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Aavegotchis are rare crypto-collectibles living on the Ethereum blockchain, backed by the ERC721 standard used in popular blockchain games such as Cryptokitties, Axie Infinity, and Cryptovoxels. Rumor has it that Aavegotchis are actually the ghosts of liquidated yield farmers determined to return and bring honor to their familia.
Aavegotchi introduces many innovations into the blockchain gaming sphere, including DeFi token collateral stakes, dynamic rarity, rarity farming, DAO-governed game mechanics, and an open metaverse with smart contract interoperability and in-world town hall style voting.
Just like the original Tamagotchi introduced the world to digital pets, Aavegotchi introduces the world to playable NFTs, backed by digital value.
As explained above, each Aavegotchi possesses a Base Rarity Score (BRS) derived from the overall rarity of its traits and equipped wearables.
Base Rarity Score is derived by the following formula:
BRS = traitValue >= 50 ? traitValue : 100-traitValue
In addition to this Base Rarity Score, Aavegotchis also possess an overall Absolute Rarity Score derived from the particular rarity of their traits in the overall Aavegotchi ecosystem.
For example, if many players have trained their Aavegotchis to have maximum Energy Level, then the Absolute Rarity Score (ARS) for Energy Level - TURNT would be lower than that of Energy Level - WASTED.
Absolute Rarity Score is calculated in terms of percentiles out of 100 for each of the Aavegotchi traits, so if only 5% of all Aavegotchis possess a certain trait, then that trait would receive a bonus of 95 to its ARS.
The Total Absolute Rarity Score for an Aavegotchi is the sum of:
In each period (length determined by AavegotchiDAO), the rarest Aavegotchis will receive a distribution of GHST rewards (derived from all sales involving GHST) that can be claimed by their owners.
The given rarity of an Aavegotchi in the overall Aavegotchi Universe is constantly shifting as players summon more Aavegotchis, equip more wearables, and level up their Aavegotchis. Thus, players must make strategic decisions on how they train and equip their Aavegotchis.
There is currently no limit to how many interactions an Aavegotchi can perform each period, but if bot activity became a problem then the AavegotchiDAO could vote to add circuit breakers to reduce bot activity.
Rarity score is determined by calculating the rareness of each Aavegotchi’s traits and equipped wearables within the Aavegotchi universe.
Unlike other NFT games, rarity is not a fixed value in Aavegotchi -- it can change over time as Aavegotchis level up and equip different wearables. Thus, a rare Aavegotchi one week could become less rare, and vice versa, depending on the overall distribution of traits and wearables within the Aavegotchi universe. This enables a novel concept known as “rarity farming”
Rarity farming is a novel game mechanism introduced in Aavegotchi designed to encourage and reward thoughtful gameplay and active participation from users. Players get rewarded in GHST tokens for training the rarest Aavegotchis.
The native digital cryptographically-secured utility token of the Aavegotchi ecosystem (GHST) is a transferable representation of attributed functions specified in the protocol/code of the Aavegotchi ecosystem, which is intended to be used solely as the primary utility token within the ecosystem
GHST is a non-refundable functional utility token which will be used as the medium of exchange between participants in the Aavegotchi ecosystem. The goal of introducing GHST is to provide a convenient and secure mode of payment and settlement between participants who interact within the ecosystem on the Aavegotchi ecosystem, and it is not, and not intended to be, a medium of exchange accepted by the public (or a section of the public) as payment for goods or services or for the discharge of a debt; nor is it designed or intended to be used by any person as payment for any goods or services whatsoever that are not exclusively provided by the issuer. GHST does not in any way represent any shareholding, participation, right, title, or interest in the Company, the Distributor, their respective affiliates, or any other company, enterprise or undertaking, nor will GHST entitle token holders to any promise of fees, dividends, revenue, profits or investment returns, and are not intended to constitute securities in Singapore or any relevant jurisdiction. GHST may only be utilised on the Aavegotchi ecosystem, and ownership of GHST carries no rights, express or implied, other than the right to use GHST as a means to enable usage of and interaction within the Aavegotchi ecosystem.
