GoodDollar

Yield Farming

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GoodDollar is a progressive social-impact protocol leveraging decentralized finance (DeFi) to establish a sustainable Universal Basic Income (UBI) system globally. It uses reserve-backed cryptocurrency G$ and smart contracts to distribute wealth. Utilizing DeFi protocols like Compound and Aave, it generates returns on staked assets, funneled into GoodDollar's reserve to back G$ issuance. The AMM Bancor Formula manages G$ price and supply, benefiting users, liquidity providers, and social investors. The initiative democratizes digital currency access, promotes economic inclusivity, and incentivizes DeFi investors to stake into GoodDollar Trust Funds. As of now, G$'s last known price was $0.00002173, with active trading on 16 platforms.

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FAQ

What is the purpose of GoodDollar?

GoodDollar aims to create a sustainable Universal Basic Income (UBI) system globally by leveraging decentralized finance (DeFi). It works to democratize access to digital currency, promote economic inclusivity, and redistribute wealth using its reserve-backed cryptocurrency, G$. This social-impact initiative is designed to allow anyone with a cell phone to experience, learn, and utilize digital currencies.

How does GoodDollar generate and distribute G$?

GoodDollar generates and distributes G$ by staking assets in DeFi protocols like Compound and Aave, which yield returns. These returns feed into the GoodDollar Reserve that backs the issuance of the G$. The Automated Market Maker (AMM) Bancor Formula is used to determine G$'s price and supply, ensuring economic sustainability and allowing claims for Universal Basic Income (UBI) backed by real value.

What benefits does GoodDollar offer to participants?

GoodDollar offers participants the benefit of accessing a Universal Basic Income (UBI) through G$, aiming for economic inclusivity. It facilitates wealth distribution using DeFi returns rather than traditional monetary systems. Participants can also benefit from price stability and real value due to the reserve mechanisms, allowing for both spending and redeeming G$ more securely.

How does GoodDollar compare to other Universal Basic Income initiatives?

Unlike other UBI initiatives, GoodDollar uses decentralized finance (DeFi) to create sustainable income backed by real yields from staked assets in protocols like Compound and Aave. Its reserve-backed cryptocurrency, G$, ensures that distribution has actual value, differentiating it from other systems that may rely on inflationary token models without such backing.

What role does the AMM Bancor Formula play in GoodDollar?

The AMM Bancor Formula is crucial for GoodDollar as it determines the price and supply of G$ based on reserve ratios. This dynamic adjustment ensures that the supply of G$ meets the demand, and it allows for funds to be withdrawn from the reserve, making the UBI distributed sustainable and backed by actual returns from staked assets in DeFi.

What should I do if I encounter issues with claiming G$?

If you encounter issues with claiming G$, ensure that you are using a compatible wallet and internet connection. Verify that you meet any claimed criteria and that you follow the guidelines on the GoodDollar platform. For persistent issues, consider reaching out to GoodDollar's support for assistance or consult their FAQs and community forums for troubleshooting guidance.

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