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Aavegotchi is currently a DeFi-powered NFT development game based on Aave. Its core product is a Gotchiverse Realm game based on Metaverse Play to Earn. It combines depth with traditional DeFi gameplay to create a new The blockchain game mode is quite innovative and worth looking forward to.
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Recent progress (2022.4 ~ present)
After more than 2 years of development since its launch in 2020, Aavegotchi has recently launched a number of major updates, details are as follows:
1) Turn off GHST Bonding CurveIn the early stage of the project, the teams original intention was to let users experience the product rather than short-term hype, so the release method of the bonding curve was introduced, that is, the total supply of GHST is dynamic,When investors buy GHST with DAI, new GHST is minted,
leading to an increase in the total amount of GHST in circulation and vice versa. This way, smart bots will be able to arbitrage GHST price differences between the token bonding curve and other DEXes like Uniswap and Balancer once the spread exists. Moreover, the mechanism of the bonding curve also determines that as the price of tokens rises, the cost of pulling orders will also rise exponentially.Now, after two years of development, AavegotchiDAO has sufficient maturity and liquidity to meet the project development, so the community releases proposalsClosing the GHST bonding curve decouples GHST from DAI, fixing its supply, and making GHST a free-flowing token.
*First-class warehouse note: At present, the proposal of closing the GHST bonding curve has started voting, and the voting will continue until February 26, 2023. At present, nearly 30% of the weight of GHST holders have voted for this proposal, and the support rate is 93.80% , the proposal has a high probability of passing. If the proposal is successfully passed at that time, it will be a huge change in token economics for the project, and the recent currency price trend also reflects the market’s optimistic expectations for the proposal to a certain extent.
also,also,It should be noted that the bonding curve was originally intended to support the Aavegotchi ecosystem and maintain stability, and closing the curve may cause fluctuations in the asset valuation of the Aavegotchi protocol.
In this regard, the team also has plans to provide more empowerment for GHST. For example, it plans to launch Gotchichain in 2023. As a licensed branch of the Polygon PoS network, the Gotchi ecosystem will use GHST tokens as gas fees.
2) Aavegotchi Forge is online
According to the The Aavegotchi Forge white paper, The Forge is a new mechanism of the Aavegotchi protocol where players can disassemble or smelt their unwanted wearables into material components and recombine them with new materials to create new wearable devices.
With the passing of the AGIP 61 proposal on February 14, 2023, Aavegotchi Forge will go live on February 22, 2023. The motivation for this upgrade is that the secondary market prices and sales of Aavegotchi wearables continue to decline, in order to increase the ability of players to interact with wearables and increase player engagement. Forge will introduce new ways to create and trade wearables.
The above two major events are the progress of the team with a clear release date. In addition, combined with the 2023 roadmap previously released by Aavegotchi, the teams future plans include:
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summary
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In the past more than a year, blockchain games have achieved explosive growth. According to DappRadars statistical caliber, in Q1 of 2022, there will be an average of 1.17 million unique active wallets (UAW) connected to blockchain games every day, of which 2022 The average daily number of unique active wallets in March exceeded 1.22 million. And this data only has 23,000 UAWs in Q3 of 2020, which has increased by 53 times month-on-month in the past year or so.
Aavegotchi is an NFT development game created based on Aave and empowered by DeFi. Users can participate in Aavegotchi in the following ways: 1) Pledge mining; 2) By continuously increasing the rarity of the kid to obtain 40% of the teams 3) Earn while shooting (Bid 2 Earn); 4) Earn experience points (XP); 5) Explore the Gotchiverse (by strengthening land, building devices, and PvP mode planned for the future), etc. On the whole, it provides users with different channels/levels of game interaction experience.
Most of the Aavegotchi team and consultants are experienced in the encryption circle. Secondly, the support from the Aave ecosystem in the early stage of the project is very beneficial to the development of the entire ecosystem. The projects financial library is sufficient, the code is updated frequently, and the development is stable. The overall design framework of the product is reasonable and innovative.
Starting from business data, since the launch of Gotchiverse in 2022 and the launch of the game rental system, the number of daily active users (DAU) of Aavegotchi has increased significantly. In addition, reviewing the overall development progress of Aavegotchi in the past, the project has basically been advanced according to the timetable on the roadmap, and the overall development is in good condition.
On the whole, although Aavegotchi has achieved certain results so far, it is still a long way from the top blockchain games. Whether it is the number of people in the game or the degree of community discussion, Aavegotchis influence needs to be improved. However, we see a brand new Aavegotchi 2.0 in Gotchiverse Realm, which aims to create a new type of blockchain game mode through the combination of depth and traditional DeFi gameplay, and combines the current popular play to earn games model.
On the other hand, although Aavegotchi introduced the play to earn mode in Gotchiverse Realm, the overall design inevitably has certain barriers to entry because of its deep integration with the DeFi gameplay. Whether it can effectively attract users in the traditional DeFi circle in the early stage of the project, and then gradually realize the expansion of the circle, also poses great challenges to the operation of the project party.
In summary, Aavegotchi is worth watching.
