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vGHST is essentially a fork of QiDao’s camTokens. It is a receipt token of your GHST deposit, and can always be redeemed for the amount of GHST you put in. As the underlying assets grow (in this case, the pool earns GHST from selling $GLTR, and by accruing fees), the value of each vGHST grows, and each vGHST will be able to claim more GHST from the protocol. So by holding vGHST, you are passively earning income as the amount of GHST grows
This token is similar to Yearn.Finance’s YFI; it will be distributed to users staking assets in the protocol during the first 6 months of operation. After those 6 months, complete control of the protocol will be turned over to VLT holders; VLT holders will vote on investment/management strategies, and implement/approve any necessary upgrades to the protocol. All voting in the future will be done using Snapshot voting. VLT holders can also vote to begin receiving fees collected by the protocol.
Note: the VLT holders voted to suspend the distribution of VLT token early and retain 10% of the total supply with the DAO for future use.
The capped total supply of VLT token is 250,000 tokens. This entire amount was minted in January 2022, and will be distributed via a fair distribution mechanism over the subsequent 6 months. 10% of this total supply was “airdropped” to Aavegotchis and portals in January 2022, with each Aavegotchi or portal being eligible to receive 1 VLT token. ~ 7,000 VLT tokens were claimed in this process, with the remainder to be distributed over the next 6 months. Every week, ~ 9,000 VLT tokens will be distributed to addresses staking assets in the Gotchi Vault. Half of these weekly tokens will go to addresses who are depositing Aavegotchis, and half will go to vGHST holders. Weekly distributions will be made proportionally to the amount of assets deposited (i.e., addresses holding more vGHST will get more VLT each week).