Poltergeist Big October Update (gDai, Vaults, Staking)
Firstly, the Lab Team thanks everyone for their patience and support while we buidl the foundations of Poltergeist Labs.
Initially we started as Poltergeist Exchange in late Q4 2020 with the goal of enabling an exchange for privacy coins as a proof of concept. The next step in our goal has then been to actualise a privacy focused ecosystem of products and services.
In September 2021, we sunsetted the Poltergeist Exchange POC after announcing this move in July and rebranded + restructured ourselves into Poltergeist Labs as doing so would have been in closer alignment with our broader vision and values. Within September, we also launched the testnet version of the ghostDAI(gDAI) stablecoin on ETH kovan network for the community to test and follow its progress.
In order for us to bring forth the privacy ecosystem envisioned, we’ve had to step outside of the norm and think and do things differently.
While, as outlined originally in our Darkpaper our goal for creating an untraceable stablecoin- gDAI, we made the decision to start creating this using a hybrid model of both public/private. As such some aspects of the Darkpaper has evolved with time to facilitate this.
In order to establish minimum viable trust and transparency in what we’re doing, a public version of gDAI had to be buidlt first. This enables a pivotal balance for us for when we begin building the private side of gDAI in time to come.
At this time, generally there have been few real legitimate usecase applications for privacy coins and that has affected their overall perception and with lower incentives to use and develop upon. Their usage has mostly been annexed to speculative trading, obscured, relegated to things of a more niche or sometimes questionable nature in the eyes of others.
Our plan was not to simply create “yet another privacy coin and chain” to compete with others out there, but rather create a stablecoin that can be used not only for ordinary public transactions but also for private ones, that could utilise existing privacy coins into the mix.
For us, being “privacy oriented” means enabling support for both sides of the spectrum as one helps define the other in a positive symbiosis.
Now, we have launched the first component of gDAI to ETH Mainnet — Vaults. https://app.ghoul.finance
You can now create your own personal vaults and use ETH as collateral to borrow/mint gDAI at 0% interest. More tokens will be supported soon. In the coming weeks we’ll be rolling out the rest of the components to Mainnet such as Farm/Stake, Swap.
Then we will be ready to launch our liquidity mining for $GhoulX — the governance token of the GhoulDAO protocol — gDAI. This presents the opportunity to co-govern the gDAI’s protocol mechanics with us.
Refer to our docs site for more on this protocol: https://docs.ghoul.finance
More announcements on progress and component releases will unfold soon.
$Ghoul remains the utility token which can be used for staking to earn GhoulX and will be an additional token choice for minting gDAI soon. $Ghoul’s utility also extends into the various other protocols being buildt within the ecosystem.
Just another moment at the Labs.. the buidl continues.
Again, thanks for being here with us on this journey