GHST Bonding Curve Closes After 2 Years, DAI Depeg

• The Aavegotchi bonding curve closes on the same day that DAI loses its U.S. dollar peg.
• GHST is now a fixed supply token, with the $33 million in DAI tokens spent to mint GHST going toward developing the gaming protocol’s ecosystem.
• The Aavegotchi bonding curve was created with an opening price of 0.2 DAI per GHST, and a total of 30.3 million DAI has been received by the protocol.

Aavegotchi Bonding Curve Closes on Same Day as DAI Depeg

The popular play-to-earn nonfungible token (NFT) protocol Aavegotchi closed their bonding curve defining the exchange rate between its Aavegotchi (GHST) token and the Da (DAI) U.S. dollar-pegged stablecoin on March 11th, which is also the same day that DAI officially lost its U.S. dollar peg due to issues with Silicon Valley Bank and Circle’s USD Coin (USDC).

GHST Becomes Fixed Supply Token

As part of closing this contract sale, GHST has become a fixed supply token while all $33 million worth of DAI tokens spent to mint GHST will now be going towards developing the gaming protocol’s ecosystem according to Chief Marketing Officer Nigel Carlos from Pixelcraft Studios.

Opening Price for Bonding Curve

When it was first created back on September 14th, 2020, the Aavegotchi bonding curve opened at a price of 0.2 DAI per GHST and since then has generated a total of 30.3 million in DAI funds for their protocol liquidity, Aavegotchi decentralized autonomous organization governance (DAO), and parent company Pixelcraft Studios respectively; each receiving 20%, 40%, and 40% respectively from these funds as proposed by developers in January 2021..

Bonding Curve Ensures New GHST Tokens Are Minted

The smart contract powering this bonding curve ensures new GHST tokens are minted upon purchase while users must pay slightly higher prices for each subsequent token leading to an increased market cap compared to its original reserve of DAI tokens; allowing users to use these tokens to purchase NFT portals, wearables & consumables within their game as well as stake rewards & participate in decentralized autonomous organization governance activities with them too..

Summary

In summary, Aavegotchi’s successful two-and-a-half year long bondig curve campaign ended on March 11th when they closed their contract sale derisking from using Dai after realizing it had lost it’s U.S Dollar peg due to issues involving Silicon Valley Bank & Circle’s USD Coin depegging; leading to them becoming a fixed supply token instead where all $33 million worth of Dai used for minting are now going towards developing their gaming protocols ecosystem instead!