1. Basic overview
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1.1 Project IntroductionAavegotchi is aFunded by the Aave Ecosystem Fund and built on top of Aave
In Aavegotchi, the team uses three NFT standards. Aavegotchi itself is an ERC-721 standard that contains unique on-chain metadata. Aavegotchis have three attributes that determine their overall value and rarity in the Aavegotchi universe - the characteristics of the imps pet, the collateral (i.e. the number of aTokens), and the ERC-1155 standard equipment that the imp can wear. As the name suggests, the higher the rarity of the imp, the higher the price in the secondary market, and you can also get additional rewards from the project party. In addition, in addition to managing aToken, Aavegotchis has also expanded the ERC-998 combination standard, and users can manage sub-NFTs together, that is, wearable equipment in the Aavegotchi ecosystem.
1.2 Basic information
2. Project details
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2.1 Team
Aavegotchi is developed by the Pixelcraft Studios team based in Singapore. According to the teams official documents, there are currently 19 people in the team. The core team profile is as follows:
Daniel Mathieu, CEO, previously lead developer of Bullionix.io (ERC 20 s NFT platform), creator of Yield Hero (a DeFi Dapp).
Jesse Johnson, core member, founder of Bullionix, co-founder of Mintable, director of ZB trading platform. His job is to work with companies utilizing DLT, blockchain, digital assets. In 2014, he published a paper on Bitcoin regulatory approaches.
Nick Mudge, core member, Ethereum smart contract development engineer, author of contract standards ERC 1538, ERC 998, technical consultant, author of Diamond Standard. Additionally, he is the creator of mokens.io for creating and trading valuable encrypted digital collectibles.
Xavier Iturralde aka xibot, Aavegotchi Art Director, Aavegotchi Imp NFT Designer.
2.1.1 Advisors
Stani Kulechov, Advisor, Founder of Aave.
Mauvis Ledford, Advisor, former CTO of CoinMarketCap (CMC).
David Fried, consultant, former designer of World of Warcraft games, Diablo II and Warcraft 3.
On the whole, most of the team are veterans in the encryption circle, and they are still expanding.
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2.2 FundingOn November 23, 2020, Aave announced that it invested in Pixelcraft Studios, the development team of the NFT collectible game Aavegotchi, and acquired a 20% stake in Aavegotchi.The investment amount was not disclosed.
This is also Aave’s first official investment after rebranding from ETHLend in 2018.As of May 31, 2022, according to official data, there are 6,251,869 GHST in the official treasury of pixelcraft,Approximately $9.48 million.
In addition, the team has also conducted many portal and land auctions, and the specific funds raised are temporarily unknown.The Aavegotchi treasury will have sufficient funds for the long-term development of the team.
2.3 Code
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Figure 2-1 Aavegotchi code base situationAs shown in Figure 2-1 above, since Aavegotchi was launched,The number of team developers is stable at more than 4 for a long time.
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2.4 Products
2.4.1 OverviewAavegotchi is aA DeFi-powered NFT development game running on the Internet. Players summon Aavegotchi from the portal by staking aTokens and interact with them in a series of ways, such as collecting, competing or combining them for the ultimate gamified DeFi experience.
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Figure 2-2 Aavegotchi imp displayIn Aavegotchi, the core gameplay of early players is to continuously increase the rarity (BRS) and level of the kid, so as to obtain higher value and realize profitability. At present, with the continuous advancement of the Gotchiverse game metaverse, Aavegotchi has gradually transitioned from focusing on GHST and kid’s play and earning to land and game play
(see 2.4.4 for details).
2.4.2 How to get Imp and its value
First, users must hold Aavegotchi’s native token GHST, and then use GHST to purchase Portal portals. The current floor price of unopened portals is 700 GHST (approximately $1057).
When the portal is purchased and opened, 10 different Aavegotchis will appear for the player to choose from. The base rarity score (BRS) is different, players can only choose one, and then mortgage the corresponding aToken according to the base rarity score (as shown in Figure 2-2 below, in order to obtain the imp with the highest rarity of 510 in the portal, you need Mortgage 1.09 aUNI deposit certificates) and inject spiritual power into it to obtain it. Players can only choose once, and after confirming the choice, the rest of the imps will be permanently destroyed.Behind every Aavegotchi ERC 721 NFT there is an escrow contract address,This address has ERC 20 collateral backed by AaveHowever, the amount of aToken actually pledged by users is often small, so the income of this part is basically negligible.
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Figure 2-3 Aavegotchi traditional door purchase page
*First-class warehouse note: Aavegotchi will sell the first batch of 10,000 portals when Polygon goes live in March 2021, and the price of each portal will range from 100-300 GHST.
On August 26, 2021, Aavegotchi will issue the second batch of 15,000 portals, of which 12,000 will be sold through auctions from August 26 to August 29, and the remaining 3,000 will be given out by lottery after the auction. According to the observation of the first-class warehouse, the price of the auction portal is mostly distributed in the range of 300-600 GHST.
At present, the above two activities have ended. Players who want to get Imps can directly purchase Imps or portals in the store (Baazaar) on the Aavegotchi platform or on the OpenSea and Rarible platforms.
The value of each imp mainly consists of three parts: Traits, pledge (aToken), and wearable equipment (Wearables).
2.4.2.1 Traits
The characteristics of Aavegotchis can be further subdivided into 3 categories: random characteristics + intimacy value + experience value, these factors will affect the rarity of the imp.
