How to value Gotchus Alchemica on Day One?

the problem with a low valuation (even at 42m ghst like u said) is that it allows for installation spam in the begining at the expense of gameplay , i think we should establish clearly if we want a defi protocol with returns from lending and lands or a play2earn ecosystem , i dont think both have the same kinds of goals

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I wouldnt want to disregard the situation you are pointing out:
there will be a severe race at the beginning for earliest advancements in installations.

Let‘s assume a valuation of 10x of @stedari numbers:
that would value all the Alchemica of the first year at 0.4 billion GHST.
With the above estimates the value of base Alchemica per spacious Parcel is 911GHST. If 10x it would by 9.100GHST.
As much as my mouth is watering… my feeling is, that would not be good for the overall economy.
Probably I am seeing a greater over-lap between the two goals of healthy lending-economy and play2earn ecosystem: I see them somehow as inter-twined.

I am pretty sure, that I am missing many points here… so I would like to understand your point better: what would be the danger of a „installation spam“ and how would gameplay suffer?
I would naively think that if many people want to build installations this would boost the action/ game-play?
And wouldnt it also drive Alchemica prices?


imho …
The goal of the “game” is to grind your way into bigger and better installations, while the goal of the “defi” part is generating returns on the assets. If the installation price is low,since installations stay on the parcel throughout the rounds we are removing “longevity” gameplay for returns on assets . While a high valuation for installations makes the game more competitive where everyone is trying to find the balance between what they are willing to spend and the alchemica returns they get from their parcel.

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I think that lots of building and activity at the beginning of the game will help adoption. Everyone wants to be a part of the next new thing. A project with thousands of people building thousands of installations draws lots of attention (thank you Sunflower?). This excitement will be even more powerful as everyone will be using new ERC20 tokens which hopefully appreciate due to demand. A modest starting price allows the native community access to the tokens at a fair valuation. If alchemica moons due to demand, great! This will allow for time to the price to settle out somewhere in between the FOMO peak and starting point we propose.


I definitely agree, but should also mention that the faster the economy burns at the beginning, the less time we have to roll out new mechanics and sinks for the alchemica that will be coming online.

The goal is to give ourselves about 6-9 months of runway before the amount of Alchemica being pumped out by harvesters far exceeds how much is being consumed by various sinks.

Initial conditions (such as how much Alchemica is given out during the first 30 days) greatly affects the velocity of the economy. Not to say we can’t give out very respectable amounts to attract new players, but it’s sort of like a sugar rush – too much candy all at once, and we’re going to feel sick very quickly.


We’re almost done with our analysis of the Alchemica prices, and will be sharing it soon here in this thread.


We are strong believers in the free market and believe that the market price is generally the most correct price, based on the reality of the current situation and available information.

The problem is that the liquidity pools on Quickswap must initially be seeded with liquidity to bootstrap the pools, and that liquidity must be paired at a certain price with GHST.

The closest estimate we have to true prices of Alchemica is to look at floor prices of parcels in the Citaadel (as Dr Wagmi has done above), and weigh them by the # of parcels in the Citaadel of each type.

(A basic analysis of floor price vs. Alchemica :point_down:)

FUD valuation model Floor price Feb 24th Act 1 $FUD - 50 % spillover Price for 1 $FUD Share of total Act 1 FUD Quantity Total area in citadel
Humble $GHST 80.00 $FUD 14,236.50 $GHST 0.001405 4.76% 22,000 1,408,000.00
Reasonable $GHST 145.00 $FUD 56,946.50 $GHST 0.000637 19.05% 22,000 5,632,000.00
Spacious $GHST 975.00 $FUD 455,572.50 $GHST 0.000535 76.19% 11,000 22,528,000.00
Total: $GHST 0.000596 ← Weighted average 29,568,000.00

Instead of trying to find a perfectly accurate model to value the Alchemica, we prefer to minimize the liquidity initially provided, and let the market discover the price organically over multiple tranches.

Our proposal is:

Initially pair 2500 GHST worth of liquidity at each floor price listed above, using Alchemica from the Ecosystem allocation. This would be enough liquidity to provide for basic trading and facilitate price discovery (albeit with low volume).

Tranche 1
Pool GHST Amount Token Amount
GHST-FUD 2,500 4,196,056.91
GHST-FOMO 2,500 2,098,028.45
GHST-ALPHA 2,500 1,049,014.23
GHST-KEK 2,500 419,605.69

After the first week of trading, we will add a second tranche of 10,000 GHST in liquidity to each pair, at whatever the current trading price is.

This 10,000 GHST will be in addition to whatever liquidity has been provided by community members.

After this period, we will likely transfer control of the Ecosystem vesting contract to a new DTF multisig, along with an allocation of GHST to match with it, with the goal of adding liquidity in multiple tranches over the next few months (in addition to the liquidity provisioned on the GAX).

Question: Where will the community get Alchemica to LP with?
Phase 1 of the Gotchiverse launch does not include harvesting or Alchemical Channeling, but a not-insignificant amount of Alchemica will be distributed daily for Aavegotchis to gather and withdraw onchain.

That Alchemica can also be converted into a special limited edition (LE) Installation, which will only be available during the special Phase 1 time. More info about this NFT coming soon!

Is this a perfect valuation?
No, there is no perfect valuation. It’s impossible to know how the market will value Alchemica, we can only make educated guesses. However, we can control to some extent the velocity at which price discovery happens, and allow it to be more gradual, rather than all at once.

I’ve included a poll to see what the community thinks of this proposal. Thanks for all your amazing input and ideas!

Do you support this proposal as written?
  • Yes, I support it
  • No, I do not support it

0 voters


Just to clarify, you mean a repeat of the original total 10k, 2.5k per token, right? (“each pair” sounds like it could be 40k GHST total)

quick math with the following assumptions – 1) FUD price remains the same, 2) you only have a Humble that’s harvesting FUD (no other alchemica is being harvested/farmed), and 3) you roll the average alchemica every round.

over all of Act 1 (~27 months), an avg Humble will yield 40 GHST. or roughly 50% ROI using 80 GHST as the price of a Humble parcel

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Actually I was meaning 10,000 GHST worth in each pair. So 40K GHST total, yeah.


i like this solution! the two packages of liquidity along with an initial moment(that alpha version) where players can collect some alchemica seems a good approach .

i still wonder wether if we couldnt do more towards lowering the gap of valuations between the boosted parcels and the floor , its just seems for now fully surrounded boosted parcels are handicapped with lower movement speed and that the rarity of specific parcels is not conveying bigger benefits (as we expect in rpgs or mmorpgs) . I dont think it should be taken in account when pricing the tokens, but we should take in consideration that this is being done “not in favour” of boosted parcels and that those should receive some attention eventually :stuck_out_tongue: