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Aavegotchi (GHST) is the governance token of the Aavegotchi NFT gaming protocol. Holders of GHST gain voting rights in AavegotchiDAO, which manages the protocol, its main game the Gotchiverse, and Aavegotchi NFTs. Aavegotchis are pixelated ghosts using the ERC-721 standard, with metadata that changes based on user interaction. Their value and rarity depend on a collateral stake, traits, and wearables. The collateral stake involves an escrow holding Aave-backed aTokens that generate yield. Traits are random at birth and influenced by kinship and experience. The name combines Aave, meaning 'ghost' in Finnish, with the token ticker spelling 'ghost' without the vowel.

Aavegotchi was created by Pixelcraft Studios, based in Singapore. Jesse Johnson serves as co-founder and COO, having previously held roles in business development at companies like China Intop Exhibition Co and ZB Group. Coder Dan is co-founder and CEO. Stani Kulechov, founder of Aave, was the initial advisor. Aave invested in Pixelcraft Studios in November 2020. The mainnet launch was originally set for January 4, 2021, but was delayed to March due to high Ethereum fees, leading to a move to Polygon. On March 20, 2023, Pixelcraft announced a $30 million token sale using a DAICO model, which began on September 14, 2020.

Each Aavegotchi NFT holds an escrow contract containing its Spirit Force, which is a balance of yield-generating aTokens from Aave. This balance grows over time due to interest. The minimum Spirit Force is set by the base rarity score. Opening a Portal generates ten Aavegotchis with unique traits, but only one can be summoned; the rest are burned. Traits are determined by Chainlink VRF, an on-chain random generator, and contribute to the base rarity score. These traits also affect performance in the Gotchiverse. To summon, users must stake the required Spirit Force, which remains fixed, though no upper limit exists. Removing the minimum ejects the Aavegotchi to the Nether Realm, burning the NFT and returning collateral.

Aavegotchi introduced several innovations in NFT gaming. It was the first major NFT protocol on Polygon. The protocol has distributed millions in rewards via Rarity Farming, a play-to-earn system that rewards engagement in rarity, kinship, and XP. The Gotchiverse game, live since March 2021, lets players use Aavegotchis as avatars to explore, build, and earn. It launched four ERC-20 tokens (FUD, FOMO, ALPHA, KEK) as resources for crafting installations, plus GLTR to speed up crafting. Another unique feature is Gotchi lending, allowing NFT rentals.

The maximum total supply of GHST is approximately 52,747,802 tokens, after closing the bancor bonding curve that adjusted supply. The allocation includes 5 million GHST from a private sale, 500,000 from a pre-sale, an unlimited public bonding curve sale (closed via AGIP-64), 1 million for the ecosystem fund, and 1 million for the team fund.

Aavegotchi operates on Polygon, which uses a proof-of-stake (PoS) consensus. Validators stake MATIC tokens as collateral and earn MATIC rewards. The Aavegotchi smart contracts are open source for public review and have undergone multiple audits by reputable firms. Since launch, there have been no exploits.

GHST is available on major centralized exchanges such as Binance, Crypto.com, Kraken, OKEx, MXC, and Bilaxy, paired with various cryptocurrencies. It is also tradable on decentralized exchanges like Quickswap and Uniswap.