1) random features
At birth, each Aavegotchi imp is assigned a set of characteristics using the Chainlink VRF random number generator. Note, though, that Aavegotchis characteristics can change based on levels, wearables, and consumables.
Aavegotchi has 6 characteristics:
• AGG = Attack Value
• NRG = energy value
• SPK = Scary value
• BRN = Brain Rating
• EYS = eye shape
• EYC = eye color
The characteristics of the imp are determined when the portal is opened. The first four characteristics can be changed by wearing equipment, but the latter two cannot.
These feature values are distributed on a bell curve, and each feature is assigned a Common, Uncommon, Rare or Mythical value depending on its rarity . The graph below shows the acquisition opportunities for each trait:
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Figure 2-4 The acquisition probability of each feature of Aavegotchi
Unlike other games, in Aavegotchi, there is no best feature. Each attribute (except eye shape and eye color) has different effects in different minigames. For example, an Aavegotchis imp with a high stat might do well in some minigames, but not in others.
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Figure 2-5 Different imps have different attributes in the Aavegotchi mini-game
As shown in Figure 2-4 above, in Aavegotchis Gotchi the Gaatherer mini-game, different ghosts are selected, and their corresponding speed values in the game are also different.
2) Intimacy value
The kinship value is not assigned randomly, but is calculated from a fixed value (50) when the imp is summoned, and increases or decreases according to various factors. Examples include how long Aavegotchi spends with the same owner, how often the owner interacts with them, etc. The minimum affinity value is 0 , and there is no upper bound on the maximum affinity value. Intimacy is divided into 9 levels from 0-500+, from Scorned to Inseparable.
In addition, consumables such as potions can also be used to increase intimacy. Potions are limited edition consumables (each bottle of potion can increase intimacy by 2-10 points). Users can accumulate up to 1 affinity point for every 12 hours they interact with Aavegotchi. Conversely, if there is no interaction within 24 hours, 1 point of intimacy will be deducted.
Since the main purpose of most players is to capture more value by increasing the rarity of the kid, players will regularly touch the kid every day, which greatly increases user stickiness and the number of daily active users. Imps with high intimacy will also be rewarded in the rarity mining link (see 2.4.3 below for details), which will further drive players to develop the habit of regularly entering the game.
3) Experience Points
Aavegotchis gain experience (XP) by voting in the AavegotchiDAO and playing mini-games to increase their level. Every time the imp rises to 3 levels, he will get a soul point (Spirit Point), which can be used to increase or decrease a certain characteristic. The maximum level cap is 99.
It is also possible to transfer 100% of its accumulated experience to another Aavegotchi by removing the Aavegotchis collateral.
2.4.2.2 Collateral, namely the number of aTokensBehind every Aavegotchi ERC-721 NFT is an escrowed contract address that stakes an Aave-backed ERC-20 collateral (called aToken) with a minimum stake of 10 DAI. Users can take out aToken at any time, butIf the aToken is taken out, the imp will also be destroyed.
The minimum amount of pledged aToken depends on the base rarity score of the user Aavegotchi imp. The higher the score, the more collateral is required, and the maximum limit is 1000 DAI worth of collateral.
2.4.2.3 Wearable equipment (Wearables)
Wearing equipment can improve Aavegotchis characteristics and rarity score. As mentioned earlier, there are 4 characteristics that can be changed by wearing equipment:
• AGG = Attack Value
• NRG = energy value
• SPK = Scary value
• BRN = Brain RatingAt present, each imp on Aavegotchi has 7 parts that can be equipped with equipment, namely: body, head, hands, face, eyes, pet, pet tail. At the same time, in the design of Aavegotchi equipment, it often cooperates with various DeFi projects to launch equipment with high bonus points (such as: Link, Aave, Sushi, etc.), that is to say
The more experienced DeFi players are, the more likely they are to obtain more high-performance equipment.
The circulation and rarity (BRS) attribute bonuses of each equipment are shown in Table 2-2 below:
Table 2-1 Attribute bonuses of circulation and rarity (BRS) of equipment on Aavegotchi
The team also released the rarity, quantity and corresponding attribute bonuses of each different equipment on the official wiki. Interested players can click here to check.
In addition, wearing different equipment will also have corresponding voting weights in AavegotchiDAO governance. The voting power of wearable equipment (measured in GHST) is based on its rarity type/market price, as detailed in Table 2-3 below:
Table 2-2 Voting Weights Corresponding to Different Equipment Attributes
To sum up, the value of Aavegotchi as an NFT of the ERC-721 protocol is reflected in the intrinsic value of the atoken pledge and the rarity value (BRS, Rarity score) generated by Chainlink VRF.
2.4.3 Participation methods
After introducing the different value realizations of little ghosts, how do players participate in playing games in Aavegotchi?
1) Pledge mining, mainly divided into: ①Single currency pledge, ②QuickSwap LP Token, ③Provide LP for Alchemica on Quickswap and get daily GLTR reward pledge.
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Figure 2-6 Aavegotchi pledge mining interface 1
①: By staking GHST in single currency, you can get points (Frens). Currently, you can get 1 FRENS/day for every GHST or wapGHST deposited in single currency pledge.
②: QuickSwap LP Token pledge, currently supports GHST-QUICK LP Token, GHST-USDC LP Token, GHST-WETH LP Token, GHST-MATIC LP Token, after staking, in addition to FRENS, you can also get QUICK LP Token.
