‘AAVE’ you got an AAVEgotchi for Christmas?

No? Well, neither has….anybody…

…since these little blockchain ‘de-fi’ ghouls are set for release into our world just after New Year. First, their ‘portals’ must open. Which means there’s still time to find out about these ‘crypto-pet’ gremlins... and they look set to become a lot more fun — and valuable — than a Tamagotchi ever was.

[Note: it helps to know what an NFT exactly is. You can read(+watch) more at Ade’s Press.]

First, what is AAVE?

Finnish for ‘ghost’, this Singapore-based project is a major player in the crypto space. It’s a dapp (a secure, decentralised application) where you deposit cryptocurrency and earn interest. This also acts as collateral, allowing you to borrow more. If the value of your collateral rises, then you can pay off your loan easily.

AAVE has grown to become a massive player in the rapidly-evolving Ethereum ‘De-Fi’ realm where there is currently already a market size of over $88.5m locked up just in its version 2 market. It is also known to be one of the most secure and trusted dapps. Just head over to the site and login with your MetaMask etc. browser wallet to check out what cryptos you can deposit and start earning a return. Hint: It’s a lot better (and more secure) than a bank, in these troubled times.

By the way, there is also a token ($AAVE) which you can stake to earn passive income rewards, since this is a governance token and also helps to secure the protocol. Note: there are risks with staking AAVE, in that it’s also designed to be used to protect the project, if there should be a market crash etc.

Now, what is AAVEGOTCHI?

AAVEGOTCHI is a new project which makes AAVE more interesting. It allows your AAVE deposits (the aTokens you receive representing your interest-bearing collateral for a certain cryptocurrency) to take the form of tradeable NFT-style graphical creatures!

[By the way, these (Ethereum-based) interest-bearing aTokens can also be bought and sold on dexes like Uniswap.]