Article Summary, Automatically Generated By AI
Summary of GoGoPool AVAX (ggAVAX)
- ggAVAX is a Liquid Staking Token on the Avalanche blockchain, allowing users to collect yield from network validation while keeping their portfolio liquid.
- ggAVAX can be integrated into DeFi primitives, earning additional yield through activities like liquidity provision on decentralized exchanges.
- ggAVAX is backed by AVAX staked with validators, increasing in value relative to AVAX over time due to staking rewards.
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Key figures:
- Launch date: 05/04/2023
- Circulating supply: 400,000 tokens
- ggAVAX has an elastic supply
Introducing GoGoPool AVAX: Unlocking the Power of Avalanche
Introducing GoGoPool AVAX (ggAVAX): A Revolutionary DeFi Solution
ggAVAX is a Liquid Staking Token minted on the Avalanche blockchain via the GoGoPool protocol, empowering users to harness yield from network validation while maintaining liquidity in their portfolios.
ggAVAX can be seamlessly integrated into a diverse array of DeFi primitives, empowering holders to generate supplementary yield through various activities, including liquidity provision on decentralised exchanges.
ggAVAX is collateralized by staked AVAX with validators, and as time unfolds, the value of ggAVAX appreciates relative to AVAX, driven by the accumulation of staking rewards garnered by validators.
The Circulating Supply of ggAVAX Coins: An Overview
ggAVAX debuted on Avalanche’s C-Chain on 05/04/2023 and has subsequently evolved into the second-largest Avalanche LST, boasting a circulating supply of 400,000 tokens. Notably, ggAVAX features an elastic supply mechanism, which will expand as an increasing number of users opt to convert their AVAX holdings into yield-generating ggAVAX.