At present, for every 1 GHST-QUICK LP Token pledged, 30 FRENS/day can be obtained;
For every 1 GHST-MATIC LP Token pledged, 3 FRENS/day can be obtained;
For every 1 GHST-WETH LP Token pledged, 12.6 million FRENS/day can be obtained;
For every 1 GHST-USDC LP Token pledged, 75.4 million FRENS/day can be obtained.
Note: If you want to obtain an entire GHST-WETH and GHST-USDC LP Token, you need to provide several million GHST tokens to do so, so the corresponding front end shows that the available FRENS rewards are also very large, so in fact The APY difference is not that big.
The points (FRENS) obtained through staking can be exchanged for raffle tickets to draw prizes. After winning the lottery, you will get vouchers (Vouchers), which are used to exchange for the corresponding wearable equipment. But there may not be any prizes drawn. Therefore, the revenue method of winning equipment by drawing lottery tickets is not stable. For stable pledgers, they can directly choose to sell the lottery tickets they exchanged, and let others draw the lottery, avoiding the embarrassing situation of being black-faced, and guaranteeing their income.
③: Gotchus Alchemica is an ERC 20 token on the Polygon network, including four types: FUD, FOMO, ALPHA and KEK. Alchemy coins can be used to make device NFT in Gotchiverse, and make better buildings on REALM land, thus helping players to farm more efficiently, socialize, etc.This token can reduce the time of device manufacturing and further expand the advantages of mining alchemy coins.
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Figure 2-7 Aavegotchi pledge mining interface 22) Rarity Farming.This is a new type of game mechanic advocated by Aavegotchi. All portals, wearables, consumables, and other platform items from Aavegotchi
40% of the revenue will go into the rare mining bonus pool, which will be used to reward players with higher rarity GHST tokens to encourage players to cultivate imps.
Players need to work hard to increase the rarity of the Aavegotchi imp to get more rewards.
Composition of rarity = base rarity score (BRS, Base Rarity Score) + absolute rarity score (ARS, Absolute Rarity Score)
Among them, the basic rarity score = the basic attribute (Traits) of the imp + the equipment worn
The absolute rarity score is determined according to the proportion of the imps characteristics in the entire network. For example, if the imp on the player has a certain characteristic, and only 5% of the imps in the entire network have this characteristic, then this trait will empower the imp with 95 points.There are three types of players who can earn GHST rewards:Aavegotchis rarity, intimacy value, and experience value rank the top 5000 users respectively,
Rewards are distributed in order from high to low scores.
The rarity mining of the second season will start on October 12, 2021, and will last for 4 rounds, each round will last for 2 weeks, and a total of 3 million USD worth of GHST will be used for incentives.
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Figure 2-8 Aavegotchi imp rarity distribution
Note: The cut-off date of the data in Figure 2-8 above is August 31, 2021. The website is temporarily unavailable at present, and the above is for reference only.The acquisition probability of each feature of Aavegotchi is normally distributed, but what is interesting is that the current distribution of the rarity of goblins is obviously deviated to the right (rare attributes), as shown in Figure 2-6 above. This also reflects that most players are working hard to increase the rarity of the imp in order to obtain more token rewards for rarity mining.
But this will also lead to a situation where it is difficult for latecomers to counterattack after early players maximize their performance.
The rarity and level of Aavegotchi imp determine the rewards users can get in the game. Unlike other NFT games, rarity is not a fixed value in Aavegotchi. As Aavegotchis level up and change gear, the value of the rarity changes. This also in a disguised form encourages players to continuously participate in and interact with the game. There are some innovations in the gameplay, but correspondingly, if players want to get a higher ranking, they need to invest more time and money.
3) Bid 2 Earn"Bid 2 Earn is a new earning category recently created by Aavegotchi. In a typical NFT auction, only the final buyer"win
The NFT was sold, while other bidders returned without success. And the Bid 2 Earn auction is Aavegotchis solution.
Bid 2 Earn auction is a typical British auction, the price is bottom-up, but it has an innovation: every time you bid more than the previous round of bidders, you will get a certain percentage reward, this reward may be your bid 10%, or even higher.
Thanks to this auction model that benefits everyone, it has promoted the enthusiasm of the community to participate, and it has also allowed Aavegotchis Gotchiverses first round of land auctions to reach a total bidding turnover of approximately US$100 million.
4) Earn Experience Points (XP)
Earn XP by playing Aavegotchi minigames, voting in DAO, participating in online meetings, etc. By earning XP, leveling up and increasing the Aavegotchis rarity players can compete for even more rewards.
2.4.4 Gotchiverse Realm
From the perspective of GameFi, Aavegotchi focuses on NFT+DeFi. The concept of Aavegotchi is to use the loan certificate aToken in Aave to synthesize Aavegotchi ghosts. Ghosts can interact and compete in the game. Behind each ghost NFT is an Aave loan certificate. In the early days, with innovative concepts, it attracted a group of participants. In the early stage of Aavegotchi, more of it is biased towards DeFi, more like a collection and development game, without the Game part. With the continuous advancement of the project’s flagship product, the Gotchiverse game metaverse, Aavegotchi has gradually shifted from focusing on GHST and kid’s earning money to land and game play, as detailed in the following description.
