Aavegotchi bonding curve closes on exact day of DAI depeg

According to play-to-earn nonfungible tokens (NFT) protocol Aavegotchi connected Mar. 11, the entity closed the bonding curve defining the speech complaint betwixt its namesake token (GHST) and the DAI U.S. dollar stablecoin (DAI). The aforesaid day, the DAI stablecoin depegged arsenic portion of the ongoing USD Coin destabilization, which was, successful turn, caused by $3.3 cardinal successful stuck stablecoin collateral deposits owed to its issuer Circle by now-defunct Silicon Valley Bank. 

GHST is described arsenic an "entry ticket" into Aavegotchi, wherever users tin usage the token to acquisition NFT portals, wearables, consumables wrong the Aavegotchi game, involvement to workplace rewards, oregon enactment successful DAO governance. The Aavegotchi bonding curve was created connected Sept. 14, 2020, with an opening terms of 0.2 DAI per GHST.

When users acquisition GHST via DAI, the bonding curve astute contract, powered by Aragon, ensures caller GHST tokens are minted and vice versa. However, erstwhile a GHST token is purchased, each consequent purchaser volition person to wage a somewhat higher terms for each token, starring to GHST having a higher marketplace headdress than its DAI reserve. 

In what was fundamentally a multi-year token sale, the protocol has received a full of 30.3 cardinal DAI. Developers archetypal proposed successful January that the DAI funds should beryllium distributed for protocol liquidity, the Aavegotchi DAO, and its genitor Pixelcraft Studios connected a 20/40/40 basis. 

With the enslaved curve present removed, the speech complaint of GHST is present escaped floating and nary longer determined by DAI. At the clip of publication, the token's worth has plunged by 18.09% successful the past 24 hours to $1.12 apiece. Meanwhile, the terms of DAI stablecoin has fallen 6.76% successful the past 24 hours to $0.9314 apiece. Though nary longer linked, the proceeds received from the token merchantability suffered a worldly nonaccomplishment owed to the DAI depegging event. Cointelegraph has reached retired to Aavegotchi but did not person a effect by property time.