If there is an attractive new project in the world of NFTs and decentralized finance (DeFi), that place undoubtedly belongs to Aavegotchi (GHST).
EThis curious project seeks to create a game around a virtual world where you can take full advantage of the possibilities of NFTs (Non-Fungible Tokens), together with the Staking and yield farming that we are used to seeing in the DeFi world.
The objective? Allow people to have a closer and easier approach to the world of NFTs and DeFi. In that sense, Aavegotchi is a unique project and one that you should definitely know about.
Origin and development of Aavegotchi
Aavegotchi is a cryptocurrency game that bridges NFTs and DeFi that has been developed by the company Pixelcraft Studios. The game allows, first of all, platform users to create personalized avatars whose properties are stored in an NFT within the Ethereum (ETH) blockchain. The game was released to the public in beta on September 13, 2020 and has since become a phenomenon within the community.
The success is behind the "ghosts" or pixelated ghosts, which are the avatars that you can create within the platform. These ghosts have unique and unrepeatable properties that can make them more or less valuable. Properties such as the level of rarity, special features, guarantees or staking made on the avatar and equipment are just some of the factors that affect the value of our avatar. Being a game, these values can be improved by acquiring new equipment within the game, something that can be done within the bazaar and market of the game itself.
In that sense, Aavegotchi is very similar to games like CryptoKitties or Axie Infinity, only Aavegotchi has more functionality and its accelerated development aims to build a much richer community and options than its current counterparts. However, the most striking point of Aavegotchi is the platform on which it runs. And it is that, currently, Aavegotchi runs on the Polygon Network, from where it can make use of Ethereum technology (its ERC-20 tokens, ERC-721 and ERC-998 tokens), but without having to pay the costs in commissions from the Ethereum network.
In fact, the Aavegotchi mainnet launch was planned for January 4, 2021, right in the middle of a cryptocurrency price surge. This caused the Ethereum fees to rise so high that creating an avatar could cost $300 and therefore the launch was postponed. The solution was to take the project to Polygon, which was accepted with 76% of the DAO votes. The decision, according to the developers, was the correct one, since with the change they have been able to save 14,4 million dollars in network commissions.
What defines the value of these avatars?
The value of Aavegotchi avatars or ghosts lives in their rarity, uniqueness and the equipment they may have. In fact, we can say that the global value of these ghosts is given by the attributes:
1. Staking on the avatar
2. Traits
3. Wearables or equipment.
In the first case, the Staking on the avatar is related to the amount of money or collateral that is kept as custody within the smart contract that has generated said avatar. Such collateral may be represented by AAVE tokens or aTokens. The AAVE token is a well-known DeFi token in the community and which we talk about in this article. While the aTokens are the yield that said collateral generates on an AAVE Lending Pool, and that is added to the value of this collateral on the avatar or ghost. Put more simply, aTokens are the profits generated by your avatar within the AAVE pool lending, and that value is managed directly by the avatar contract adding more value to it.
Second, the traits or properties of the avatar, which can make it more or less rare within the game. These properties can have a direct impact on the performance of the lending pool and the accessories or wearables with which you can equip the avatar. The properties have a double origin. The first comes directly with the "birth" of the avatar, that is, when creating the avatar it randomly comes with some properties. And the second origin is according to the interaction you have with your avatar within the game.
So for example we have to:
1. Ghost birth traits are random. To ensure such randomness, the platform makes use of ChainLink's random number generation system. This system allows each avatar to be assigned unique traits that are summarized as Common, Uncommon, Rare, or Mythic (the highest level of rarity).
2. Another point that has weight within the value of the avatar is kinship. This value is dynamic and is dictated by the level of activity we have with our avatar.
The greater our activity, the greater the chances of increasing said kinship.
3. Directly related to the previous point, we have the experience. Our ghosts can gain more experience by voting on AavegotchiDAO and participating in minigames. Every three levels aavegotchis receive a spirit point that they can allocate to increase or decrease a certain trait.
4. And finally the wearables or equipment that we can put on our avatar. These wearables have unique properties that prevent any avatar from using them, that is In other words, before using a wearable, our avatar must meet the requirements for its use. In addition to this, some wearables can increase or decrease certain traits of an Aavegotchi, a situation that balances the game.