Gotchiverse Realm is a 2D pixelated metaverse built on Aavegotchi and co-created by the community with direct input from AavegotchiDAO. In Gotchiverse, players can craft NFTs, explore, socialize, and Play to Earn. At the same time, Gotchiverse is also the flagship work of Pixelcraft studio. The team disclosed the white paper of Aavegotchi Metaverse Realm (Realm) in June 2021, and the game will be launched in Alpha version on March 31, 2022.
• Game background introduction
According to the team’s narration in the white paper, Gotchiverse Realm is a new continent (metaverse) with a story background setting:
Players will continue to write this great legendary story and lead the brave Aavegotchis to start a battle for resources with the liquidator in this land.
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Figure 2-9 Gotchiverse Realm world tileFrom the above game background of Gotchiverse Realm, we can see that in the MetaverseThere are two main roles: Aavegotchis and Liquidators.
In the game, players can choose to play the role of an imp who defends Gotchiverse resources, or they can choose to become a liquidator to plunder resources.
•Gameplay
Aavegotchis, one of the earliest GameFi projects, continues this tradition by introducing yielding land in the Gotchiverse Realm. Owners of REALM plots (ERC 721 NFT, total 420,069) can let their little ghosts (or hire other peoples little ghosts) to farm, thereby producing a large amount of resources - Alchemy coins (Gotchus Alchemica, ERC-20 generation currency). These resources can be used to make corresponding game devices (Installations).Gotchiverse is an open game world, and the team expects the exploration of the game world to take at least 5 years.Players can participate in various activities such as farming, crafting, trading and fighting.Players can communicate with surrounding players through text. There are also many devices that help players socialize. For example, the antenna can establish voice chat; the guild system helps players with the same goal to unite together to mine land resources more efficiently. While there are no victory conditions or game over scenarios, Gotchiverses one
The primary objective is to collect Alchemica to strengthen your lands to produce more yields, and to build defensive structures (device) in preparation for the Reckoner invasion foretold in the prophecy.Players with liquidator points can choose to play the role of liquidator. Liquidator points can be obtained by completing tasks, recommending friends, participating in airdrops, or purchasing directly with GHST.
Liquidators are conceived as free entry points to the Gotchiverse Realm with no supply cap.
In addition, the arena in the Gotchiverse allows players to engage in PvP battles and rob opponents of their spiritual value in battle royale. Reckoners can earn rewards by fighting in Phantastic Grounds.
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Figure 2-10 Gotchiverse gameplay overview
The simple understanding is that players with imps can realize income by farming the land in the Gotchiverse Realm, while civilian players can choose the liquidator camp to collect alchemy coins overflowing from the imp players land mining, or choose to plunder the imps devices to realize profits. In addition, you can compete with others by participating in large-scale resource scrambles or jamming your imps in the arena.
• Game economy
So how to cultivate your own land in Gotchiverse Realm to produce alchemy coins?First, the Alchemy Coin Gotchus Alchemica (ERC-20) consists of four different elemental tokens from the Gotchiverse: FUD, FOMO, ALPHA, and KEK. they can be combinedproduction device, these devices are ERC-1155 NFTs that can be used to upgrade equipment on land, improving the gaming experience in all game modes. In addition, it can also be used to make Aesthetica NFT to decorate the players land (similar to the effect of RPG game skin, only for viewing, no additional attribute bonus). Alchemy coins can be exchanged through the decentralized exchange independently developed by GotchiverseBuy and exchange GHST tokens.
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Figure 2-11 Distribution of four different elemental tokens in Gotchiverse
Before Gotchi Aaltar officially investigates the plot, it is impossible to know the exact number of alchemy coins (similar to opening the blind box). Therefore, the team provided estimated data on the concentration of alchemy coins (token production) in each region. This data is only for the first stage and does not include the subsequent second and third stages. Details are as follows:
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Figure 2-12 The average output of alchemy coins in each REALM plot
There are three ways to get Alchemy Coins:1) Underground farming (Farming, from underground),
Players construct the designated device in the game—the alchemy harvester, and passively accumulate alchemy coins. This part of the reward will be divided into three parts according to the ratio: directly distributed to the player, spilled to the nearby land (for collection by imps and reckoners), and Stone Gate Reserve (reward for large-scale resource scrambles).2) Exploring (from Surface),
Imps and liquidators can wander around the map to collect alchemy coins overflowed during the mining process of the Alchemy Harvester.3) Channeling (from space),
There are currently two types of channels: alchemy channels and guild channels.Alchemical Channeling (or Gotchi UBI),Aavegotchis can enter the alchemy coin channel through the alchemy tower on the Realm owned by their owner, and then get some alchemy coins through the friendship value of the imp.The specific amount depends on the kids kinship level, the higher the level, the more alchemy coins you can get,
Among them, the relationship between the output of alchemy coins and the intimacy value:And an imp can choose a channel every 24 hours. But it should be noted that: the profit obtained will be divided into two parts, one part belongs to the owner of the imp, and the other part overflows to the surface, and the overflow will decrease with the upgrade of the Altar on the land. level, the overflow rate will drop by 5%. In addition, the channel time will also be shortened with the cooling time required to upgrade the alchemy tower. If it reaches level nine, the kid can channel once an hour.
