BCGAME - Free 5BTC Daily Bonus!Aavegotchi cryptocurrency (GHST), powered by Aave, is a combination of Staking DeFi and non-fungible token (NFT) that has 3 properties that determine its value and rarity: collateral stake, features and wearable.
In this article, we will discuss:
What is Aavegotchi (GHST) token?
Aavegotchi is a collectible crypto game built on Ethereum where participants can purchase and farm Aavegotchis, Non-Fungible Token (NFT) avatars used to explore and interact with the digital universe of Aavegotchi.
Each Aavegotchi avatar is a digital collector that has unique attributes defined by a rarity score. The score is calculated by specific, wearable character traits attached to the avatar, a relatedness score, which is based on how often the player interacts with the avatar, and the amount of aTokens with Aave wagered on the avatar.
The platform builds on the nostalgia of the portable digital pet game Tamagotchi, enriching its classic gameplay with mobile-enabled functionality. blockchain. Aavegotchi incorporates many popular aspects of crypto into a unified platform: decentralized finance (DeFi), blockchain gaming, staking, and digital land ownership.
Aave's name derives from the Finnish word for “ghost”, and Aavegotchis is represented by a cartoon ghost, hence the name of the associated token: GHST .
GHST is the main utility token of the Aavegotchi ecosystem and is used to buy and sell goods within the Aavegotchi world, including the Aavegotchis themselves. GHST can also be wagered for additional rewards and can be transferred between users, just like other cryptocurrencies.
How does the Aavegotchi token work?
To obtain an Aavegotchi, a user must first obtain GHST tokens from an exchange such as Kraken. With their GHST, participants can directly purchase an Aavegotchi or purchase a Portal, which is a pack of ten Aavegotchis from which users can choose just one.
Aavegotchi avatars can also be considered escrow accounts that contain wagered tokens. When invoking a new Aavegotchi, a user can also wager a minimum amount of Aave-based aTokens, which are cryptocurrencies pegged to the value of another asset, with their Aavegotchi avatar to increase their rarity score.
The amount of aTokens wagered on an Aavegotchi is known as its Spiritual Strength and the value of Aavegotchi increases based on this number. In addition, Aavegotchi's Spiritual Force generates revenue on the participant's aTokens through the Aave loan protocol, thus increasing the number of tokens wagered on Aavegotchis over time.
In addition to Spiritual Strength, Aavegotchis possess two other attributes that contribute to their rarity and value:
Traits are randomly chosen for Aavegotchis in the summons and are ranked according to relative rarity. Examples of traits include energy, experience and brain size, all of which affect the rarity of Aavegotchis and how they perform in games.
Wearables give each Aavegotchi a unique look, increase their traits and rarity scores, and can be bought, sold or traded separately in the Aavegotchi marketplace.
Aavegotchi can also use consumables to temporarily boost his stats while playing games across the entire Aavegotchi ecosystem.
Finally, users can wager their GHST tokens to unlock REALM , which are tokens that represent land ownership in the digital world inhabited by Aavegotchis.
As with Aavegotchis themselves, all transactions involving wearables, consumables and REALM use GHST.
Who created the Aavegotchi token?
The Aavegotchi cryptocurrency was created by Pixelcraft Studios, based in Singapore, which is led by several programmers and developers with experience in the NFT and DeFi worlds.
Aavegotchi was officially launched in September 2020, and initial token distribution saw 5 million GHST tokens go to private sales participants, 500.000 to presale participants and 2 million to the development team, with the remainder being distributed via public sale.
Why do Aavegotchis and GHST have value?
Aavegotchi avatars derive their value from their Spiritual Strength, which represents their financial support, their unique and wearable characteristics. Characters with a high Strength of Spirit score are rare and therefore have a higher collection possibility on the market. Players can update their Aavegotchi's rarity score by betting more aTokens on them or upgrading their wearables.
The GHST value is tied to the Aavegotchi ecosystem and can be used for staking, transferring and purchasing various items on the metaverse.
Lastly, the GHST is used to participate in – and be rewarded for – governance in AavegotchiDAO, the regulatory body that allows token holders to vote on key decisions that influence the future direction of the project.
Why use GHST?
As the base currency of the Aavegotchi world, investors may want to purchase GHST to fund their in-game purchases of Aavegotchis, portals, wearables, consumables and collectibles.
Investors can also find value in GHST if they are interested in voting on future development of the game through AavegotchiDAO.
In addition, investors interested in earning additional in-game rewards may be interested in buying and wagering their GHST tokens.
Conclusion
Aavegotchi's goal is to combine the growing DeFi movement with non-fungible tokens (NFT). DeFi and NFT are arguably the two fastest growing sectors in encryption, arguably in the Ethereum ecosystem.
DeFi looks complicated to many newbies. As it makes it difficult for a newcomer to get used to the blockchain world, these are psychological barriers to adoption. Platforms that make DeFi easy for users to access can be useful additions to the cryptographic space in general. So Aavegotchi is not a bad proposition.
