contracts, reward collection for both GOOD and G$ rewards minting is triggered. You can claim also your rewards anytime through your portfolio on GoodSwap.
I’m an Ethereum staker. What can I do with my G$? What should I do with all the G$ i have?
You are a hero of the system! Large G$ holders are critical to the ecosystem success. You are encouraged to deploy your G$ to support the ecosystem, via liquidity campaigns yet to be launched in partnership with Volt and Fuse, and the forthcoming savings feature.
Active Rewards on Fuse/Volt:
For those who want to support the ecosystem and are able to do so, staking stablecoins on Ethereum to receive GOOD rewards is a very meaningful way to keep your governance seat growing and to continue funding UBI. If you were previously staking, there’s no action needed on your side. Keep your GoodStake and you’re good to go! If you’ve never staked, you can still do so by going to GoodSwap’s stake page.
The following changes will occur between Dec. 8-10th
Timeline of the technical roadmap and roll-out
On-chain update executed through the Protocol guardians To execute the code that:
Set the G$ block rewards for staking stablecoins via Mainnet to 0 at the Fundmanager contract
Set the new RR decline rate to 15% in the Reserve contract
Upgrade reserve with ability to send UBI to different targets (generic ability)
Set the GoodReserve to send 10% to the Community Fund
Automate the GoodReserve to directly send 5% of daily minted UBI G$ allocation to the Community DAO safe on Fuse we
5% of daily minted UBI will be reserved to support upcoming GoodDollar protocol cross-chain expansion
How to effectively use the Community fund?
The goal of the community fund is to ensure GoodDAO members are able to effectively propose and fund activities they see as critical to GoodDollar’s community-led growth. To support this goal, there will be a range of brainstorm sessions and design sprints on the the goals and vision of the fund, training on best practice processes, and supportive tooling to enable the community to effective access and use these funds.
Savings APY will be launched later in Q1 2023
As stated in the original proposal, more details will be shared on the Savings APY and its launch in Q1 2023.
Thank you for all who participated in the proposal process and the vote, and marking another exciting milestone for a core contract upgrade to be enacted by the GoodDAO!