Think of Alchemy Pass as the basic perk that Aavegotchis get.Public/Guild Channel (Guild Channeling, or Communal Channeling),
If the game guild wants to open the guild channel, it must first establish a guild loft (Gotchi Lodge), and secondly, it needs to wear the guild badge. Guild badges are divided into two categories, Wearable Crests and Insignia Crests, the former granting access rights and the latter granting access. The guild ceremony can be held once a week, but the guild can also speed up the frequency by consuming GLTR (GAX Liquidity Token Reward) (see the description below for details).
The profit that can be obtained from the guild ceremony is related to 3 key factors, namely the base profit (20 FUD, 10 FOMO, 5 ALPHA, 2 KEK), the number of attendees and the rarity of the wearable badge. Calculated as follows:
More details can be found at: https://blog.aavegotchi.com/gotchiverse-bible-chapter-3/
Note: To participate in the public access event, each Aavegotchi must wear the relevant badge and be present on the land during the event. Each additional Aavegotchi that participates in the public passage ritual will grow alchemy coins faster.
What else can players get in Gotchiverse?
In addition to the above-mentioned methods of earning alchemy coins, players can also choose to become a landlord and rent out the land to others, or rent out their Aavegotchis to enjoy passive income.
Note: Aavegotchis leasing function will be officially launched on March 31, 2022. Gotchi lending allows players to lend all their Aavegotchi NFTs to other players. The owner can set the relevant fees for lending the kid, including the loan period, income distribution, etc. And these operations are all carried out on the blockchain.
Additionally, one of the most attractive features of the Gotchiverse is the ability to build NPCs in the form of dApps on land. This means players can build anything they like. Whether it’s a mini-game DApp that charges players, or a DApp that sells NFT artwork, or hosts a radio show and gets some sponsorship income, etc. If a player can build and monetize a DApp, it can be used to earn income in the Gotchiverse.
Since the alchemy coin is an ERC-20 token that can be freely traded in the market, it can be freely traded in the market. The game will also launch a DEX called Gotchus Alchemica Exchange (GAX), an alchemy exchange disguised as an NPC by a smart contract, which will initially support all Alchemica/GHST trading pairs (as shown in Figure 2-9 below).
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Figure 2-13 Alchemica/GHST trading pairTo encourage players to provide liquidity to the Alchemy Exchange Gotchus Alchemica Exchange (GAX), LP providers can be rewarded with GLTR tokens.Key Benefits of GLTR
Is a device that allows Gotchiverse players to speed up crafting and leveling up their gear by burning GLTR, allowing them to level up faster. It can also serve as the primary token required for wearable badge auctions; guilds can also choose to burn GLTR to speed up the time to their next guild channel transfer. According to the teams disclosure, GLTR will be given more game utility in the future.
As we mentioned above, alchemy coins are the most important game resource in Gotchiverse Realm. Players can exchange GHST tokens for various alchemy tokens through GAX to realize a closed-loop token economy:Players collect alchemy coins → strengthen the land, build devices or consume GLTR to speed up the construction of devices → obtain higher output → exchange for GHST to realize benefits,
Gotchiverse Realm is conceptually similar to Decentraland and Sandbox sandbox games, and combined with the current hot Play to Earn economic model, we can see that in terms of playability, it is more difficult to increase its rarity than the simple cultivation of ghosts before. a greater improvement.
Summarize:
Most of the Aavegotchi team and consultants are experienced in the encryption circle. Secondly, the support from the Aave ecosystem in the early stage of the project is very beneficial to the development of the entire ecosystem. The projects financial library is sufficient, the code is updated frequently, and the development is stable. The overall design framework of the product is reasonable and innovative. Although the gameplay of Gotchiverse Realm launched this year may be a bit complicated when you first come into contact with it, Gotchiverse is currently one of the few chain games on the market that fully integrates the operation experience on the chain. In addition, the corresponding lending system has also been launched. The overall progress is good .
3. Development
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Table 3-1 Major events of Aavegotchi
3.2 Status
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Figure 3-1 Aavegotchi historical data statisticsThe data in Figure 3-1 above is calculated by DappRadar, which reflects the current AavegotchiNumber of daily active users (DAU)
Roughly around 7,000 people. Since the launch of Gotchiverse in 2022 and the launch of the game’s rental system, Aavegotchi’s daily active users have seen a significant increase in the first and second quarters of this year.
However, at present, most of the transactions on Aavegotchi are small and frequent transactions, and the overall transaction amount is not large.
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3.3 Future
Previously, the team disclosed in the community that there are several key milestones that the team intends to achieve in 2021, all of which have been completed or delivered on time:
1) List GHST on the Aave Polygon lending market (completed);
2) Plan to develop NFT mortgage lending, that is, to lease Gotchi to gold-making users. Users can participate in the game without purchasing NFT assets, and earn GHST and alchemy coins that will be shared with the lessor at a specific profit ratio (completed) ;
3) Launch of Aavegotchi Aarcade - a community-created ecosystem of Play To Earn mini-games (continuous development);
4) Launch Aavegotchi DAO with more comprehensive functions (specific functions not disclosed).