What is the Aavegotchi GHST Token?
The native token of the Aavegotchi platform is GHST. This token is the basis for the operation of the game, since it is used to buy or sell everything within the game. For example, if you want to create an avatar, you must place the necessary collateral in the smart contract to generate the GHSTs you need to create said avatar. The same situation is fulfilled with the wearables and the different goods that you can have in the Market and bazaar of Aavegotchi. Additionally, holding GHST tokens gives you access to the AavegotchiDAO voting system, allowing you to participate in the governance of the protocol.
However, the role of the token does not end there, and this is due to the DeFi features that the platform has. First of all, if you have a GHST Staking on an avatar, this allows you to access a series of incentives that will be translated into tokens aTokens. This situation directly benefits you, since the value of your avatar increases with each GHST and aToken that is added to the smart contracts you control.
Additionally, GHST is designed to create a circular economy where player spending helps sustain the game and its development. For example, every time you buy a wearable and put it on your avatar, a portion of the cost of that wearable goes into the Aavegotchi DAO, and these funds are used to fuel game development.
In such a case, with the GHST token you can do things like:
1. Buy portals to summon Aavegotchis
2. Buy accessories to equip your Aavegotchis
3. Buy REALM plots
4. Gamble GHST, make FRENS, buy tickets and win sweepstakes prizes
To buy these GHST tokens and have them under your control, all you have to do is have an active MetaMask wallet and buy on the Bit2Me platform, where we offer you access to buy and sell this token.
AavegotchiDAO, participating in the governance of Aavegotchi
The AavegotchiDAO is the game's governance and development tool, it was created in order to allow its users to vote and decide on the future of the platform. However, the greatest achievement of this DAO is in the way in which it managed to achieve this goal. To do this, the developers of the game designed a phased governance roadmap, one in which four phases are detailed, which we discuss below:
Genesis, the beginning of the DAO
The first phase was named Genesis and was launched in conjunction with the GHST token distribution event. Thus, GHST token holders had the possibility to vote on the increase or maintenance of funds distributed by a faucet to Pixelcraft Studios in order to support development.
In fact, one of the initial proposals in this initial DAO was to increase development funds from 50.000 DAI to 100.000 DAI per month. A proposal that was approved with 99% of the votes on October 18, 2020. Later, the GHST token holders would also vote to launch the second phase. The structure of this initial DAO was created using the Aragon protocol, on top of the Ethereum network.
Cocoon, a higher degree of freedom
The second phase of governance focused on allowing users to decide on the development of game mechanics. At this point, the technification of the proposals becomes evident and at the end of its cycle all the basic game elements of Aavegotchi. This DAO was implemented on top of Polygon along with the mainnet release of Aavegotchi.
Metamorphosis, the current platform DAO
Metamorphosis is the third iteration of AavegotchiDAO, and it manages the simple game mechanics of Aavegotchi, such as total supply of Aavegotchis, adding new collaterals, deciding their roles, and adding new wearables created by the community. When it comes time to migrate to AavegotchiDAO Oasis (its fourth iteration still in development), the AavegotchiDAO will once again vote to migrate.
Oasis, the endpoint of the DAO
Although AavegotchiDAO Oasis is the final iteration of the AavegotchiDAO evolution, it is only the beginning of the realization of a DAO-driven game. All decisions related to Aavegotchi game mechanics, REALM mechanics, ecosystem spending, and even smart contract updates will be voted on by the AavegotchiDAO. Token holders will receive rewards in GHST for their active participation in this iteration of AavegotchiDAO.
Perhaps the best thing about all this is that you can participate in the DAO vote in a very simple way. You just have to go to the Aavegotchi Snapshot, choose the proposal you want to vote on, connect your wallet (MetaMask) and cast your vote.
What do I need to play Aavegotchi?
If you are interested in playing Aavegotchi, you will be pleased to know that you don't need much to be able to participate in this universe. Actually, any current PC or Tablet with an updated web browser and MetaMask installed will allow you to access the game and enjoy its full DeFi and NFT metaverse.
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