GoodDollar is a non-profit decentralized protocol designed to deliver sustainable and scalable UBI.
The GoodDollar G $ token model leverages performance protocols to sustainably fund the minting of new G $ tokens that are distributed as UBI for recipients and rewards for protocol supporters.
250,000 worldwide from more than 180 countries have received more than $ 25,000 in G $ UBI from a market capitalization of $ 300,000, and the protocol has between 40,000 and 80,000 members who claim G $ daily. Members focus on key emerging economies for financial inclusion: dashboard. good dollar organization
GoodDollar is launching V2 where we are integrating with the AAVE protocol to allow our community of followers to stake their USDC while sharing the returns from our UBI protocol and earning G $ in rewards.
The GoodDollar protocol proposes to Aave Grants DAO a request to increase liquidity in our participation contracts to increase the value of UBI distributed to members every day. Our application is for popcorn DAO is not a grant per se, but a loan of 500,000 USDC staked on the GoodDollar protocol.
The USDC 500,000 stake commitment will increase the revenue streams of our inclusive economy and allow the Popcorn community to gain governance in GoodDAO Community Governance, strengthening collaboration between the two ecosystems.
What is GoodDollar?
GoodDollar is an Ethereum protocol on a mission to harness new digital asset technologies to enable all people to experience, learn, and join the digital economy. To ensure maximum participation, we are creating innovative products that are inclusive by design. GoodDollar envisions a world in which everyone has access to basic economic assets, in accordance with the principles of Universal Basic Income (UBI).
The GoodDollar Foundation, a non-profit NGO sponsored by eToro, recently completed the implementation of a fair launch protocol in both G $ and Governance tokens, neither of which was distributed to core team members or the Foundation. .
Since launching our Proof of Concept (v1) in September 2020, we have grown GoodDollar’s global community to over 250,000 registered users, of which over 80,000 access their GoodDollar wallet app every day to claim. G $, a reserve-backed cryptocurrency. . The issuance of G $ is governed by a modified Bancor formula bond curve, so the price and supply of G $ are a function (Bancor function detailed in the Appendix of the GoodDollar whitepaper) of how much money there is in the reservation contract.
The main input (in addition to the direct minting of G $ through the purchase of this reserve contract) of this bond curve, which is used to generate new G $ for the distribution of UBI (see distribution and impact in the document GoodDollar technical), is the return generated by our participation contracts as a result of their integration with third-party DeFi protocols that earn interest, such as Aave and Compound.
GoodDollar V2
Our PoC demonstrated that the GoodDollar system can successfully generate an inclusive and sustainable crypto UBI for anyone who wants to join the digital finance ecosystem. Now with GoodDollar V2 4, we want to expand the protocol and increase the amount of G $ that we can distribute to our UBI claimants. To further this goal, we are introducing a new set of capabilities, which are outlined in the following graphic:
Perhaps the biggest change is that GoodDollar V2 will include two participation rewards contracts. This is a big difference from V1, which only integrated the Compound protocol and offered no rewards. All returns were to the protocol).
With V2, we will add an Aave participation contract, along with a new rewards mechanism to incentivize those who wish to support the decentralized GoodDollar UBI system. The Rewards scheme works as follows:
The rewards vary depending on the third party protocol (eg Compound, Aave, etc.) and the currency pair selected by the user.
Participation rewards are calculated in G $ values, as set out in the smart contract (for example, XM G $ in rewards per month).
The rewards are prorated based on the amount of capital staked per block.
In short, users are rewarded in each block, based on the following calculation:
$ (UserStake / TotalStaked) * (Reward per block) $
Users can choose not to withdraw their assigned rewards, which would be redistributed as incentives, helping to attract additional participants.
The initial participation rewards mechanism is assigned as follows:
The rewards vary depending on the third party protocol (eg Compound, Aave, etc.) and the currency pair selected by the user.
Participation rewards are calculated in G $ values, as set out in the smart contract (for example, XM G $ in rewards per month).
The rewards are prorated based on the amount of capital staked per block.
In short, users are rewarded in each block, based on the following calculation:
$ (UserStake / TotalStaked) * (Reward per block) $
Users can choose not to withdraw their assigned rewards, which would be redistributed as incentives, helping to attract additional participants.
The initial participation rewards mechanism is assigned as follows:
Compound (DAI) Total Reward Per Block = 138.88 G $ | (291M G $ yearly) Aave (USDC) Total Reward per Block = 69.44 G $ | (145.5M G $ yearly)
Currently, more than 1 million DAIs are deposited in our compound participation contract 1.
We believe that the integration of Aave V2 will be an important incentive for our fans. That is why we are looking to forge a partnership with Aave Grants DAO that will help us drive the aggregation of liquidity in this participation contract.
With the release of GoodDollar V2, we will also introduce a new DeFi concept called Social APY, which calculates the returns that users generate for our global GoodDollar community through their bets. This key measure of supporter impact is calculated based on the APY that each third-party protocol offers to a specific asset (for example, USDC in Aave), divided by the reserve ratio of the bond curve issued by the G $.
Therefore, for an Aave APY of 3.44% in USDC and a reserve ratio (total GoodDollar reserve value / GoodDollar market capitalization) of 80%, the social APY would be 4.30%. The financial APY, on the other hand, is calculated according to the reward scheme outlined above.
Below is a screenshot of how these two measurements would appear on our V2 Dapp (currently only available on Kovan TestNetwork). 6):
The idea is to stake a part of usdc right now, the apy is currently high and you earn popcorn and at the same time they help more than 75 thousand claimants to have a basic unervesal income every day
could you please rate it based on the cirteria defined before?