Phase 1 (2021 Q2-Q4)
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Figure 3-2 Aavegotchi Phase 1 Roadmap
1) Aavegotchi NFT bridge from Polygon to Ethereum (completed).
2) The second Haunt event and NFT auction, the second batch of 15,000 portals will be issued on August 26, of which 12,000 will be auctioned from 22:00 on August 26 to 22:00 on August 29 The remaining 3,000 will be given out by lottery after the auction. Additionally, a second round of auctions will offer at least 36 wearables of varying rarities (completed).
A total of 2,872 people participated in the auction, the number of auctions reached 112,000, and the total payment amounted to 854,000 GHST.
3) Launch Aavegotchi Aarcade mini game center, players can play mini games built by third-party developers directly on Aavegotchi (continuous development).4) The closed beta version of Aavegotchi Gotchiverse REALM is online (2021 Q4).
Phase 2 (2022 Q1 – 2023 Q4)
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Figure 3-3 Aavegotchi Phase II Roadmap
1) Aavegotchi mobile version beta version is online.
2) Sale of REALM public lands (first round of auction completed).
Phase III (2024 Q1 – Future)
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Figure 3-4 Aavegotchi Phase 3 Roadmap
1) REALM public land sales.
3) Launch Aavegotchi hardware wallet.
Summarize:
Summarize:
However, in view of the current cooling of the popularity of multiple sectors of cryptocurrency, more attention should be paid to Aavegotchis operations and overall business data in the next six months, so that it will be more valuable for reference.
4. Economic Model
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4.1 Token Distribution
Aavegotchi will adopt a dual-token mechanism in the future: 1) governance token GHST; 2) Alchemica in the Gotchiverse game.
• Governance Token GHST
The governance token of Aavegotchi is GHST. As of May 31, 2022, the current total number of tokens is about 53,707,138.
Note that GHST token issuance adopts the bonding curve model, and the total supply is dynamic. When investors use DAI to purchase GHST, new GHST will be minted, resulting in an increase in the total amount of GHST in circulation, and vice versa. The initial distribution scheme of tokens is as follows:
Table 4-1 GHST Token Initial Allocation SchemeGHST was distributed in three phases early on. These three stages are。
Private placements, pre-sales and bonding curve sales
1) The cost price of the private sale is 0.05 DAI / GHST. The private sale will be held in August 2020. Any account that has passed KYC and reached a minimum of 20,000 DAI can join. Funds raised in the private round were allocated to Pixelcraft Studios, the company behind Aavegotchi, to ensure the successful development of the Aavegotchi game.
2) The cost price of the pre-sale is 0.1 DAI / GHST, held on September 14, 2020. The funds raised in the pre-sale are used for the initial liquidity reserve of the token bonding curve, and the reserve ratio is 100%.
3) The initial price of the bonding curve auction is 0.2 DAI, and there are no time and quantity restrictions. The current auction price is 1.52 DAI.
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Figure 4-1 Aavegotchi bonding curve
In the Aavegotchi project, the pricing method of the bonding curve is adopted. According to the mathematical function, the price of GHST will increase with the increase of token supply, and vice versa will decrease with the decrease of supply. The details are shown in Figure 4-1 above.
In the Aavegotchi project, the team adopted the Bancor formula:
Reserve Token: Refers to the token that users pledge to the bonding curve, that is, DAI.
Continuous Token: Refers to the GHST tokens received from the bonding curve when exchanging Reserve Tokens.
But on the other hand, since Aavegotchi adopts the joint curve issuance method, it will also make it difficult for tokens to rise and fall like governance tokens in other game tracks in the short term (the original intention of the team is to let users experience the product more, rather than short-term hype). Because once there is a spread, smart bots will be able to arbitrage GHST price differences between token bonding curves and other DEXs like Uniswap and Balancer. Moreover, the mechanism of the bonding curve also determines that as the price of tokens rises, the cost of pulling orders will also rise exponentially.
• Alchemica
Each elemental token has a supply cap. Currently, the total supply of FUD is 100 billion, the total supply of FOMO is 50 billion, the total supply of ALPHA is 25 billion, and the total supply of AEK is 10 billion. Details are shown in Figure 4-2 below:
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Figure 4-2 Alchemica supply and distribution
The specific distribution rules of Alchemica:1) Channel (Channeling, 25%):
It is mainly used for token rewards that players get from weekly guild ceremonies by building guild lofts (Gotchi Lodge) and wearing guild badges (see 2.4.4 above for details).
Initially, Stone Gate capacity will be 1% of the total supply, but this can be changed by AavegotchiDAO. Whenever an item is crafted in the Gotchiverse, 35% of Alchemy Coins are captured by the most important stone gate in the game. The supply exceeding the capacity will be redistributed through the alchemy coin channel instead of minting new tokens. Any alchemy coins that exceed the capacity of the Stone Gate will be recycled into the ecosystem, slowing down the rate at which new coins are minted.
2) Ecosystem allocation (Ecosystem, 10%)
Under the management of AavegotchiDAO, 10% of the total alchemy coin supply is reserved for various onboarding and liquidity activities outside of Gotchiverse. These tokens will be minted and then released through contracts over the next 30 years.
