GoGoPool Avalanche DeFi Staking Hoists $5 Million

GoGoPool Introduces a new staking strategy that tends to bring liquid staking to Avalanche and simultaneously makes the process of launching subnets on the Blockchain relatively easy.

Meanwhile, this staking strategy has raised a total of $5 Million in a seed round, which was co-led by Framework Ventures & Coinfund.

Moreover, other investors in the round include Avaluanch, Republic Capital & Flow Traders, all these investors were listed according to a publication released on the 31st of August 2022.

How relevant is a staking protocol? Firstly, a staking protocol is very vital, because it helps in securing the proof-of-stake blockchains.

Also, they allow users to stake their tokens, which can aid in verifying transactions across the network, and as a result, gain rewards.

Within the previous months past, liquid staking – which is a slightly different process compared to normal staking, and such staking process has become very popular.

Liquid staking allows investors & users to lock up funds in order to earn rewards for the secured network, and at the same time maintain their access to the locked-up funds via a derivative of the staked token on the platform.

As mentioned earlier, we stated that GoGoPool comes with a new staking strategy that tends to bring liquid staking to Avalanche and simultaneously makes the process of launching subnets on the Blockchain relatively easy.

So, now, what do you think Subnets are? Remember that these subnets’ launching process on the Blockchain is to be made easier by GoGoPool as an aim to achieve. See the following section below, and discover what subnets are.

Brief Details About Subnets on GoGoPool

Subnets seem to be Blockchains that tend to agitate on Avalanche for unique services & applications. The president of Ava Labs – John Wu, explains this as being similar to a “Blockchain as a service” according to an interview on a news platform.

Recommended Posts:

Then Steven Gates, which is the founder and also the CEO of GoGoPool mentions that:

At the time he tried setting up his new startup on Avalanche, and it came to his notice that launching a subnet comes with a great price attached to it.

And also, he stated that:

There’re two major problems with Subnets – (1) There are no open-source tooling for developers. And this means that it’s still frictional. While the second (2) is the economic cost of operating a subnet is extremely high, like totally untenable

GoGoPool, which was launched in early 2022, aims to eradicate some of the problems entrepreneurs currently confront by stationing infrastructures for subnets.

Moreover, they also offer pools where hardware experts & operators can validate a subnet to exchange for rewards. And this proves that Subnets are able to receive validators instantly, and as a result, pull off one of the big pain points of getting them off ground.

GoGoPool’s Liquid DeFi Staking on Avalanche

Either retail & institutional players can use GoGoPool for liquid staking. Meanwhile, on GoGoPool, stakers will get ggAVAX tokens for representing their staked AVAX.

Steven Gates, the Founder of GoGoPool also stated:

We’re really focused on using liquid staking as a streamlined way to onboard people into subnets because we really think subnets are poised to become the WordPress or Shopify moment. What they did for web2, I think subnets can do to web3.

Steven also said that the commencement of the $5 million fundraising will be typically used to expand GoGoPool’s team, speed up product development before it’s launched on the main net, and also, for developing new open-source tooling for subnets.

Furthermore, GoGoPool is a decentralized staking protocol that is currently powered by the GGP token, and it enables a node operator to launch new validator nodes for 1000 AVAX, by combining the nodes with liquid staker funds.

And once it’s launched, node operators will then stake their GGP rewards again & request delegation from liquid stakers, and this alone will increase their overall production (yield).

For now, GGP is still yet to be launched to find out more about the liquid staking process, feel free to visit the official ggp platform and find out more.

You can even join GoGoPool’s Discord Community or rather follow up on their Twitter space for updates regarding the staking protocol, and launch date.

Frequently Asked Questions about GoGoPool

What is Avalanche?

You might be wondering after reading this article, what is Avalanche? Actually, Avalanche is a blockchain that was created by Ava Labs and tends to solve the Trilemma – https://medium.com/certik/the-blockchain-trilemma-decentralized-scalable-and-secure-e9d8c41a87b3, including:

Secure
Decentralized
Fast

Avalanche has an infinite horizontal scaling with subnets together with a breakthrough consensus protocol as mentioned on its official platform.

How does GoGoPool Work?

GoGoPool operates via two users, they include node operators & Liquid stakers. For further information, join the GoGoPool’s discord community, and find out the full answer to this question & other follow-up questions that may come.

What is Liquid Staking?

Liquid staking is a slightly different process compared to normal staking, and such a staking process has become very popular.

And also, allows investors & users to lock up funds in order to earn rewards for the secured network, and at the same time maintain their access to the locked-up funds via a derivative of the staked token on the platform.

For further updates regarding GoGoPool, feel free to visit this page next time on Start Easy Crypto, and don’t forget to share or leave a comment below for further opinions on this article.

Recommended Posts: