GoodDollar universal basic income

According to DeepDAO, the accumulated treasure of the DAO sector has grown more than $1.1 billion in the last 7 days. In the same period, more than 23.8k people started to hold governance tokens.

Also, more than 8.1k users are active voters in the last week. The development of DAOs in different sectors has grown exponentially. However, few of them have a global utility and that is where GoodDollar stands out. In this article, you will discover a brief review of this platform.

What is GoodDollar?

GoodDollar is a DAO that provides a framework that wants to reduce wealth inequality in the world. This is possible by creating a universal basic income (UBI). Therefore, this is possible by its web3 technology that powers smart contracts that work via the GoodDollar Token (G$). This digital asset works within the emerging ecosystem of DeFi and is backed by a diversified portfolio.

The value of the GoodDollar reserve comes from the reward of staked tokens that belongs to their portfolio. As a result, this allows the creation of G$ tokens. Then, a % of the token supply is distributed as basic income to G$ holders.

Moreover, GoodDollar was built on Ethereum’s blockchain and Fuse. This will enable low-cost and high-volume transactions. Right now, the platform has its V2 Upgrade that has a new staking rewards scheme but it hasn’t been deployed yet

One of the reasons behind GoodDollar’s adoption is that this open-source platform enables to stake, buy/sell G$ directly to governance functionality. Therefore, GoodDollar is developing a very mobile-friendly wallet. You can read about it here.

GoodDollar dApp Review

At the time of writing this article, there are more than 327k UBI claimers with a marketcap of $1.19 million with more than $90k UBI staked. Also, according to its stats, 66% of its community are men and the majority of them are between 25-34 years.

UBI stats

Source: GoodDollar

Also, it has the following features:

  • Swap: Users have more than 14 tokens to swap (ETH, DAI, MKR, UNI, among others)
  • Stake: There are 3 staking pools:
    • USDC/aUSDC via AAVE – 72.64% APY and 2.97% APY for UBI
    • DAI/cDAI via COMPOUND – 117.33% APY and 4.65% for UBI.
    • G$ via GoodDAO – 33% for UBI
  • Portfolio: Users can visualize their token portfolio inside GoodDollar’s platform.
  • Wallet: To create one, you can log in with your Facebook, Google account, or with your phone number. Once you have your wallet, you can claim free G$ tokens every day.
  • Fuse Bridge: This bridge has a 0% fee for Ethereum and BNB Chain.

Apart from claiming daily G$ in the GoodDollar app, you can claim to buy things in its marketplace.

Use your G$ Tokens in the GoodDollar Marketplace

Another very important use case to use your G$ tokens is in its marketplace. In there, users can directly buy art, digital services, electronics, pet supplies, toys, among others.

Right now, it seems like this platform is in its beta version because there is not a “purchase” button to finish the transaction. However, there are hundreds of offers that people are uploading to the marketplace.

Until now, more than 422 million G$ tokens were distributed to 324k users around the world. Also,

For far too long, money has remained highly concentrated of a few rather than trickling down to the many. It separates us and causes schisms in our society. That’s why GoodDollar is providing a Global Basic Income (UBI).

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