Everything is good about this protocol and so successful in fact was it, that what was initially intended to be a limited Proof-of-Concept project, has evolved into becoming a leading tool for the distribution of cryptos to those most in need. GoodDollar, a DeFi protocol and DAO, has now rolled out its latest upgrade to be able to scale up its works and cater for even more unbanked and underbanked globally.
What is GoodDollar?
The protocol uses the blockchain to distribute cryptos to those who most need it, by way of a universal basic income (UBI). The project has donated the native $G to over 300,000 people globally since its inception. It encourages individuals to stake their holdings by giving them the opportunity to engage in yield farming and liquidity mining with third party dApps like Aave and Compound, to generate passive income, while helping those in need. Furthermore, it allows its members to buy and sell G$ directly from inside the GoodDollar Reserve, a clever feature which keeps its members activities inside the platform, while promoting growth of the ecosystem.
What’s The Upgrade?
The protocol has seen an upgrade to its smart contracts in order to bring an extra layer of sophistication to the protocol, where the community can enjoy liquidity rewards and can participate in the community-run GoodDAO, the decentralized autonomous organization that runs the protocol and takes part in key decisions on the path of the protocol.
To help transfer the control to the community, an amount of non-transferrable GOOD tokens were disbursed to those who hold the native token and those who mint them with the most active members given the most power of the future of the protocol.
According to one of the original founders of the protocol, Anna Stone, “GoodDollarV2 provides the world’s first decentralized impact economy with all the tools necessary to realize our founding vision: offering an onramp to the digital economy for tens of millions of financially underserved individuals through incentivizing people with capital to do good for others. All made possible due to an open finance infrastructure, which demonstrates the power of DeFi to solve for greater financial inclusion”
From eToro to Beyond
Initially, the project was built with one single staker, eToro, as a means to distribute cryptos with the goal of financial inclusion. eToro, a leading broker and social trading platform generously sponsored the protocol and DAO and from there it has exceeded all expectations, hence the need for a rapid protocol upgrade. The mission for GoodDollar is that it should become entirely decentralized and governed by its own community.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2022/01/yield-farming-for-good-as-gooddollar-the-impact-protocol-upgrades-to-the-next-level