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Phil Hall
Phil Hall
May 17, 2021
News

Aavegotchi Announces ERC-20 Wallet Feature On Polygon

Aavegotchi offers a unique blend of NFTs and DeFi, but this month they announced that their pixelated frens will function as a wallet.
Aavegotchi Announces ERC-20 Wallet Feature On Polygon

Aavegotchi offers a unique blend of NFTs and DeFi, but this month they announced that their pixelated frens will function as a wallet and can hold an unlimited amount of ERC-20 tokens. Users may currently deposit any ERC-20 token into their fren, with withdrawals being added in a future update. Non-transferable 'baadges' have also been added to showcase certain achievements.

Every Fren, or Aavegotchi, has an escrow contract that enables the deposit of ERC-20 collaterals. As opposed to standard wallets, users store their tokens within the Aavegotchi NFT. Right now, only GHST may be withdrawn, but the withdrawal functionality is on its way for other tokens as well. The Aavegotchi team refers to the new feature as the Gotchi Pocket, and it is the first NFT wallet to exist on the Polygon blockchain. 

Aavegotchis have another feature that isn’t as well-known, but just as important - holding ERC-1155 NFTs. They’re known as 'baadges' (that’s not a typo) and they cannot be transferable out of the Aavegotchi once deposited. 

The purpose of badges is to highlight notable accomplishments and help build a digital identity. While actions within dapps will probably determine which badges someone gets, the badges themselves end up directly inside the Aavegotchi. A badge will show what the pixelated ghost and its owner have accomplished, for example:

  • Participating in a notable DAO vote
  • Volunteering in an event
  • Repaying an Aave loan
  • Adding liquidity to a pool

Both of the new features, badges and wallet functionality, add up to one conclusion: they’re building a Web3 avatar.

Aavegotchi aims to become Web3 avatar

We all know that Web3 will revolutionize the internet. Aavegotchi wants to be a central part of that. Using an Aavagotchi to hold ERC-20 tokens along with possessing non-transferrable badges means that users will have a unique Web3 identity. 

The Aavegotchi team directly states that they’re heading this direction. While they focused the announcement on the new features, they also mentioned a larger goal. You can read the full announcement on the Aavegotchi team’s Medium post

What is Aavegotchi?

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. You could see an Aavegotchi ghost as a modern piggy bank that generates interest while wearing cool pixelated items. The money backing the ghost will always be there. And adding rare NFT wearables increases its performance and therefore makes it more valuable.

With GHST Aavegotchi has a newly announced eco-governance token. Users can acquire GHST through Uniswap and other exchanges, or 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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Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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