Stake GHST, Make FRENS!
Staking refers to the process of locking up your cryptocurrency in return for rewards. This is no different in the Aavegotchi project. The native token, GHST, can be staked in the Staking Contract to earn FRENS.
FRENS are a non-transferable balance within the Aavegotchi Staking Contract. FRENS cannot be purchased. They are meant to reward stakers for their contributions to the Aavegotchi project.
FRENS can then be converted into Raffle Tickets, which can be entered into periodic Raffles to win prizes.
Continue reading to learn how to stake GHST and earn prizes with your FRENS.
First, you need to get your hands on some GHST tokens to stake. Our GHST token page covers the various ways in which you can get yourself some.
How to Stake
Once you have some GHST tokens, it is time to stake them! Staking takes place on Polygon (formerly Matic Network).
There are two ways to stake: (1) staking GHST tokens directly, and/or (2) staking QuickSwap LP tokens.
Important: Staking on Mainnet has been discontinued!
Note: Pre-sale GHST tokens cannot be staked until they are unlocked.
Staking GHST tokens directly
First, you have to transfer your GHST tokens from Ethereum Mainnet to Polygon, a layer 2 solution.
This is done by using the Bridge to Polygon Interface. Approve the contract to use your GHST tokens. Once that transaction goes through, input the amount of GHST you would like to transfer to Polygon. Once your transaction has confirmed on Ethereum, it takes roughly 7-8 minutes for your balance to reflect on Polygon. Your balance will update automatically. Please be patient!
Next, you have to configure your Metamask to display your wallet balance. Do refer to this Polygon Guide for detailed instructions on how one can configure their Metamask wallet to include Polygon.
Connect your Metamask to Polygon and head over to the Polygon Staking Page on the Aavegotchi DApp. Approve the contract to use your GHST tokens on Polygon. Once the transaction goes through, input the amount of GHST you would like to deposit. Presto! You are done!
For every 1 GHST staked in this way, you receive 1 FRENS / Day.
Staking QuickSwap LP tokens
Currently, there are only 2 QuickSwap LP tokens that could be staked for FRENS:
- QuickSwap GHST-QUICK LP token
- QuickSwap GHST-USDC LP token
The first step involves transferring funds from Ethereum Mainnet to Polygon, a layer 2 solution.
Do refer to this Polygon Guide for detailed instructions on how one can configure their Metamask wallet to include Polygon. Next, use the Aavegotchi Bridge to transfer GHST and/or other assets to Polygon. The maTokens Guide will show you how this is done.
Next, become a liquidity provider on either or both the GHST-QUICK and GHST-USDC pools on QuickSwap. You will receive LP tokens in return for your liquidity provision. For people who are interested in staking in the GHST-QUICK pool, you can get some QUICK token from QuickSwap. The most liquid pairs are currently QUICK-UNI, QUICK-WETH, QUICK-USDC, and GHST-QUICK.
Take these LP tokens and stake them in the Aavegotchi Staking Interface to get stkGHST receipt tokens. For the GHST-QUICK and GHST-USDC pools, these stk receipt tokens are named stkGHST-QUICK and stkGHST-USDC, respectively.
For the stkGHST-QUICK receipt token only, you can stake them into the Quickswap Rewards pool at https://quickswap.exchange/#/quick to earn additional QUICK rewards. The Aavegotchi team is requesting for a similar incentive to be offered for the stkGHST-USDC receipt token.
For every 1 GHST-QUICK LP token staked in this way, you receive 23 FRENS / Day.
For every 1 GHST-USDC LP token staked in this way, you receive 74 million FRENS / Day.
Why is there a huge difference in the number of FRENS earned through LP staking compared to staking GHST tokens directly? Staking LP tokens have the risk of impermanent loss. You are compensated for the increased risk you take.
Why is the GHST-USDC pool yielding 74 million FRENS a day? An early depositor in the GHST-USDC pool on QuickSwap messed up the ratio between the assets. Hence, when depositors add to the pool, they receive tiny amounts of LP tokens, like 0.00006. See this tweet for the lulz.
Staking GHST on Polygon Cheetsheet!
Purchasing Raffle Tickets
Once you have enough FRENS, head to the Shop Bulk Buy user interface to purchase raffle tickets with FRENS.
Unlike FRENS, Raffle Tickets can be transferred from one wallet to another. They can also be bought/sold on marketplaces.
There are six different categories of raffle tickets, ranging from Common (least valuable) to Godlike (most valuable):
Users are allowed to buy tickets belonging to different categories in a single transaction. You do not need to create separate buy transactions for each category of raffle ticket.
A raffle runs for a period of time. During this period, you can submit your raffle tickets for a chance to win prizes. Submitting raffle tickets into the draw involves an Ethereum transaction; it is not done automatically. If you have many different categories of raffle tickets and wish to enter them together as a bundle, this is also possible. You do not need to create separate transactions for entering each category of raffle tickets into the raffle.
When the raffle is over, you can find out what prizes you have won and can claim them.
If you choose not to participate in a given Raffle, you do not need to do anything with your raffle tickets. You can also accumulate raffle tickets for subsequent raffles if you like to do so.
As an example, the first raffle had a Chainlink Theme. Here were the prizes for the raffle:
A total of 6010 prizes.
Each prize will be allocated to a randomly drawn raffle ticket, where each ticket has an equal chance of winning.
You can improve your probability of winning by:
- Submitting multiple tickets
- Enter raffle ticket categories with more prizes (e.g. Common)
Random numbers for the Raffle prize winners are generated through Chainlink's on-chain verifiable randomness generator.
The prizes, which are Wearable Vouchers, could be exchanged 1:1 for the actual Aavegotchi wearable once the game launches. This will take place at the Aavegotchi Shop.
Past Raffles Statistics
Knowing how to stake FRENS and participate in Raffles is good, you say. But what about the numbers? What are the probabilities of winning a wearable based on past raffles? Visit the Raffles Statistics page for the historical data.