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About Aavegotchi
Key Points
- Aavegotchi (GHST) is the governance token of the Aavegotchi NFT Gaming protocol.
- Aavegotchi NFTs have dynamic metadata that changes over time through user interaction.
- Aavegotchi’s value and rarity are determined by its collateral stake, traits, and wearables.
- The protocol is powered by the Aave protocol, one of the leading lending protocols in DeFi.
Founders and History
- Aavegotchi was created by Singapore-based Pixelcraft Studios.
- Jesse Johnson is the co-founder and COO of
Introducing Aavegotchi: A Revolutionary DeFi Experience
Aavegotchi (GHST): A Comprehensive Overview
Aavegotchi (GHST) serves as the governance token for the Aavegotchi NFT Gaming protocol, empowering token holders with voting power within the AavegotchiDAO. This decentralized autonomous organization exercises oversight across all facets of the protocol, including Aavegotchi’s flagship game, the Gotchiverse, and Aavegotchi NFTs.
Aavegotchis themselves are pixelated ghosts, underpinned by the ERC-721 token standard, imbuing them with a unique digital essence. The Aavegotchi NFTs boast dynamic metadata that evolves over time, responding to user interactions with an air of mystique.
The value and rarity of an Aavegotchi are intricately tied to its collateral stake, unique traits, and distinctive wearables.
Collateral stake is anchored to the pioneering ERC721 Aavegotchi NFT, which orchestrates an escrow contract that securely holds Aave-backed ERC20 collateral, also known as “aToken,” thereby generating yield through Aave’s LendingPool. The unique traits of each Aavegotchi are determined by a combination of random characteristics at birth, kinship, and accumulated experience (XP).
The protocol, aptly named Aavegotchi, pays homage to Aave, a Finnish term meaning “ghost,” and is powered by the Aave protocol, a pioneering lending protocol in the DeFi landscape. The token ticker, in a clever play on words, spells out “ghost” sans vowel.
The Visionaries Behind Aavegotchi: Meet the Founders
Aavegotchi, a pioneering digital realm, is the brainchild of Pixelcraft Studios, a Singapore-based innovative powerhouse.
Jesse Johnson, a seasoned executive, serves as the co-founder and Chief Operating Officer of Pixelcraft Studios. Prior to this role, Johnson held pivotal positions, including Director of Business Relations and Development, as well as Manager of International Market Development, at esteemed companies such as China Intop Exhibition Co and ZB Group. Meanwhile, Coder Dan, a visionary entrepreneur, assumes the role of co-founder and Chief Executive Officer at Pixelcraft Studios.
Aave’s visionary founder, Stani Kulechov, assumed the role of the project’s inaugural advisor, laying the groundwork for a revolutionary decentralized lending platform.
In November 2020, Aave made a strategic investment in Pixelcraft Studios. The mainnet launch of the project was initially slated for January 4, 2021, but was subsequently postponed to March 2021 due to the exorbitant transaction fees on the Ethereum blockchain. Given the daily interaction requirements of Aavegotchis, the Aavegotchi community collectively decided to pivot to Polygon, the premier sidechain to Ethereum, for the project’s launch.
On March 20, 2023, Pixelcraft Studios proudly announced the culmination of a multi-year token sale, securing a total of $30 million in funding. This groundbreaking sale of the $GHST token leveraged a decentralized fundraising model, DAICO, pioneered by Ethereum’s visionary founder, Vitalik Buterin, which commenced on September 14, 2020.
Unveiling the Mechanics of Aavegotchi: A Comprehensive Overview
Each Aavegotchi NFT oversees an escrow contract that holds its “Spirit Force,” a repository of yield-generating tokens, also referred to as “collateral” or “aTokens,” which are sourced from the Aave Protocol. As these tokens accrue interest, the balance of an Aavegotchi’s Spirit Force appreciates over time.
Aavegotchis possess a minimum amount of Spirit Force, which is initially determined by their base rarity score. Upon opening a Portal, a batch of ten unique Aavegotchis is generated, each boasting a distinct combination of traits. Users are presented with a singular opportunity to summon one of these Aavegotchis, while the remaining nine are irretrievably lost. The traits of an Aavegotchi are generated through Chainlink VRF, a decentralized, on-chain random number generator, and collectively contribute to its base rarity score.
Traits also exert a profound impact on an Aavegotchi’s rarity and its in-game performance within the Gotchiverse. To successfully summon an Aavegotchi, it is imperative to stake the requisite type of Spirit Force. Notably, the minimum stake of Spirit Force remains fixed for each Aavegotchi throughout its entire lifetime. However, there is no upper limit to the amount of Spirit Force that can be allocated to each NFT. If the minimum stake is removed, the Aavegotchi is forcibly returned to the mystical Nether Realm, and the NFT is subsequently burned, with the collateral being refunded to the owner.
