|Aavegotchi||decentralized finance||Matic Network|
Aavegotchi has begun with their migration to the Matic Network as the community has accepted several development proposals. Among those new development there will be a bridge to move GHST and USDC from Ethereum to Matic in a smooth way. Aavegotchi also wants to introduce yield farming mechanics on the Matic blockchain.
Matic is a layer-2 blockchain solution on top of the Ethereum network. Such a layer-2 solution removes traffic from the Ethereum blockchain, while still using Ethereum to provide some security. In addition Matic also benefits users, as transactions cost just a fraction of the gas fees on Ethereum.
The Gotchi Bridge will be a friendly user interface that allows users to transfer GHST and USDC from Ethereum to Matic. Currently the Gotchi Bridge only allows one-way traffic, but soon the developers will also allow a move back to Ethereum. Users can stake their GHST on Matic to earn FRENS points, while there’s also an option to be a liquidity provider for the GHST/USDC pair on exchange platform QuickSwap.
Starting from January 29th Aavegotchi will launch a big incentive to make people move over to Matic. There will be 100 thousand dollars worth of GHST, MATIC, QUICK and FRENS points. These rewards can be farmed until February 12th.
Aavegotchi delayed because of gas fees
Originally the decentralized finance digital game pet Aavegotchi was meant to release at the beginning of January. However, gas fees on the Ethereum blockchain were so high, that even petting your little digital pet would cost a few dollars.
Aavegotchi on the Matic Network will come without any gas fees, faster transactions and the developers promise an improved gaming experience. Aavegotchi follows other projects to the Matic sidechain, like for example SkyWeaver, Neon District and MegaCryptoPolis.
What is Aavegotchi and how do I get one?
Aave is the Finnish word for ghost. An Aavegotchi is a cute little pixelated ghost that has several traits. First of all, there’s financial collateral backing the existence of the little ghost. In addition these ghosts have random traits, they can wear clothes and others items, and they come with a certain rarity level.
To acquire such a cute little ghost, you need to get familiar with the relative complexity of decentralized finance. To gain more understanding about this, please check out the official website.
With GHST Aavegotchi has a newly announced eco-governance token. Users can acquire GHST through Uniswap and other exchanges, or through the Aavegotchi platform. You buy GHST using DAI, and you need some Aave aTokens, like aDAI for example. Then you need to spend GHST to get a portal, which will give you a cute little Aavegotchi. Owners can use this little ghost in games, sell them for a profit or burn them to regain the money backing its existence.
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Robert Hoogendoorn is a gamer and blockchain enthusiast. He got in touch with crypto in 2014, but the fire really lit in 2017. Professionally he’s a content optimization expert and worked for press agencies and video production companies, always with a focus on the video games & tech industry. He’s a content manager and creator at heart, working on Play to Earn and for a variety of third party magazines and websites.