GoodDollar V2 Roadmap: The Impact Revolution is Coming To DeFi

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The GoodDollar V2 Roadmap

With the GoodDollar Proof of Concept (POC) having demonstrated the protocol’s ability to sustainably mint cryptocurrency for all, the time is right to embark on the next crucial step in the project’s growth: the launch of GoodDollar V2.

Quick POC recap: $16,000 USD worth of G$ was minted based off of an original stake of $50,000. Over 220,000 members have been served up GoodDollars, spanning the globe from almost 200 countries.

V2 is the next evolution of GoodDollar—simpler, cleaner, and equipped with a raft of new and enhanced capabilities key to the protocol delivering on its mission for a scalable universal basic income system. With this release, we open staking and rewards via the GoodDollar Trust (the set of staking contracts that fund GoodDollar’s model) to anyone who wants to support the GoodDollar mission. And because of GoodDollar’s ability to “wrap” around popular staking protocols such as Compound and more, now supporters can “Stake for Good ” via a range of protocols, and earn returns while helping generate more G$ for all. 

GoodDollar V2 is launching soon.

The launch of V2 will include upgrades to the smart contracts that drive the protocol, launch of the GoodDollar Protocol dapp, stability enhancements to the GoodDollar wallet dapp. Most significantly of all, the launch of V2 introduces the decentralized governance model, which will place all future upgrades in the hands of the community. 

A major step toward achieving GoodDollar’s vision

V2 includes important improvements to most aspects of the GoodDollar project. These upgrades are primarily on Ethereum Mainnet.

Staking (Mainnet)

Shifts from a closed, single protocol without reward incentives to a dynamic, gamified system with carefully designed incentives for participants. These incentives will be structured to optimize the operation of the network and to grow participation on the part of stakers.

Reserve (Mainnet) 

GoodDollar’s Reserve contract (also referred to as the GoodReserve) is an automated market maker that works on a bonding curve; and mints and burns new G$ upon more collateral being added or removed from the Reserve contract. Currently accepting only cDAI as the Reserve currency, the upgrade will enable people to easily send ETH, DAI, or any other ERC-20 token to the GoodReserve, and receive G$ in exchange. Via the new interface, people will also be able to buy and sell G$ directly through the Reserve contract. 

Governance (Mainnet & Fuse)

Another key aspect of any decentralized project is distributed governance. GoodDollar’s first iteration — like virtually all early-stage DeFi projects — included some centralized controls as a safeguard to protect users while the system was still being developed and tested. Now, V2 shifts control from the GoodDollar Foundation to management via the GoodDAO, a Decentralized Autonomous Organisation (DAO) managed by its members. This will be the key switch where all protocol updates come under the stewardship of GoodDollar’s thriving, engaged community. Over the next few weeks, the Foundation will share the initial governance model.

Protocol Dapp

Accessibility and user experience are key to GoodDollar protocol producing impact at scale. To that end, the Protocol Dapp will provide an interface where supporters can stake, swap G$, monitor and track their portfolio rewards, participate in the GoodDAO governance model, and track the social impact of their participation on fueling the social good for all.

Protocol Integration & Documentation

GoodDollar is designed to wrap around any and every de-fi protocol and source yield. V2 will expand the GoodDollar Trust to include a new staking integration beyond Compound, adding another yield protocol that supporters can stake through. Documentation on how to integrate any protocol with GoodDollar will also be released, so any de-fi project or individual who wants to integrate with GoodDollar will be enabled to.

Wallet Upgrades 

Stability enhancements and feed upgrades that will set us up for the next influx of 1 million new members! These are also the precursor to launching new places to spend your G$ directly through the wallet, such as the BitMinutes integration set to go live this Fall. 

Settling ourselves an impact goal

Value of G$ distribution was one of the primary successes of the GoodDollar POC, which showed that it is possible for a DeFi protocol to distribute wealth to people around the world every day. Specifically: with 90,500 DAI staked, GoodDollar disburses between $50 and $200 worth of free crypto a day in G$, depending on interest rates and liquidity.

But this is just the beginning. A goal of GoodDollar will be to build up enough reserves to enable the project to distribute $200,000 worth of newly-minted G$ to 1 million claimants every day. This numeric goal, which is based off of attracting a fraction of 1% of the current total locked value across de-fi protocols, would mean an increase in monthly income per claimer of $6 USD a month. For the 3 billion people who live on less than $5.50 a day, this is a meaningful 6% increase in monthly income. 

What to expect from GoodDollar over the next few months: 

  • An outline of how the new governance system will work, including a snapshot date. 
  • Details on new tokenomics and staking rewards system; timeline for launch. 
  • The concurrent deployment of the upgraded smart contracts with full functionality & release of the GoodDollar protocol dapp.
  • Release of updated documentation on V2 of the GoodDollar protocol. 
  • Publication of the updated GoodDollar whitepaper, including all enhancements and changes that come with V2.
  • Initial distribution of GOOD, our new governance token; and launch of ongoing distribution. 

The launch of GoodDollar V2 and the opening of the GoodDollar Trust to all!

GoodDollar has already proven that a DeFi protocol can generate and distribute meaningful wealth to people around the world. With V2, we’re taking the proof of concept and putting it into practice.

Want to learn more about what’s coming in V2? Join us on Monday, August 9th at 3:30 PM UTC for a live chat with Tomer, GoodDollar’s protocol and tokenomics lead. Sign up by filling out this 2-second form!

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