Unveiling the Unparalleled Aavegotchi Experience
Aavegotchi has been at the forefront of innovation in the NFT gaming sphere, boasting a plethora of groundbreaking developments and features. Notably, it was the first major NFT protocol to launch on Polygon, a pioneering achievement. Furthermore, the protocol has disbursed millions in rewards through its novel play-to-earn mechanism, dubbed Rarity Farming, which recognizes and rewards the most dedicated and enthusiastic members of the Aavegotchi ecosystem with GHST tokens across three distinct categories: rarity, kinship, and XP.
Aavegotchi’s flagship game, the Gotchiverse, has been thriving on the Polygon mainnet since March 2021. Within this immersive realm, players leverage their Aavegotchi NFTs as web3 avatars to explore, build, engage in battles, earn rewards, and socialize. The Gotchiverse’s fair-launch playdrop introduced four novel ERC-20 tokens, collectively known as Gotchus Alchemica: FUD, FOMO, ALPHA, and KEK. These tokens serve as the four elemental pillars of the Gotchiverse, facilitating the crafting and upgrading of Installation NFTs situated on a player’s Gotchiverse land parcel. Additionally, a fifth ERC-20 token, GLTR, was created to incentivize Alchemica liquidity providers. GLTR’s primary utility lies in accelerating the crafting and upgrading time of Installations within the Gotchiverse.
Another groundbreaking innovation introduced by the protocol is Gotchi lending, a revolutionary improvement upon the traditional scholarship model popularized by other play-to-earn games. This novel approach eliminates the need for intermediaries and mitigates the risk of human error. Through Gotchi Lending, players can seamlessly and trustlessly lend their Aavegotchi NFTs to other players, entirely risk-free. The Gotchi lending smart contract automatically distributes earned tokens according to the predetermined terms of the contract, ensuring a seamless and secure experience once the lending period expires.
Aavegotchi made history by becoming the inaugural NFT gaming protocol to have its governance token recognized as collateral on Aave in February 2022. Furthermore, a groundbreaking cross-chain governance proposal was successfully passed on Aave, thereby enabling GHST to be listed as novel collateral on Aave’s Polygon Market, alongside esteemed tokens such as BAL, CRV, DPI, LINK, and SUSHI.
The Circulating Supply of Aavegotchi (GHST) Coins: An Overview
The GHST token boasts a capped total supply of approximately 52,747,802 tokens, a figure determined by the closure of the Bancor bonding curve model, which dynamically adjusts the token supply.
The GHST token allocation is structured as follows: 5 million GHST tokens are reserved for private sale, 500,000 for pre-sale, and an unlimited quantity for the public bonding curve sale, which was voted to conclude in accordance with AGIP-64. Additionally, 1 million GHST tokens are allocated to the ecosystem fund and a further 1 million to the team fund.
The Aavegotchi Protocol’s Robust Security Framework: A Comprehensive Overview
Empowered by the Polygon blockchain, the project is fortified by a proof-of-stake (PoS) consensus mechanism, which ensures a secure and decentralized network. Validators participating in the network stake their MATIC tokens as collateral, thereby becoming integral components of the PoS consensus mechanism, and in return, receive MATIC tokens as a reward.
The Aavegotchi smart contracts are deliberately open-sourced, thereby ensuring unfettered access and facilitating meticulous review for any potential errors or surreptitious backdoors. Notably, these contracts have undergone rigorous audits by esteemed industry leaders, and since their inception, they have maintained an impeccable record, devoid of any exploits.
Where to Acquire Aavegotchi (GHST): A Comprehensive Guide
GHST has garnered widespread recognition, being listed on prominent cryptocurrency exchanges. Notably, it is paired with a diverse range of tokens on centralized platforms, including Binance, Crypto.com, Kraken, OKEx, MXC, and Bilaxy. Furthermore, GHST is also accessible on decentralized exchanges, such as Quickswap and Uniswap.
Associated Resources
Delve into the world of Aave, the pioneering lending protocol that fuels the innovative Aavegotchi ecosystem.
Delve into the world of Polygon, the innovative Ethereum scaling solution driving the NFT gaming protocol forward.
Delve into the intricacies of the ERC-721 token standard, demystified by CMC Glossary.
Discover the ins and outs of Aave with our comprehensive guide, designed to help you navigate its features and unlock its full potential.