DeFi and NFT crossover project Aavegotchi releases ‘Gotchiverse’ litepaper

One of the original decentralized finance and nonfungible token (DeFi/NFTs) crossover projects is taking a step forward today with the launch of a metaverse litepaper.Aavegotchi — a project that creates upgradeable NFTs backed by yield-bearing positions on lending platform and money market Aave — announced the publication of a litepaper devoted to a gamified metaverse called the “Gotchiverse.” Aavegotchi co-founder Jesse Johnson joked about the sometimes-esoteric features and backstory in the litepaper on a celebratory Twitter Spaces today: “This is not your typical litepaper, it’s got a lot of lore in it […] We’ve got a bit of a DeFi RPG in front of us.”The metaverse will introduce a new, fungible ERC-20 token, the “Gotchus Alchemica,” which will be farmable from REALM land plots, themselves backed as NFTs — similar conceptually to Decentraland’s MANA/LAND two-token system. Alchemica can be used to craft upgrades to REALM plots, including structures like the “Gotchi Lodge,” which will enable groups of players to socialize as well as combine their farming efforts. Upgrades will take a “certain number of blockchain blocks to finish constructing,” but liquidity providers to Aavegotchi’s in-house AMM, the “Gotchus Alchemica Exchange,” can hasten the process with rewards for providing liquidity. And we’re live! For the next hour, Aavegotchi summoners @coderdannn and @gldnXross will be giving a live reading of the new #Gotchiverse Litepaper, followed by a Q&A Join the Reading https://t.co/mJ029fiNsrRead the Litepaperhttps://t.co/pp62CWSFrf pic.twitter.com/S1Kay0WbdT— Aavegotchi (@aavegotchi) June 23, 2021This gamified yield farming is woven into the Gotchiverse’s considerable lore and backstory — about a third of the 14-page litepaper is devoted to storytelling and fleshing out the universe. The antagonists of the game, the Liquidators, refer to actual liquidators on the lending platform Aave, and the universe is speckled with DeFi in-jokes — a “home base” area of the map is called the “Citaadel,” and types of Alchemica include “Fud,” “Kek,” and “Fomo.” RELATED: Aavegotchis sell out in under one minute as NFT euphoria continuesAside from the farming gameplay, Johnson said the map will be “a huge game of Pac-Man,” where Aavegotchi run/float around the map to collect Alchemica and return it to their REALMs before getting caught by Liquidators, which may be player-characters as well as AI. A full release date for the Gotchiverse is pending, though Johnson said sections will be released as early as Q3 2021. Johnson added that the team has grown to 20 full-time employees, including veteran video game industry talent. While Johnson has long been a bannercarrier for DeFi and NFT crossovers, interest in metaverses has been picking up as of late. This month, Nvidia’s CEO said that we’re on the “cusp” of a blockchain-powered metaverse, and the founder of major gaming title Fortnite said that metaverse tech is “going places.”

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Will regulation adapt to crypto, or crypto to regulation? Experts answer

Blockchain technology promises to provide humanity and freedom with the rise of Web 3.0, a truly decentralized internet. Some even argue that the significant rise of the decentralized finance (DeFi) sector has become an important symptom of the conceptual shift from centralized services to decentralized ones, with Web 3.0 being its cornerstone.  Moreover, some even compare the invention of blockchain technology to the revolution brought by the advent of the internet itself. Symbolically, the original source code for the World Wide Web, developed by British computer scientist Tim Berners-Lee, is set to be auctioned off at Sotheby’s on June 23 as a nonfungible token, or NFT. All three of them — NFTs, DeFi and Web 3.0 — are intertwined. But with that internet-blockchain comparison comes a crucial notion: Without proper regulation in the crypto and blockchain space, there will not be the same success in technological innovation as what we saw over the past 25 years, which changed the world as we know it.  It is now becoming obvious that a lack of regulation would harm crypto innovations. As the decentralized technology sector has grown significantly, the space has started to attract increasing attention from regulators globally, which are targeting stablecoins, DeFi, NFTs, crypto assets, smart contracts, unhosted wallets, central bank digital currencies and so on. Meanwhile, some experts such as Caitlin Long, the founder and CEO of Avanti Financial, for example, see the started “crypto regulatory crackdown” as a positive trend, which will only benefit innovators. And others propose “a right way to regulate crypto.” On the other hand, the current regulation is not suitable for crypto, and adjusting newly emerged decentralized technologies to it might ruin the core values of decentralization, bringing us back to where we started: with the centralized parties in control over the space. Is that the price we are willing to pay in order to become a regulated industry?  Related: Decentralization vs. centralization: Where does the future lie? Experts answer In order to find the right balance, the crypto space requires a much deeper and closer working relationship that would include both regulators and innovators. Only in a dialogue between crypto businesses and regulators, authorities and industry representatives, will it be possible to find the right way to regulate the emerging tech industry — through smart regulation — and the space that is promising to change our lives — a promise that was fulfilled by proper regulations for the internet at the turn of the last century. To find out what crypto and blockchain industry representatives think about this regulatory dilemma, Cointelegraph reached out to a number of them to ask for their opinions on the following question: Will crypto lose its core values on the way to being regulated, or will the regulation adapt to decentralized tech and its benefits for society?

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