Aavegotchi: What Keeps This DeFi Game Afloat

Aavegotchi is still a top 6 Polygon app based on DeFi returns, fun NFT collection and mini games.
  • Aavegotchi moved to double-token model, using GHST and GLTR.
  • GHST recently gained Huobi exchange listing.
  • Aavegotchi runs raffle for cosmetic items based on MATIC staking balances.

Aavegotchi is one of the oldest GameFi projects which is still afloat. The game is ranked as the sixth busiest Polygon app, and took its fame from the Aave DeFi protocol. 

Aavegotchi uses the NFT staking model and tokenization to offer passive income. But the game did not stop there, instead also building toward a metaverse and offering diverse types of NFT. The latest game upgrades also include a metaverse world and accessorizing items. 

The game has now opened MATIC staking in exchange for a large airdrop of decoration items. 

Due to staking, the Aavegotchi game has a relatively high balance per player count. The DeFi game locks in$430.32K in value, on top of 6.8K daily players. This is just the game balance, with additionally more than $11M locked through GHST token. 

GHST Outperforms P2E Assets with Limited Losses from Peak

The GHST asset is the chief source of value flows in the game. The asset recently gained a Huobi Global exchange listing, boosting its liquidity and the potential to cash out of the game. 

GHST has also preserved its value surprisingly well given how the bear market affected other P2E games. GHST is at $1.48, down about 50% from its peak in November 2021. The token also boasts a Binance and Kraken exchange listing, getting ahead of less liquid tokens. The Binance listing boosted the game’s success, also allowing the GHTS token to be withdrawn directly in its Polygon network version.

The other source of liquidity are the Aavegotchi unique characters, which grant more earnings potential based on their rarity features. In addition to staking, reselling or lending, Aavegotchis can participate in mini-games.

Minting and Using the GLTR Token

At the end of May, the Gotchiverse added GLTR, another asset tied to the gameplay. With GLTR, players can speed up their metaverse progress and crafting tasks.

GLTR can be earned by staking GHST, and then the newly earned tokens can be staked again. GLTR is a token specifically created to speed up Aavegotchi crafting. Initially, around 10% of all GLTR will be sent to stakers, with 90% of the supply having a long-term 30-year schedule to distribute all tokens.

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