GHST is the native utility token for the Aavegotchi ecosystem. This ecosystem includes a crypto collectible game where players stake non-fungible token (NFT) avatars called Aavegotchis (the plural of Aavegotchi). The name references “Tamagotchi,” while “Aave” is the protocol behind the system. Aavegotchis live on the Ethereum network as ERC-721 tokens and run inside the open-source Aave protocol. The platform uses a Proof of Stake consensus mechanism. ERC-721 is also the standard behind other collectible crypto games, including CryptoKitties. The value of Aavegotchi depends on multiple factors and can be boosted through different activities, with Rarity Farming being one of the most common options and featuring in-game tasks and mini-games. 

The project was established by Pixelcraft Studios in 2020. The team includes specialists with substantial experience in decentralized finance, NFTs, and crypto games. Legally, the organization is named Pixelcraft Studios Pte. Ltd. and is headquartered in Singapore. The CEO, Jesse Johnson, also created the Bullionix platform, described as the first NFT backed by gold. Several team members work under pseudonyms, including a co-founder known by the nickname Coder Dan. 

What are GHST’s key features and how does it work?

The Aavegotchi platform is more than a standalone game or an NFT marketplace. For instance, every Aavegotchi is linked to an escrow contract address that holds Aave-backed ERC20 collateral. When users deposit other tokens into the system to interact with Aavegotchis, those deposits translate into added value. In addition to interest, participants can earn rewards. 

Even though Aavegotchis are NFTs on Ethereum, the GHST token runs on the Polygon sidechain, though multiple bridging methods are available. GHST functions as in-game currency and can be used for a range of activities: 

The platform’s value comes from its technical design, the technology it employs, and its real-world use cases. By combining the strongest components of blockchain-based gaming with DeFi protocol mechanics, Aavegotchi aims to deliver broad utility and meaningful value.

There is an active in-game market where users can buy and sell Aavegotchis, along with in-game items, products, and NFTs. 

All of these activities rely on the GHST token. When you stake GHST, you receive FRENS as in-game points. FRENS can only be used to purchase in-game items. GHST tokens may also be gained through in-game actions, as well as via voting and interaction within AavegotchiDAO. 

Security for the Aavegotchi NFTs is provided by the Ethereum blockchain, while GHST’s usage benefits from Polygon’s sidechain capabilities, creating a stronger multipurpose setup inside the ecosystem. Using Polygon instead of Ethereum for GHST helps support lower transaction fees and improved scalability. Polygon is described as sufficiently decentralized for the project’s needs, and its current performance is considered adequate for Aavegotchi’s future goals, especially compared with potential slowing effects from Ethereum 2.0 limitations.

To move tokens between blockchains, users must employ a bridge. An official Aavegotchi Bridge exists, and there are also multiple third-party decentralized bridging solutions. 

A portion of GHST revenue is allocated to developers and then reinvested into the platform. This funding is primarily directed toward promotional efforts, including marketing and giveaways. 

Where can you buy GHST?

Aavegotchi tokens (GHST) are listed on a number of exchanges, including Binance, OKX, MEXC, Kucoin and Quickswap. They can be traded for stablecoins (USDT) and ETH cryptocurrency.

How can you store GHST?

MetaMask is one of the most commonly used options for holding GHST, since users already need to bridge ETH, MATIC and GHST, and MetaMask supports that functionality. 

Mining

While GHST tokens aren’t minable, staking options are available. Rewards are paid out in the in-game FRENS currency (FRENS are not tokens; they function like an in-game balance and are not transferable either).