What is Aavegotchi?
The Aavegotchi token or GHST is one of the utility tokens powering Aavegotchi - an NFT-based collectibles platform. Aavegotchi NFTs reside on the Ethereum blockchain.
In total, there are 3 tokens powering the platform - GHST, Gotchus Alchemica, and GLTR.
GHST is the main force behind the Aavegotchi ecosystem. While GHST has several use cases, it mainly serves as a governance token. This means users can cast their vote in the AavegotchiDAO.
Besides governance, GHST tokens can be used to purchase Aavegotchi NFTs themselves which come in the form of ERC-721 tokens. Users can also purchase wearables and consumables for their digital pet as well as portals and parcels.
In addition, GHST holders can stake their tokens in return for raffle tickets.
Gotchus Alchemica also known as the alchemica raw element is categorized by rarity into FUD, FOMO, ALPHA, and KEK tokens. Besides major exchanges, users can acquire Gotchus Alchemica through their digital pet - Aavegotchi.
Gotchus Alchemica is mainly used to purchase in-game items in the Gotchiverse. The latter is a blockchain-based role-playing game powered by Aavegotchi NFTs.
GLTR is another utility token that offers in-game value. It’s capable of providing a speed boost to the process of creating and upgrading in-game items within the Gotchiverse.
There is no public information about the max cap of GHST tokens. This could mean that GHST is an inflationary token without a limited supply.
To help you keep an eye on the project, check out the graph above which will provide you with details like the Aavegotchi price history or the current GHST price.
What are the Main Features of Aavegotchi?
Aavegotchi is a digital pet that comes in the form of an NFT. One of the core features of an Aavegotchi is its ability to generate yield.
How can an NFT generate yield, you ask? It’s quite simple, users participate in staking by putting forward collateral in their Aavegotchi NFT. This way they’re able to earn staking rewards.
XP is rewarded to Aavegotchis who complete various actions such as playing mini-games or participating in the governance of the project, among other things. After they have gained a certain amount of XP, Avegotchis will level up. Every 3 levels they will receive a Spirit Point which allows modifying traits.
There are 3 core elements that make up each Aavegotchi:
- Spirit Force. It’s a necessary element in order to bring an Aavegotchi to life. To put it simply, it’s collateral, a staked amount of selected tokens, that’s behind every Aavegotchi. Spirit force is also known as aTokens, maTokens, and amTokens. It’s a type of yield-generating token that comes in the form of a wrapped token;
- Traits. There are 6 traits in total including eye shape, eye color, brain size energy, aggressiveness, and spookiness as well as kinship. Aavegotchi traits encompass both external and internal features and are classified into rarity levels. Each Aavegotchi receives random traits upon creation through the Chainlink VRF (Verifiable Random Function);
- Wearables. Users can purchase unique in-game items that can be worn by the Aavegotchi themselves. However, it’s important to keep in mind that wearables have fixed requirements which means that only those Aavegotchi that meet the requirements can wear them. Generally speaking, the requirements are tied to the traits one has.
Traits and wearables directly influence the rarity level of a single Aavegotchi while the spirit force plays a role in determining its general value.
Speaking of rarity, Aavegotchi employs a unique mechanism called rarity farming which relates the rarity score of an Aavegotchi to their share of rewards. It depends on the sum of the base rarity score (traits), base rarity score (wearables), and absolute rarity score.
Since traits and wearables are dynamic elements of the Aavegotchi architecture, so is the rarity level. This means that users can change their pet’s wearables and, in turn, change their base rarity score.
Aavegotchis who have the highest rarity score receive the highest amount of rewards. Therefore, improving rarity is an important element of the Aavegotchi project.
In addition to the core elements, Aavegotchi pets have a kinship meter. To put it simply, it represents the relationship between the digital pet and its owner. All relationships start with kinship set at 50. This number can increase or decrease based on how long the owner has had their Aavegotchi as well as how often they interact with it.
For instance, owners can interact with their Aavegotchi by playing mini-games or offering them new wearables or consumables.
The kinship meter ranges from 0 to 500. It’s heavily tied to Alchemical Channeling which is a way to generate Gotchus Alchemica we’ve talked about in the What is Aavegotchi section.
The amount of Alchemica users receive directly depends on the kinship level. In other words, the higher the kinship level is, the higher amount of rewards users receive.
Users can redeem their initial stake, however, by doing so, they will burn their NFT. This action is irreversible.
The name behind Aavegotchi was heavily influenced by digital pets who originated from Japan also known as Tamagotchi.
There are other NFT-based projects similar to Aavegotchi. This includes Axie Infinity, CryptoKitties, and Cryptovoxels, among many others.
Keep in mind that it's important to do research before diving into a project, Aavegotchi included. You can start by checking the GHST price on the graph above.
Who Developed Aavegotchi?
The Aavegotchi crypto project was launched in 2022. Its core team consists of seasoned professionals including Coder Dan, Jesse Johnson, Nick Mudge, and Xavier Iturralde.
Coder Dan is a full-stack developer and a veteran in the tech sector. Prior to the launch of Aavegotchi, he founded Yield Hero.
Besides Aavegotchi, Jesse Johnson was also part of the founding team at Pixelcraft Studios and Mintable which are both blockchain-based companies.
Nick Mudge is a smart contract development consultant. His most notable contribution relates to one of the major blockchain networks - Ethereum where Mudge worked on the development of EIP-2535 and EIP-998 standards.
Xavier Iturralde or xibot is an NFT artist and the creator of one of the first social tokens.
When it comes to advisors, Aavegotchi has managed to put together a solid team that consists of crypto industry experts like the founder of Aave, Stani Kulechov, co-founder of Wave Financial, Les Borsai, and a technical advisor and former CTO of CoinMarketCap, Mauvis Ledford.
