The Bonding Curve | A Historic Closure
On March 11, Aavegotchi made a daring move by closing its bonding curve—an essential mechanism that established the exchange rate of its GHST token to the DAI stablecoin. This wasn’t just a casual Tuesday; it coincided with DAI losing its peg to the U.S. dollar, a rollercoaster event triggered by the rapid financial meltdown of the Silicon Valley Bank and a crisis with USDC. Talk about timing!
The Fallout After the Fun
DAI wasn’t the only one spiraling into chaos. With $3.3 billion in collateral trapped within the defunct Silicon Valley Bank, things looked grim. The Chief Marketing Officer of Pixelcraft Studios, Nigel Carlos, confirmed that a critical community vote at 2 AM UTC sealed the fate of the GHST token and its relationship with DAI, aiming to ‘derisk from DAI.’ Sounds like a strategic escape plan, doesn’t it?
What Does This Mean for GHST?
Following this decision, GHST has transformed from a variable supply asset tethered to DAI into a fixed supply token. With a market cap over $76.6 million and total supply of 54.6 million tokens, GHST is essentially your ticket to the wild world of Aavegotchi. Want to purchase NFT portals, adornments, or consumables in-game? You’ll need those GHST tokens!
The Token Sale Chronicles
The bonding curve was initially launched on September 14, 2020, establishing GHST at a bargain of 0.2 DAI. Each time GHST was bought, the price kept creeping up—classic supply and demand at work. Over two and a half years, they gathered an impressive 30.3 million DAI through this structured token sale.
Community Decisions and Fund Distribution
Developers proposed a split for the DAI funds gathered: 20% for protocol liquidity, 40% for the Aavegotchi DAO, and another 40% directed to its parent company, Pixelcraft Studios. Looks like they’re putting their eggs in several baskets—always a smart move in the crypto jungle!
Riding the Market Waves | GHST and DAI Plunge
As the dust settled from the bond closure, GHST found itself on a free-floating exchange rate, separated from DAI’s influence. It had lost 18.09% in value within 24 hours, settling at $1.12, whereas DAI was struggling too, with a 6.76% decline, priced at $0.9314. Grab your popcorn folks, because this story isn’t just crypto gossip—it’s gripping financial theatre!
