GoGoPool Launches New Protocol to Help Projects Quickly and Affordably Launch Avalanche Subnets
Blockchain technology has revolutionized the way we exchange value and data, but the infrastructure to support it has traditionally been a major hurdle for many developers and users. That is why the news of GoGoPool’s permissionless staking protocol built for Avalanche Subnets is such a breakthrough. This development allows users to launch subnets more quickly and affordably, streamlining the process and making it more accessible for everyone.
GoGoPool’s mission is to provide people with a simple way to launch Subnets on Avalanche. Until now, doing so required significant technical expertise and a high cost barrier, which made it inaccessible to many developers. However, with GoGoPool’s protocol, users can liquid-stake AVAX and receive ggAVAX tokens in return, which represent their staked AVAX and any accrued rewards in real-time. These tokens are then used to grow the Subnet Ecosystem via liquid staking.
To launch a new validator node through GoGoPool, users supply their own hardware and stake only 1000 AVAX, plus 10% of that value via the GGP token. This is a much lower threshold than the standard requirement of 2000 AVAX. Because node operators stake AVAX and GGP, they earn rewards in both AVAX and GGP. New nodes are placed in a queue to get matched from the ggAVAX deposit pool. Once matched, full AVAX validator nodes are launched as “minipools.”
The GoGoPool protocol is designed to maximize safety and freedom for node operators and liquid stakers while maximizing Subnet use cases. Minipools are noncustodial, which means that node operators retain full ownership of their validator node and may use it to validate Subnets. This is a crucial feature that ensures that the protocol is as decentralized and trustless as possible.
Brian Johnson of Republic Capital is optimistic about GoGoPool’s potential to become a core infrastructure component for the Avalanche ecosystem. He believes that its innovation could help to make Subnets more simple and attractive for all, which will be key to scaling Web3 and bringing blockchain technology to the world.
GoGoPool is not a cross-chain project; it is “all-in” on Avalanche and excited to help create models and tools to make Subnets more accessible and user-friendly. According to Steven Gates, the Founder of GoGoPool, Avalanche Subnets are the best technical solution for application-specific blockchains, and he believes that in three years, 80% of appchains will be powered by Subnets.
The GoGoPool Foundation is a DAO community that builds a permissionless and decentralized staking protocol for the Avalanche Network. The foundation helps GoGoPool to grow, initialize a strong community, and progressively decentralize with the mission of Making Subnets Easy. It is responsible for executing DAO proposals, guiding the progressive decentralization process, and ensuring the platform’s long-term success.
Read more:
- Nansen’s Data Shows Avalanche, Celo, And Optimism Lead In April On-Chain Activity
- Avalanche Network To Activate Cortina Upgrade With New Protocol Optimizations
- Alibaba Cloud And Avalanche Team Up To Empower Millions Of Businesses In The Web3 World