DeFi recreation Aavegotchi prepares for mainnet launch on January 4th with NFT auctions
A Tamagotchi-inspired retro game that came to life at the end of DeFi summer will be fully released on January 4th.
Aavegotchi was originally funded by an ecosystem grant from the DeFi-Protokoll (Decentral Finance) Aave and wants to "make DeFi for fun".
In November, Aave officially announced its investment in Pixelcraft Studios, the Singapore-based Aavegotchi corporate building. And now the NFT (Non-Fungible Token) game is running a series of sweepstakes to reward early adopters ahead of the mainnet launch next month.
But what are these pixelated little ghosts doing?
In short, every Aavegotchi is a playable avatar representing DeFi collateral that brings returns to Aave. However, you can also fight the creepy little animals, balance them out, and equip them with wearables that change their properties. The ghost theme is because "aave" means "ghost" in Finnish.
Since an Aavegotchi represents blocked assets, its owner can liquidate the underlying interest at any time. The Aavegotchi disappear. So it's a test to see what happens to playability when characters have real worth beyond their play value.
Do you keep the NFT? Or would you rather have the crypto assets that it represents?
Aavegotchi's "Aavevenger" wearables (Aavegotchi)
Summon Aavegotchi with aTokens
Users can summon an Aavegotchi by inserting certain aTokens into their desired Gotchi. aTokens (e.g. aUSDC, aLINK, etc.) are interest-bearing tokens that are linked 1: 1 to the value of the underlying crypto-asset that is stored in the Aave protocol.
"We wanted to create a game around aTokens because its benefits are intuitive," said Coder Dan, Aavegotchi's pseudonymous co-founder and CEO. “For example, if you have 1,000 aUSDC in your wallet now, the next time you look, you will likely find more balance in your wallet. That's because the interest accrues natively in your wallet in real time. "
Continue reading: The inevitable link between high-yield farming and NFT
There are two ways to purchase aTokens. Users can visit Aave and deposit tokens as security for the Aave protocol or exchange other Ethereum-based assets for aTokens on decentralized exchanges like Uniswap.
Non-whales are welcome
The team behind Aavegotchi builds the game with Aave's DeFi platform at its core, but also includes the latest Chainlink oracles to create a fully-in-chain experience – especially with demonstrably random distributions.
On Tuesday, Aavegotchi rolled out its second of three NFT raffles with Chainlink's random number generator to improve the playing field for smaller investors. (In other gamified DeFi experiments, large owners tend to win.)
"We love whales, we want whales," Aavegotchi founder Jesse Johnson said in a call to CoinDesk, referring to those who have large numbers of tokens. "But at the same time, it's nice for ordinary people in retail to play the game by holding GHST tokens in smaller quantities. And you have a chance to win high-end items too."
In this raffle, which ended today, superhero-themed wearables were shown so that mainnet Aavegotchi became “Aavevengers”.
"Everything we've done at that point isn't the actual game, it's everything that led to it," said Johnson. "You don't win wearables, but coupons that you can use to claim wearables after the game starts."
Just like tickets, the vouchers can be traded on OpenSea or other NFT marketplaces. Johnson said these raffles were really just a stress test and community building exercise.
Mainnet starts on Aave V2
The Aavegotchis were due to arrive via the first "haunt" in late 2020, but that date was postponed so the game could be "Aave V2 – from day one," Johnson said.
Version 2 of the protocol was launched last week.
Continue reading: Aave launches V2 in bid to make borrowing against volatile assets less risky
There are 10,000 portal NFTs available for this “meeting point”, each of which can summon an Aavegotchi. Portals can be purchased with the GHST governance token.
As soon as a portal opens, 10 pitfalls are randomly generated, each of which has its own characteristic values (brain size, creepiness, aggression, energy, etc.) and the type of security required. Of the 10, only one Aavegotchi can be summoned and the other nine will disappear, forever lost to the Aether.
In fact, the portal itself is an NFT, so users also have the option to resell the portal (with all 10 options available) on an NFT marketplace like OpenSea.
"We expect them to sell very quickly if it did when our GHST token was launched, which poured 6 million days into about three minutes," Johnson said. "So we expect people to buy these 10,000 portals in batches of say 50."
A fully realized crypto pet
Below, an open world metaverse called The Realm will be launched, which Aavegotchis will live in as first-generation crypto pets.
"It's important to us that owners are encouraged to interact with their Aavegotchis," said Johnson. "Too many first-generation crypto pets are quickly neglected and gather dust in wallets. This is not exactly what the idea of a fully realized crypto pet is."
Within this world, Aavegotchis can explore on digital land, gather in the town square to cast votes, and access a range of mini-games. Comparable metaverse would include the sandbox or decentraland.
"Imagine your pitfalls running around top-down in a classic 2D Zelda game," said Johnson.
That way, DeFi is fun.