3) Game system (Gameplay, 15%)
This portion of tokens is managed by the Pixelcraft studio and the REALM smart contract. Of this 15% total allocation, 33.3% (or 5% of the total supply) will be allocated to adjacent lands containing Alchemy Coins via the smart contract acceleration system. These tokens have no release cycle, but can be minted through Gotchiverse gameplay.
The remaining 66.6% (or 10% of the total supply) will be released through the same schedule as the eco-allocation above, and will be mainly used for in-game rewards that are not allocated through smart contracts.
4) Land allocation (Parcel Allocations, 50%)
50% of Alchemy Coins have been earmarked for the three phases of the land rollout of the Gotchiverse and subsequent replenishments.
Currently Phase 1 will allocate approximately 25% of the total supply, while Phases 2 and 3 will allocate 15% and 10% respectively.
Average Alchemy Coins per Land"with Aavegotchi in"Portal
At present, the drop probability of Alchemica is not constant, but according to the information disclosed by the team, in April 2022, the approximate drop numbers of Aavegotchi are 15 million FUD, 7.5 million FOMO, 3.75 million ALPHA and 1.50 million Wan Kek.
4.2 Analysis of currency holding addresses
Figure 4-3 Analysis of GHST holding addresses on Ethereum
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Figure 4-4 Analysis of GHST holding addresses on Polygon
As of May 31, 2022, there are 7,280 GHST holding addresses on Ethereum; 104,451 GHST holding addresses on Polygon.
The huge difference in the currency holding addresses on the two chains also reflects that most users currently interact with Aavegotchi through Polygon. Thanks to the smooth operation experience on the Polygon chain, it also brings more benefits to Aavegotchi. user.
From the perspective of currency holding addresses, the current top 100 GHST holdings on the Ethereum chain account for 97.43%. Among them, the top 10 currency holding addresses of contracts and exchanges accounted for 86.98%. After deducting these two parts, the total proportion of the top 100 addresses is 8.19%.
Combining the situation of the two chains, the holding ratio of the contract address is deducted. On the whole, the holdings of GHST are relatively scattered.
Figure 4-5 GHST currency holding address holding days (left picture: Ethereum chain; right picture: Polygon)
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According to the above figure, more than 90% of GHST tokens have been held for more than 90 days. The number of newly added currency-holding addresses on the Ethereum chain within 90 days is very small; the number of new currency-holding addresses on Polygon within 90 days is relatively good, but the ratio of token holdings is relatively small, which shows that Aavegotchi has relatively low interaction activity on the chain recently. High, but mainly small transactions.
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4.2 Token Function
• Governance Token GHST
GHST is the ERC-20 native token in the Aavegotchi ecosystem, and currently has the following use cases:1) Pay:
GHST is used as the base currency for purchasing various digital assets such as Aavegotchi portals, wearables, consumables and collectibles, etc.2) Mortgage:
Stake GHST, get FRENS, buy raffle tickets and win raffle prizes.3) Governance:
GHST will be rewarded to users who participate in governance activities within AavegotchiDAO.4) Incentives:
In order to more intuitively demonstrate the role of GHST in the entire ecology, you can refer to the value flow diagram of the Aavegotchi ecosystem made by community members, as shown in Figure 4 below:
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Figure 4-6 Aavegotchi ecosystem value flow diagram
From Figure 4 above, we can clearly see that in the Aavegotchi ecosystem, users first interact with the bonding curve by staking tokens into the bonding curve reserve pool to mint GHST tokens. GHST can be exchanged for Aavegotchi portals, wearable equipment, consumables, etc., and part of the transaction fees earned will go into the community governance treasury. To incentivize community governance, a portion of the profits from sales through GHST will be rewarded to AavegotchiDAO participants. In addition, players who participate in Rarity Farming and achieve corresponding rankings will also be rewarded with GHST tokens.
Alchemica will be used to make devices that enhance REALM land to increase farming income. And the Aesthetica is used to dress up lands and other special edition NFTs. The role of the device in the game is to help Gotchis farm, socialize, and defend the players land. Each Alchemy Coin has a unique purpose in the Gotchiverse, and can be used alone or combined with other Alchemy Coins during crafting to form contraptions.
Summarize:
Summarize:But on the other hand, because Aavegotchi adopts the joint curve issuance method, it will also make it difficult for tokens to rise and fall like governance tokens of other game tracks in the short term. Because once there is a spread, smart bots will be able to arbitrage GHST price differences between token bonding curves and other DEXs like Uniswap and Balancer. But this also avoids the speculative profit phenomenon of short-term players to some extent.
5. Competition
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The game track to which Aavegotchi belongs is currently only a DeFi-powered NFT development game based on Aave.
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5.1.1 Status Quo of Chain GamesAccording to the latest data from DappRadar,In Q1 of 2022, an average of 1.17 million unique active wallets (UAW) are connected to the blockchain game every day,2% lower than the daily average in the fourth quarter of last year, it should be noted that theThe average daily number of unique active wallets in March 2022 exceeds 1.22 million.The chain has increased by 53 times, achieving explosive growth.
Figure 5-1 The number of blockchain game users has remained at around 1.17 million in the past six months
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Figure 5-2 Comparison of the number of active wallets on the chain vs active wallets in chain gamesAs shown in Figure 5-2 above, by comparing the active wallet on the chain with the active wallet on the chain game, it can be seen that
At present, chain games have accounted for 52% of on-chain activities.
