Pythiad: GooseFX is Good for the Gander
What’s Good for GooseFX is Good for the Gander
We’re joined today by GooseFX, a full suite DeFi platform — covering crypto, derivatives, single-sided liquidity pools, and NFTs — and proud member of the #PoweredByPyth gaggle.
GooseFX offers a one-stop DeFi exchange for crypto, NFTs, liquidity pools and staking. “Kick back and enjoy DeFi as it should be.”
We’re joined by the Goose team today to gather insight into who they are, what drives their ambitious journey across so many asset classes, and what this means for the flock — for goslings like you and me.
Let’s start off easy. What is GooseFX? How does GooseFX leverage Pyth?
GooseFX is a full suite DeFi/NFT protocol built on Solana!
We’re a one stop shop trading your crypto, perps, NFTs, and also for single asset liquidity.
GooseFX leverages Pyth oracles throughout a majority of our platform, namely in our CLMM and price feeds! We’ve built an on-chain proactive market maker that is tied into our AMM/SSL pools which utilizes Pyth price feeds to give the best real-time quotes.
Who is GooseFX? How did your team come together to start building everything Goose?
At GooseFX, we have a motto: chew diamonds, not glass. We are a group of hyper chads that built products that other chads like to use. Most of the team has been through several crypto cycles and their journey went from BTC, ETH/Solidity, to Solana. We have a team of about 15 full-time people with a majority of us being engineers plus a few quants.
It’s not common to see a DeFi platform span crypto, derivatives, and NFTs in coverage. What is it about NFTs that interests your team? Can you tell us more about your NFT launchpad?
We get asked this question a lot. “Why choose to do so much?”
The simple answer is we are just that ambitious. We’ve seen too many founders/projects build an app, open source, and then move on — providing a subpar product sometimes. By covering every aspect of DeFi and NFTs, we are able to keep progressing and building without the need of moving on to find other work to accomplish.
Another reason we chose this route is for a better UX. It’s difficult for users who are new to crypto to hop between several protocols to do their trading, derivatives, NFTs, farming etc. while managing multiple wallets.
If you approach any random person on the street and tell them that they need to visit multiple websites, make multiple accounts, and track usage between all the platforms in order ‘to make it’ in crypto, they’d probably find it easier to rob you in person instead. We remove the headache by facilitating multiple aspects of DeFi in an all-in-one platform.
Why NFTs? Well, they’re the best way to adopt new users to the crypto and Web3 ecosystem. We are particularly interested in NFT derivative products i.e. how can we extract more value from your JPEGs. Our launchpad is a user onboarding platform for creators to use our NFT exchange. We have the following features in our launchpad:
- Anti-botting measures with Solana/Metaplex/Civic for fairer launches to users
- Raise funds in SOL or USDC
- Optional vesting: Creators can choose to lock up a portion of funds raised in a vesting contract to signal more trust to the community
Tell us more about the NFT appraisal engine. What are some of the collections people will be able to value through Goose?
For the past six months, we have been building what we believe to be one of the world’s most accurate appraisal engines for non-fungible tokens (NFTs).
A beta version of our real-time NFT appraisal engine is live right now for you to try out and build products around!
For example, if you want to appraise an SMB, you can do so here.
The following four NFT collections are given appraisals by the beta version of the NFT valuation model: Solana Monkey Business, Thugbirdz, Degen Ape Academy and Pesky Penguins.
The Appraisal Engine currently supports two distinct call inputs: GFX Rarity Appraisal — taking into account attributes and rarity of a specified NFT GFX Collection Appraisal — a new appraisal value applying to any generic NFT in a collection
We’re continuously adding more collections to our model as we scrape data and building out a user friendly front-end for simplicity in the future.
You’re working with Civic Technologies for a gatekeeper implementation. Is this a KYC layer? Why is your team introducing this to the Goose platform?
Yes, we are working with the rockstar devs at Civic to implement anti-botting measures to help boost the industry standard. Civic already has a simple API call through Metaplex / Candymachine to implement Captcha, and they are working with facial recognition which we will implement soon as an optionality for NFT mints.
The facial scan feature is encrypted and destroyed after verifying you are human through geometric points on your face. It is not tied to your name, address, etc. so not KYC’d.
As mentioned, it will be optional: for example, if you wish to be first in queue for a mint, you could do the facial scan to get access before captcha, etc. The majority of smartphone users already have some sort of biometric access installed, whether it is touch ID or facial recognition through iPhones, so we don’t believe this will be too intrusive, especially since it isn’t used or stored anywhere after the mint.
Let’s talk about single-sided liquidity and the new AMM curve you designed. (Something you’re working with the Jupiter team on too!)
We introduced GooseFX SSL v1, a new design of AMM and single sided liquidity pools which
- Enables simple single-sided liquidity provision
- Enhances liquidity concentration and reduces slippage
- Protects LPs against impermanent loss
There are three key ingredients in our design. First, we dynamically adjust pool weights based on liquidity contribution. Secondly, we construct a curve that concentrates most of the liquidity around the current oracle price. Lastly, we do not allow traders to trade more favorably than the current oracle price.
What’s in a name? Where does the name GooseFX come from?
Goose is just a nickname of one of the core team members. The FX stands for financial exchange, so Goose Financial Exchange. Internally, we like to use the acronym GFX.
Any last words for your community and for the readers?
We plan to launch all of our features this summer to build out a complete DeFi suite which includes our AMM, Perps, NFT exchange and launchpad, and SSL pools/staking. We have some exciting collaborations coming up as well with a few strong projects! Stay tuned…