Want to learn about Aavegotchi, the unique combination of DeFi and NFTs?
What are Aavegotchis?
Aavegotchi is a DeFi-enabled crypto-collectibles game developed by Pixelcraft Studios.
The game allows players to
- Stake NFT avatars with interest-generating tokens
- Interact with the Aavegotchi metaverse.
The Aavegotchies are pixelated ghosts that live on the Ethereum blockchain, backed by the ERC-721 standard.
3 factors determine their value and rarity:
- Traits
- Staked collateral/aTokens
- Wearables
Let's go into what each of these means.
Traits
Traits influence rarity, performance in mini-games, and what wearables they can equip.
Some traits are given randomly at birth.
Others depend on 'kinship' (a friendship stat).
And every 3 levels, they get a Spirit Point that can buff/de-buff a trait.
Staking
Staking
Each Aavegotchi NFT manages an escrow contract address that holds "aToken" (Aave-backed ERC20 collateral).
aTokens generate yield via Aave’s LendingPool, which means the number of aTokens held in the Aavegotchi’s wallet grows over time.
Wearables
Aavegotchis also extends the ERC998 standard, allowing for child NFTs.
This means they can wear items called 'wearables', which can change stats and rarity.
Some wearables require certain
- Collateral Staked
- Levels
- Traits
Leveling Up
Players level up their Aavegotchis by participating in
- Mini-games
- Governance
- Meetups
Leveling up can also increase an Aavegotchis rarity level; so can equipping wearables.
Benefits of Rare Aavegotchis
Rare Aavegotchis have
- Greater value in the 'baazaar'
- Better rewards in rarity farming (a minigame that rewards $GHST tokens
Aavegotchi is governed by AavegotchiDAO, which manages all funds generated through the $GHST token distribution.
Aavegotchis Value
What gives Aavegotchis value?
They have intrinsic and rarity value.
- Intrinsic: from aTokens staked as collateral in the NFT.
- Rarity: calculated from the rareness of each trait+wearable.
Having a variable rarity enables 'rarity farming'!
Now let's dive into Aavegotchi Portals.
Portals
Portals are the primary way to get Aavegotchis.
You can buy them from
- Aauction (time-limited)
- Drop Ticket Raffle (time-limited)
- Baazaar
Each edition is called a 'Haunt' with the first having 10,000 portals.
After you've gotten a portal the next step is the "Portal Summoning Ritual"
Opening portals occur on the Polygon network, and using what's called Chainlink VRF, they can ensure each Aavegotchi's traits will be random.
Choosing your Aavegotchi
When you open the Portal, you will be shown 10 ghosts to choose from.
After you pick 1, the rest will be forever forgotten, so choose wisely!
Each one has random traits, in these rarities
- Common
- Uncommon
- Rare
- Mythical
Staking and 'Spirit Force'
To claim your chosen Aavegotchi, you have to stake a certain amount of 'Spirit Force' (Collateral/aTokens)
Expect to pay more Spirit Force the more rare your ghost is.
You can get some of this stake back by
- reducing collateral
- burning the ghost(all collateral)
Interaction
You can interact with your Aavegotchi in various ways
- Pet
- Equip
- Feed
- Rename
Petting every 12 hours raises Kinship, increasing the rarity and number of wearables they can equip.
You can also feed them consumables like Kinship and XP Potions.
The Gotchi Pocket
Your Aavegotchis also have a 'Gotchi Pocket' where they can hold items such as:
- Equipped wearables
- GHST Tokens from rarity farming
- 'Baadges' (ERC-1155 NFTs representing achievements)
You can't withdraw the Baadges, but GHST and wearables can
Transferring
Lastly, trading your Aavegotchi using a marketplace such as OpenSea will also transfer the collateral + any items and wearables in their pocket.
To keep your staked collateral, you would have to
- Take it out (keeping above minimum stake)
- Burn your Ghost
Thanks for following along!
I hope this short post gets you thinking about DeFi and NFTs.
What other ways do you envision combining the two?
You can read more about Aavegotchi here https://wiki.aavegotchi.com/en/introduction
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