GHST is to be used as the base ecosystem currency for the purchase of various digital assets, such as Aavegotchi Portals, wearables, consumables and collectibles. As an indication of commitment to the ecosystem and safeguard against malicious behaviour, players are also required to stake GHST to mint REALM, the land parcels of the Aavegotchi Realm.
GHST is inherently transferable to other users, and also fully exchangeable with various supported ETH and ERC20 tokens, such as DAI, LEND (AAVE) and others.
Why does Aavegotchi need its own token?
GHST provides the economic incentives which will be consumed to encourage participants to contribute to the Aavegotchi ecosystem. There are various elements within the Aavegotchi ecosystem which utilises GHST as the medium to align incentives between the AavegotchiDAO, Aavegotchi holders, and GHST holders. Players purchase and spend GHST in order to summon and train Aavegotchis. A portion of that value generated is transferred directly back to the AavegotchiDAO to continue funding development of the Aavegotchi ecosystem, and the remainder will be distributed as token incentives to reward wise governance of the AavegotchiDAO, as well as for rarity farming rewards.
GHST is an integral and indispensable part of the Aavegotchi ecosystem because without GHST, this closed loop would be impossible, and incentives between AavegotchiDAO, Aavegotchi owners, and GHST holders would not be aligned because there would be no incentive for users to expend resources to participate in activities or provide services for the benefit of the entire Aavegotchi ecosystem.
GHST Token Economics
GHST will be distributed in two main phases -- via the initial token distribution event, and via governance rewards and rarity farming.
The Token Distribution Event is planned to begin in late Q3 2020 or early Q4 2020. It will consist of three phases: a Private Round, Pre Sale Round, and Token Bonding Curve. During the Pre Sale Round, GHST will also be created and distributed to the Ecosystem Fund and Team Fund.
In particular, it is highlighted that GHST: (a) does not have any tangible or physical manifestation, and does not have any intrinsic value (nor does any person make any representation or give any commitment as to its value); (b) is non-refundable and cannot be exchanged for cash (or its equivalent value in any other virtual currency) or any payment obligation by the Company, the Distributor or any of their respective affiliates; (c) does not represent or confer on the token holder any right of any form with respect to the Company, the Distributor (or any of their respective affiliates), or its revenues or assets, including without limitation any right to receive future dividends, revenue, shares, ownership right or stake, share or security, any voting, distribution, redemption, liquidation, proprietary (including all forms of intellectual property or licence rights), right to receive accounts, financial statements or other financial data, the right to requisition or participate in shareholder meetings, the right to nominate a director, or other financial or legal rights or equivalent rights, or intellectual property rights or any other form of participation in or relating to the Aavegotchi ecosystem, the Company, the Distributor and/or their service providers; (d) is not intended to represent any rights under a contract for differences or under any other contract the purpose or pretended purpose of which is to secure a profit or avoid a loss; (e) is not intended to be a representation of money (including electronic money), security, commodity, bond, debt instrument, unit in a collective investment scheme or any other kind of financial instrument or investment; (f) is not a loan to the Company, the Distributor or any of their respective affiliates, is not intended to represent a debt owed by the Company, the Distributor or any of their respective affiliates, and there is no expectation of profit; and (g) does not provide the token holder with any ownership or other interest in the Company, the Distributor or any of their respective affiliates. The contributions in the token sale will be held by the Distributor (or their respective affiliate) after the token sale, and contributors will have no economic or legal right over or beneficial interest in these contributions or the assets of that entity after the token sale. To the extent a secondary market or exchange for trading GHST does develop, it would be run and operated wholly independently of the Company, the Distributor, the sale of GHST and the Aavegotchi ecosystem. Neither the Company nor the Distributor will create such secondary markets nor will either entity act as an exchange for GHST.