Time to go ghost hunting with Aavegotchi
NFTZine would be doing themselves serious mischief were we not to write about the hottest digital raffle ticket that ever existed, issued from the afterlife by the team at Aavegotchi, a project started after a start-up fund, kindly donated by Aave the ERC20 liquidity service provider. The extended process, after getting hold of your GHST is intricate, but in a fun way. We are just going to look at buying and staking GHST, the rewards “frens” and the purchasing of raffle tickets. After that its anyone’s guess. This is a layered platform, in which there are still benefits to being involved, if only in a superficial capacity. Get more involved and there are all sorts of revenue streams to be yielded, through proactive participation in the NFTs that can be generated, then hodled, staked or sold. Aavegotchi NFTs are wrapped, linked to an ERC20 token through an escrow contract. Aavgotchi is not about instant gratification, one has to sing for their supper, but it leaves you wanting more. It has obviously developed by some pretty talented devs because the concept is so deep under the fun, gamified nature of the platform. This is the archetype of what makes NFTs so interesting.
First one needs to get themselves some DAI . Do a swap in your ERC20 multi-coin wallet, e.g MetaMask , Trust Wallet, Coinbase Wallet or one of the many other fine ETH wallets that the market has to offer. Or buy some at a DEX and send it to your wallet.
Go to and click “Get GHST”. You will then be asked to connect your wallet. Follow the instructions provided by your wallet and however it is presented to you allow Aavegotchi access to your DAI. A point of warning, some nefarious actors have put up some fake sites which will just suck your wallet when you give such permission. Always make sure that you transact on sites starting www.aavegotci.com/ don’t trust any sites that do not start with this. It is worth noting that Aavegotchi is only available to participants in certain countries. You will be presented with a list of exclusions when you do your KYC to buy GHST through the site.
Once Avvegotchi and your ETH wallet synchronised you may start swapping your coin for theirs. GHST is the staking and governance token for the ecosystem. It is a decent enough prospect on its own as a part of a mixed portfolio of ERC20 assets. The preseeding chart will show that since its launch on 21st September this year, aside from the inevitable initial pump, it has been stable enough with a healthy enough upward trajectory.
But GHST offers much more than this and is the key to the intriguing mashup between the fungible and non-fugible, the living and the dead. Not only are you now a part of the Aavegotchi DAO, the GHST can be used to purchase collectables. Once the GHST has been spent, it is burnt only to be minted again when in demand. This burning is a stabilising mechanism which effectively helps maintain the value of the token by limiting the supply until more is needed. Further revenue will be generated by sales on wearables, consumables, and fees collected from mini-games.
When deciding how much of your DAI to convert into GHST, you can either input an amount up to your limit, or just hit “Max” and go all in. For the inexperienced, stablecoins, like DAI and Tether are pegged to be worth $1.00US. They have their own DAOs with burning mechanisms (like Maker DAO ) and Governance tokens. In case you hadn’t quite worked it out yet, the basic deal is this…. You give Aavegotchi digital US$, with which they can earn yield and underwrite GHST. We get a liquid ERC20 token, and if staked rather than sold can be used to earn “frens” an illiquid incentive tariff which can be traded for in-game goodies. We will look at this in more depth soon.
Accept the transaction, click “DO IT” on Aavegotchi and confirm the action using your wallet.The platform is evolving so rapidly that it’s going to be an education to watch different aspects change and evolve. It is team development platforms like Aavegotchi that makes the Ethereum Network so wonderfully community-driven. Anyone with the know-how can build on from the success of another project or token standard from EIP. Once the process is accepted, verified and the status has moved from pending to completed, scroll down the page a little and “claim” your GHST. click “Claim”, wait for it to say completed and you have your GHST.
Now we come to staking your GHST to earn “frens”. There is also a Uniswap pool where one can pair GHST-ETH and yield a percentage of the Uni fees levied by Uniswap against its swapping facility, this also yields frens. Click on the “Stake GHST” button and you will be presented with the following screen, click through to “Stake on Mainnet”, as the L2 solution is still under development.
Your GHST figure will be pre-populated in the “unstaked” field. Click “STAKE” and approve the action with your wallet. After the miners have earned their gas, and the transaction has settled, your GHST will move from “Unstaked” to “Staked” and you will start earning frens, at a rate of 1 per day per GHST staked ie, if you stake 10 GHST in 1 whole 24 hour period you will acquire 10 frens.
Next, we come to what to do with your frens? They have no on-chain value and are not transferable out of the Aavegotchi under realm. Not directly anyway, the aim of the game, at this early, early stage is to buy raffle tickets. We missed the first ⅔ initial raffles. The first held on 10th Nov 20 and the second on 11th Dec 20. We are hoping that the next is some time mid-January, but it is yet to be announced. Keep an eye on their Twitter account as they are likely to announce it on there, of course, be sure to check their Discord server too. There is a buzzing Discord community with lots of tips, announcements and chances to get involved in the project in a few capacities.
To enter into a draw, to win one of the above categories of Aavegotchi Ghost skins. You need to enter the raffle once it is announced. Not only can the prizes themselves be sold on, but the raffles tickets can too. They are NFTs in themselves and as such can be placed for sale. Opensea has a few bits and pieces. There is a “Godlike” ticket up there at time of writing that was up for sale for .15 ETH. You don’t have to enter your ticket for the raffle, and it is my current understanding that beyond the initial 3 promised as per the launch, subsequent raffles timings will be decided as part of the function of the GHST DAO governance.
Check how many frens you have accrued, from the home screen go to the shop. This is where you can get your hands on your first Aavegotchi NFT. You can either buy one type of ticket at a time or hit “Bulk Buy” and mix it up. We had 726 frens, as such we opted for 9×50 frens “Common” and 1×250 “Uncommon”, saving the change for another day. The gas fees are a little hard to swallow but that’s not Aavegotchis fault. Also over time with the implementation of Ethereum 2 things will improve in this respect and many others, but it is just a fact we have to deal with. The possibilities are many. With staking and sharding becoming a big thing, Aavegotchi is looking good.