Hello everyone! Introducing Gondola Finance. Our journey begins with creating a Stableswap on Avalanche, targeting stablecoin first. However unfortunately the Snowball team has been acting much faster than us (kudos to the team for their speed and good work!), so we need to repivot our work to something else.
A recent tweet from Kevin Sekniqi has divulged our latest attempt — to connect various bridged assets on Avalanche. Different bridged assets result in fragmented liquidity, and they are very difficult to transfer to each other unless users are paying high transaction fees and slippages. Stableswap provides an excellent solution to tackle this problem.
In light of this, we are partnering with Zero Exchange to connect the z-tokens to Avalanche’s ERC20 tokens! We will gradually expand our scope to enable more assets from different bridges. At the same time, we will list our governance token, $GDL, both in Pangolin and Zero Exchange.
Governance Token: $GDL
Gondola’s governance token is $GDL. The supply is capped at 500 million and 60% will be allocated to liquidity mining.
Details of airdrop will be announced later. Developer fund will be locked for 6 months. Ecosystem reserve can be used discretionary by governance token holders after governance is enabled.
The liquidity mining has a declining schedule with 2 halvings. The first 100 million to be distributed in 2 months, next 100 million in 4 months, then last 100 million in 8 months.
There will be 6 mining pools upon project launch:
- 20% for Gondola GDL staking
- 20% for Gondola zETH-ETH pool
- 10% for Gondola zUSDT-USDT pool
- 10% for Gondola zDAI-DAI pool
- 20% for Pangolin AVAX-GDL LPs
- 20% for Zero Exchange ZERO-GDL LPs
Wen launch? Wen farming?
- Protocol launch: 4/28 2:00pm UTC
- Mining Start: 4/30 2:00pm UTC
The above timeline is tentative and subject to changes.
Sorry, no information will be available now. We will release the information in due time.
Is there any risk involved in liquidity mining?
If you are participating in the Gondola pools, and one of the assets in a pool significantly depegs, it will effectively mean that pool liquidity providers will be left holding only that asset.
If you are participating in the Pangolin or Zero Exchange LPs, you are exposed to the volatility of the related assets (i.e.: GDL, AVAX, ZERO) and impermanent loss.
If you are participating in GDL staking, you are exposed to the volatility of GDL.
Is the project audited?
Gondola was forked from Saddle Finance and Sushiswap, and all changes associated with the smart contracts were minimized.
The contracts are available at https://github.com/gondola-finance