The gAVAX token is an immutable ERC-1155 contract, that are utilized for internal accounting within Geode's staking library.
When you stake in a liquid staking derivative product powered by Geode, you mint a G-Derivative. This is either gETH or gAVAX, depending on the blockchain being used. The gETH or gAVAX minted is actually the corresponding LSD for the selected staking pool.
By using a single ERC115 contract, it allows Geode’s infrastructure to provide for a wide array of different staking product types, as well as allowing for better compatibility in the future. Put another way, G-Derivatives are databases of Balances and Prices with extra Scalability (interfaces).
Geode Finance’s G-Derivative contract architecture.
The key benefit with Geode’s G-Derivatives are their highly configurable nature. For example, via Geode’s interfaces pool owners may choose whether they want their LSD to function as a value accrual or rebasing token.
<aside> 💡 NOTE: Although broadly similar as G-Derivatives, there are some key differences to understand between gAVAX and gETH. For a breakdown in the differences between the two, click here.
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yyAVAX is Yield Yak’s liquid staking derivative token which represents AVAX staked or delegated in validators. yyAVAX is a yield-bearing token and has a monotonic function, meaning its price increases over time to reflect the yield it is generating.
<aside> 💡 NOTE: Currently yyAVAX is the only liquid staking token utilizing Geode’s infrastructure on Avalanche. Users can simply stake AVAX for yyAVAX, and passively earn from validator rewards.
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Explore apps and services using gAVAX: