Blockchain gaming continues to gain popularity, and many new blockchain games are being released right now. The P2E principle certainly offers a lot of perspective. Where would you rather spend your time, playing a game or looking at your couch app? That seems like a pretty easy choice, especially if you can also earn money with that game. It will be interesting to see how the combination of several key crypto and DeFi ideas is used to find useful applications. This in turn is what crypto investors are looking for. With this combination we quickly arrive at NFTs. Aavegotchi is one such game that combines DeFi and NFTs, and is quite new to the market.
You probably already figured it out, in this blog we are going to talk about Aavegotchi and the GHST token. I’m going to explain to you what exactly Aavegotchi is and how it works. We’re also going to take a behind-the-scenes look at this project ‘s team and take a closer look at the GHST price. I will also tell you where to buy the GHST token.
Please note: please note that the text below about ‘Aavegotchi (GHST)’ as well as the explanation thereof should in no way be taken as advice. The choice for whether and in what way you want to trade (crypto) and which choices you make in terms of investment is up to you and you alone. We are not financial advisors.
Here you can already see an extensive explanation about Aavegotchi.
- 1 What is Aavegotchi?
- 2 How does Aavegotchi work?
- 3 Who is on the team behind Aavegotchi?
- 4 What is the GHST Token?
- 5 What is the price of the GHST token?
- 6 Resell your Aavegotchi
- 7 Where can you buy the GHST token?
- 8 What is the best way to store the GHST token?
- 9 Conclusion
What is Aavegotchi?
Aavegotchi is a P2E game based on Tamagotchi . It was conceived by the same team that also launched the Aave DeFi app . Now combine the words Aave and Tamagotchi, and voilà, you suddenly have an Aavegotchi. So the project also has a nice high retro quality.
An Aavegotchi is an NFT, which lives on the Aave dApp, which in turn runs on the Polygon blockchain . Because they are NFTs, each Aavegotchi is unique and has its own specific and individual properties. The rarer an Aavegotchi’s characteristics are, the rarer and more valuable your NFT becomes. This functionality and scarcity due to different properties and attributes are often encountered in this type of NFT collection. The CryptoPunks , the Bored Ape Yachtclub monkeys and the Pudgy Penguins are just like that.
However, the Aavegotchis are interactive, which is a big difference with other comparable NFT collections. You can improve your Gotchi’s characteristics during the game. If you spoil him and put more money into your Gotchi than any other gamer, your Gotchi will also become rarer. Just like with the Tamagotchis, you also had to feed and take care of them. An Aavegotchi can be petted, fed, bought new clothes and played mini-games.
Besides being collectibles, you can also get GHST rewards for them. There are so-called ‘rarity farming seasons’ that occur regularly, and in each of these seasons or rounds you can get rewards. The amount of these rewards depends on how rare, experienced and loyal your Aavegotchi is. Lists have been made for this, each category has its own list, and these lists determine the rewards.
How does Aavegotchi work?
An Aavegotchi is summoned from a portal from the underworld, the ‘Nether realm’. Yes, you read it right! You can buy such a portal for about 100 GHST. You can do this on the official Aavegotchi dApp or on a secondary marketplace such as OpenSea. Now the ‘Portal Summoning Ritual’ starts and you will open the portal.
The image below gives a nice schematic representation of how to open a portal.
A lot is now happening behind the scenes, partly due to the use of a Chainlink Verifiable Randomness Function (VRF). Your portal will now be randomly numbered which ensures that the Aavegotchis in the portal are arguably randomly composed. There are 10 Aavegotchis in such a portal, of which you can only choose one. The other 9 disappear and you won’t see them again. Your new asset has been given a set of random character traits, which you can customize and increase in value later in the game.
There are four different rarity types, “common” has a 50% share, “uncommon” has a 30% share, “rare” is only 16% and “mystic” has only 4%.
The Spirit Force
However, we are not there yet, because the sun rises for nothing. First you will have to buy your Aavegotchi, only it’s called differently in this game. You need Spirit Force and you let it penetrate your Aavegotchi, and that’s how you bring him to life.
Let’s virtually leave the game world behind, because this Spirit Force is nothing but interest-bearing tokens, but they are embedded in your Aavegotchi. So every Aavegotchi has a minimum intrinsic value, which is the amount of tokens it gets embedded at birth. Later on, you may be able to sell the NFT for more than its intrinsic value on an NFT marketplace.
The Spirit Force is actually nothing more than the aToken that you find on Aave. So the next question is…….
What are aTokens?
The aTokens can be found in two different ways. As a cryptocurrency or as a stablecoin. These aTokens come from the Aave platform. For this game you can use aDAI, aUSDC and aUSDT. In addition to these stablecoins , the following cryptocurrencies can also be used: aETH, aAAVE, aUNI, aYFI and aLINK. The game’s DAO will decide on adding other tokens. This will depend, among other things, on the demand for other aTokens by the gamers. As the game gains popularity, the number of aTokens will most likely increase.
Please note, this game is a combination of DeFi and NFTs, so we will now have to go through several steps, in a real DeFi way, to get the tokens you need to get the Spirit Force into action.
How do you get aTokens?
You will have to go through several steps to get aTokens. The steps are described here.
- Go to the Aave platform .
- Connects a wallet with the Aave protocol. A browser wallet, wallet connect, Coinbase , Fortmatic, MEW, etc.
- Make sure your wallet also has some content, so you need crypto coins, as indicated earlier.
- Now you will have to deposit your crypto to be able to buy aTokens, via the ‘deposit’ button.
Once your deposit has been made, you will be able to see the aToken of your chosen cryptocurrency. You earn interest on these aTokens.
Very nice and congratulations, you now have aTokens. However, you are not there yet. To extract Aavegotchis from your portal, or bring them to life, you need MA tokens . So the party continues!
This video shows the next step, how to get GHST on the Polygon (formerly the MATIC blockchain ).
What are MA Tokens?
If you put an aToken on the Polygon blockchain, you get MA tokens. Your aTokens are on the Ethereum Mainnet, but need to go to the Polygon blockchain. Because the different blockchains do not talk to each other, a bridge is needed to transfer your aTokens to the Polygon blockchain. Unfortunately, you will now have Ethereum gas costs, and they can sometimes be high.
The Polygon Bridge
On the Aavegotchi dApp there is such a bridge that connects these two blockchains. Below is an image of this bridge.
Now click on the left GHST logo (under Ethereum GHST), and you will see the tokens to choose from. As in the picture below.
After you have chosen a token, put in the left white box, GHST to transfer, how much you want to send to Polygon. Then you ‘approve’ or approve the transaction and wait for Ethereum to process the transaction. When the transaction has been processed, a ‘Transfer to Polygon’ button will appear, click on it. Wait for this transaction to be processed, which can take about 10 minutes, and you will have your MA tokens in your wallet. You can also do this with your MetaMask, and there is a handy guide in English to help you with that.
Hip beep! You have your MA tokens. But what now? Right, now you can buy or pay for the portal! Back to start, who knows, you might even get tokens for staking when you pass start! When it comes to Rivella, we can say; a bit strange, but nice. However, this is about DeFi, and unfortunately you have to go through several steps to reach your goal. In this case to get from crypto, via aTokens to MA tokens, so that you can open the portal with your Gotchis.
What are minigames?
Minigames are games that you can participate in and earn GHST. Right now there are only community designed games, but official minigames are in the works.
The games are designed in such a way that the different characteristics of the Gotchis are used differently in each game. An aggressive Gotchi will do well in a fighting minigame, but not so well in a cake-baking game.
Who is on the team behind Aavegotchi?
Aavegotchi’s team is best known for their nicknames. Stani Kulechov , the founder of Aave, is an advisor.
- Coder Dan – is a full stack developer. He is the linchpin of this project and has a fair amount of experience in DeFi.
- Jesse – aka GldnXross was involved in the creation of Mintable, and has a wealth of experience with NFTs.
- Xavier Iturralde – is the art director and has a large following who buy his digital art.
- Nick Mudge – he is an expert on Solidity and has developed ERC998 among other things.
What is the GHST Token?
The GHST token is an ERC20 token. Aave means ghost in Finnish, and for the name of the token, the team has removed the letter ‘O’ from the name. Nice and easy!
The token is the foundation of the ecosystem and you can also buy all kinds of on-chain assets with it . You can stake the token and also vote in the DAO. Soon you will also be able to buy tracts of land in their realm. In any case, it is being built firmly in the meantime.
You can also earn GHST in three ways , by participating in ‘rarity farming’, participating in the DAO and voting, and finally by playing mini-games.
At the time of writing, there are 57,813,692 GHST and 56,709,405.22 GHST in circulation.
The following image shows the GHST token distribution.
The token distribution took place in three phases.
- Private sale of 5 million GHST (0.05 DAI /GHST)
- Presale 500,000 GHST (0.01 DAI/GHST)
- The Token Bonding Curve
The Bonding Curve will continue to release and distribute GHST. If the price goes up, the same happens with the stock GHST. The price goes down as the stock decreases. The price starts at 0.02 DAI/GHST and so there is an unlimited supply. These Bonding Curve tokens can be claimed immediately. This is in contrast to option 1 and 2, where tokens are locked. In order to purchase GHST through the Bonding Curve, your Ethereum address must be on the Aavegotchi team’s approved list.
More about the GHST tokenomics can be found under the link.
The image below shows you the Bonding Curve.
What is the price of the GHST token?
If you want to invest in the GHST token, a good place to start is to know its price. If you are already going to trade, you also want to make a profit. You can make a technical analysis to see what the best buy or sell moment is.
The GHST token was in the red almost immediately after the ICO in August, until the end of January 2021. The price hovered around $0.63, reaching a low of $0.49. Then the price of the token went up well, and between February and April 2021 reaches peaks between $1.75 and 1,795 . However, the preliminary ATH was not reached until August 5, 2021 with a price of $1,976. Since then, the price has only fallen slightly and at the time of writing, at the beginning of September 2021, the price is $1.77. The token was not swept away by the sudden fall of Bitcoin on September 7, 2021.
At CoinMarketCap , it is just inside the top 400 at place 389. This coin has a good prospect in my opinion, for example it remained stable during the unexpected free fall of Bitcoin on September 7, 2021. Since this game is still in its early stages, the token will still rise well in 2021 and can experience a positive price development. If you want to invest in this coin, it is important to do your own research.
Resell your Aavegotchi
It is also possible to resell your Aavegotchis again, you can do this on NFT marketplaces such as OpenSea. You can then remove all the value that is embedded from your NFT, but you must leave the minimum stake value. That is the value that the NFT received at ‘birth’. You can also take all the value out of your Aavegotchi, but then it will be burned, and will go back to the Nether World, and a sale will no longer be possible.
Where can you buy the GHST token?
The GHST token has been on sale on Bitvavo since September 2021 , another alternative is Binance . Most leading CEXs offer this token for sale. such as Kraken and Gate.io. There are also several liquidity pools on DEXs such as Uniswap V2 and V3 where you can find a GHST pair. My preference is for Bitvavo . Enter below how much GHST you want to buy on Bitvavo.
What is the best way to store the GHST token?
You have several options to store this token. The safest way is to store them on a hard wallet , also known as a cold wallet. With a hard wallet, such as the Ledger X or S and the Trezor, you are protected against internet hacks.
You can of course leave your GHST token on the exchange where you bought the token. However, now you do not have access to your private keys. The private keys of an exchange remain in the hands of the exchange itself. There is always a danger that a stock exchange will be hacked and then you have a chance that you will lose your coins. These wallets on an exchange are also called hot wallets.
As a third option, you can also use an online wallet such as MetaMask or Trust wallet. Here is also another chance of an internet hack, but it is theoretically smaller than a hack on a stock exchange.
Aavegotchi is an interesting project that is at the beginning of its digital life. It’s easy to fill a whole blog with more information about this game, I can only advise you to browse their own Wiki site .
The project is well put together , although it is easy to imagine that people who are not familiar with DeFi when it comes to GHST, to get to MA tokens via aTokens. That’s the DeFi price you have to pay! Still, this game has everything you need to succeed. Unfortunately, that is no guarantee that it will succeed. However, the omens are positive, and I am confident that this game will become popular in the future. This also means that the price of the GHST token will then develop positively. If you want to invest in this token, do your homework and do your research.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com