According to its whitepaper, Aavegotchis are unique crypto-collectibles residing on the Ethereum blockchain. They are supported by the ERC721 standard adopted in modern blockchain games such as Cryptokitties, Axie Infinity, and Cryptovoxels.
Aavegotchi intends to connect the DeFi world with non-fungible tokens (NFTs), the two most exciting opportunities within the crypto industry. Aavegotchi allows users to build rare collectibles that they create by staking DeFi assets as collateral. These DeFi assets are stored in the Aave lending platform. Here we will take a look at what GHST is and how to stake it.
What is GHST?
GHST started as a DAICO (DAO+ICO). A DAICO is a DAO ruled token sale, where the collected funds are governed by the community. GHST is specified to be a DeFi-approved crypto-collectibles scheme that enables users to gather, play, and join their Aavegotchis for a gamified DeFi action.
According to its whitepaper, $GHST is the standard utility token of the Aavegotchi ecosystem, and must be utilized to obtain Portals, wearables, and consumables. A share of all transactions comprising $GHST token will be delivered to AavegotchiDAO members to incentivize a smart decentralized governance. $GHST will also be farmable through scarcity farming – i.e. training Aavegotchis to have the highest possible rarity in the Aavegotchi universe.
How to Stake GHST?
As mentioned earlier, in farm GHST tokens, users can get rewards in GHST tokens by preparing their Aavegotchis within the game. This is similar to liquidity mining. GHST is the platform’s primary token, essentially utilized for purchasing and exchanging various NFTs within the ecosystem. Moreover, GHST aims to be a governance token for when the platform changes to being AavegotchiDAO. Currently, staking is supported on the Ethereum Kovan testnet, not on the mainnet. But the rewards will remain valid once staking is launched on the mainnent. Here’s a step by step guide on how GHST staking works:
Step 1: Go to Aavegotchi’s staking page
- On the Aavegotchi website, go to stake and connect your wallet to the Kovan testnet
Step 2: Kovan tokens
- To stake, users will need Kovan ETH (kETH) and Kovan GHST (kGHST). Both can be obtained for free from this faucet.
Step 3: Connect your wallet
- In order to complete this, it is important to connect the wallet. This can be done by scanning the QR code with a WalletConnect-compatible wallet.
Steps 4 to 8: Collect FRENS
- Next, Click the “Stake on Kovan” button to begin staking on Kovan
- After this, click on “Approve GHST” and validate that transaction to allow your GHST to be staked
- Once the GHST is verified, insert the amount of GHST you’d want to stake and click the “Stake GHST” button and then confirm the transaction
- Once the GHST has been staked, users will begin noticing their FRENS going up in real time
- If users want to exit the staking contract, this can be done by simply clicking “Withdraw GHST” and it will remove all of the staked GHST and users’ FRENS points remain
What are FRENS and what will users earn?
FRENS are non-transferable points that exist only within the GHST staking contract. Their main objective is to be used to purchase Aavegotchi Wearable Raffle tickets. There are six separate raffle ticket models, one for each wearable rarity level. These are as follows:
- Common: 50 FRENS
- Uncommon: 250 FRENS
- Rare: 500 FRENS
- Legendary: 2500 FRENS
- Mythical: 10,000 FRENS
- Godlike: 50,000 FRENS
The FRENS can be turned into transferable ERC1155 raffle tickets in the Aavegotchi Shop. Each GHST staked will give the user 1 FRENS per 24 hours on the Kovan testnet. Soon, the platform will be declaring an L2 pool with higher incentives.
Best of luck frens.