The Aavegotchi project and what you need to know about the GHST token

• What is Aavegotchi?
• What you need to know about GHST token
• Conclude

What is the Aavegotchi Project ?

The concept of Aavegotchi

Aavegotchi is the combination of the potential of NFT and the strengths of DeFi that gives us another way to continue yield farming and generate profits in the long run. In short, Aavagotchi is a collection of cryptocurrencies based on Ethereum's blockchain in the form of NFTs. Here, the Aavegotchi ecosystem will provide gaming participants with DeFi models such as: collateral staking, rarity farming, DAO decentralized autonomous organization , smart contracts , etc. encoding format for players. Aavegotchi is inspired by the virtual pet game Tamagotchi, combined with the phrase Aave (the name of the development team). Therefore, the graphics in the Game are also in the form of squares similar to the Tamagotchi game.

What is Aavegotchi?

The development team of the Aavegotchi . project

Aavegotchi is the project of Daniel Mathieu. He is known as the lead developer at Buillionix.io, co-founded with him Jesse Johnson whose main goal of the project is to "enhance the DeFi experience" through NFT gaming.

Jesse (Founder) is the Creator of Bullionix.io. He has extensive experience in the field of NFT and is also the creator of the Value - Staked NFT idea.

Dan (Full stack dev): Dan is the creator of Yield Hero - the first DeFi dApp that allows users to direct Yield from Aave to any address they want.

Aavegotchi belongs to the Aave ecosystem, today's leading lending and borrowing platform. 

The development team of the Aavegotchi project.

The development process of the Aavegotchi . project

• In July 2018, the project launched on the market as an alternative of profitable farming Yield Farming.
• In January 2021, Aavegotchi announced a partnership with Polygon Network.
• In March 2021, in parallel with the Mainnet deployment, the Aavegotchi project released 10,000 Portals. At the time of the sale, the price of Aavegotchi cryptocurrency was trading around $1.7 USD.
• In the first quarter of 2021, the project focuses on developing social networking integration features, linking Aavegotchi with Discord/Twitter.

Features of Aavegotchi

Portals

The user can summon or create Aavegotchi through Portals. This process is supported by a Smart Contract for the system that can produce new NFTs. To own Portals, users have two ways to buy at Aavegotchi Dapp or from the external market.

Portal feature.

Aavegotchi Knife

The Aavegotchi DAO feature allows users to decide on the list of collateral assets that can be staking in the system. In addition, when holding GSHT tokens, you can modify the Game play parameters and even limit the amount of Aavegotchi that can be generated in the future.

AavegotchiDAO.

Aavegotchi Realm

Aavegotchi is a place where players can interact with each other, play games together, buy land or Realm, etc.

Aavegotchi Realm.

Pros and cons of the Aavegotchi . project

Advantage

Aavegotchi has deployed on its own Blockchain. This will help reduce the project's dependence on other platforms such as high transaction fees, transaction congestion, etc.

Interesting game mechanics, attracting a lot of players to participate.

Defect

Aavegotchi's interface is quite complicated for many newbies.

What you need to know about GHST token

Functions of the Aavegotchi . cryptocurrency

Aavegotchi or GHST cryptocurrency is a Native token of the Aavegotchi ecosystem, used for many different purposes:

Payment : GHST is the base currency for buying and selling digital assets such as Aavegotchi Potals, Wearables, consumables, collectibles, etc. in the Aavegotchi ecosystem.

Staking : users can also Staking Aavegotchi cryptocurrency to generate more GHST.

Governance : GHST is also used to reward those involved in the management of the DAO.

Aavegotchi Cryptocurrency Allocation

• Burn: 33% is burned and taken out of circulation.
• Players: 40% is transferred to the player according to the PlaytoEarn mechanism.
• Devs: 17% is paid to Devs for development.
• DAO: 10% is put into the DAO.

Project revenue allocation

Basic information about GHST

• Price: 1.06 USD (price at the time of writing June 12, 2021).
• Market capitalization: $45.3 million.
• Total Supply: 42.8 million (at time of writing and not fixed)
• CoinMarketCap ranking position: 501.

How to trade GHST tokens

How to own GHST tokens

Users can buy GHST directly on the exchange or on Aavegotchi's website through Bonding Curve. The Bonding Curve token is an unlimited supply in the Aavegotchi ecosystem. The total supply will be proportional to the token price, this means that as the GHST token increases, the total supply will increase and vice versa.

Note : Supply is based on rising or falling prices, not fixed

There is another simpler way that you can interact in the Game and earn money through Staking or trading items.

How to store GHST . cryptocurrency

Aavegotchi cryptocurrency is an ERC20 standard token, so you can store it in popular wallets such as: Metamask, Ledger, Trezor, Trust Wallet .

In addition, you can also store it on exchanges' wallets for easy trading.

Exchanges that support trading with GHST

Currently on the market there are 14 exchanges that allow trading GHST, of which some big names are Binance, OKEx, Kraken, Bibox, etc.

Conclude

Aavegotchi is an interesting project with a promising model that makes it easier for everyone to participate in Yied Farming . Aavegotchi cryptocurrency has appeared on the market since 2018, but its potential for growth in the future is still very large, especially when the NFT trend is trending as explosive as it is today.

You may be interested in : Overview of the Decentraland project and the MANA cryptocurrency.