Announcing Our $5M Seed Round to Scale Avalanche
GoGoPool is extremely excited to announce our $5M seed round, co-led by Framework Ventures and CoinFund with backing by Republic Crypto, FinTech Collective, Genesis Block Ventures, Avalaunch, Flow Traders, Builder Capital, Alpha Crypto, Silverstone Ventures and Taureon.
This is our first round of funding, and we plan to use the capital to support recruiting and developing our suite of open source tools to scale Subnets and enhance the Avalanche network.
We boldly think that Subnets can become the WordPress of web3.
Subnets are groups of validators working together in order to achieve consensus on one or more blockchains. Independent from the main chain and extremely flexible, Subnets have the potential to greatly enhance the Avalanche ecosystem — while having a clear and achievable roadmap to permissionless validation and atomic swaps between networks.
WordPress changed web2 through allowing a non-technical audience to launch their website idea with one click — Subnets can do the same for web3. The conceptual and algorithmic underpinnings of Subnets create a strong, diverse foundation to power new business models and drive a huge influx of builders and entrepreneurs into web3 over the next 20 years.
While Subnets are well-positioned to provide access to web3 infrastructure, there are currently three major issues preventing mass adoption.
First, every validator of a Subnet must be a validator of the Avalanche Primary Network as well. This means node operators must stake 2000 AVAX per validator, and launching a 5 node Subnet would cost 10,000 AVAX — a prohibitive price to pay for builders, and uncompetitive with web2 alternatives like Wordpress/AWS.
Second, a rich ecosystem of open source tooling and plugins is required to make developing on web3 as easy as web2. The real magic of Wordpress was cultivating an ecosystem of plugins which allowed anyone to craft complex websites which fit their needs. The same must happen in web3.
Lastly, a healthy and incentivized community needs to be formed to create and grow the plugin ecosystem and run validator nodes.
GoGoPool is the first permissionless and decentralized staking protocol for Avalanche, built specifically for Subnets.
GoGoPool is powered by the GGP token — which allows a node operator to launch a new validator node for 1000 AVAX, half as much as the 2000 AVAX currently required, by matching the node with liquid staker funds. Once launched, node operators can restake their GGP rewards and request delegation from liquid stakers — increasing their overall yield.
This truly improves Avalanche’s decentralization by decreasing the cost of implementing and experimenting with Subnets — incentivizing a community to launch new validator nodes, build open source tooling, and grow a plugin ecosystem.
Where Are We Now, and the Future
We are starting various security auditing processes, and putting the final polish on the GGP rewards system.
A Private Preview build of the dApp will be released soon to our Discord community members, and will be public soon after. The Preview build will let a user stake GGP, launch a new validator node, earn GGP + AVAX rewards, and restake rewards onto the node to earn compounded yields. Note: the Preview will be on a private testnet, and all funds and nodes are not real!
If you are a current (or prospective) validator node operator on the AVAX network and want to learn more about GGP and scaling Avalanche, come join our friendly community on Discord!
Join Discord: https://discord.gg/4fNtjkyuNw