Market value breaks into the top 100, a quick overview of the features and advantages of "DeFi Kingdoms"

Author: Zheng Ran, odaily

When it comes to blockchain games, Axie Infinity is an unavoidable topic. During the year-end review of 2021, we saw that the governance token AXS of Axie Infinity ranked 29th in the cryptocurrency market capitalization list (up from 302nd at the beginning of the year), which certainly gave the blockchain gaming sector a boost. Odaily Planet Daily has noticed that another blockchain game, DeFi Kingdoms, has recently seen its native token JEWEL's market cap surge into the top 100, showing impressive momentum. Let's explore this further.

Outstanding Performance in Multiple Data Aspects

DeFi Kingdoms, developed on the Harmony blockchain, is a Play to Earn game that launched in August 2021, and its recent data performance has been quite remarkable. According to its official data, DeFi Kingdoms' TVL has surpassed $1 billion, while its native token JEWEL has entered the top 100 in cryptocurrency market capitalization. DappRadar data shows that DeFi Kingdoms' 30-day trading volume exceeded $1 billion, briefly surpassing Axie Infinity and ranking first in the GameFi category. The number of users in DeFi Kingdoms grew by 300% last month.

The price of DeFi Kingdoms' native token JEWEL has also reached a historical high, breaking the $20 mark despite the generally sluggish cryptocurrency market (it was only $7 at the beginning of December).

A DEX Dressed as a Game

On the surface, DeFi Kingdoms appears to be a simple pixel retro game, but behind it lies a complex and rule-based financial world. What sets DeFi Kingdoms apart from other play-to-earn blockchain games is that it is developed from a DeFi perspective; it is not just a fantasy pixel-style game but also a DEX, liquidity pool, and a utility-driven NFT marketplace. Let's analyze this DeFi kingdom through the game's elements such as the JEWEL token, DEX, gardens, banks, and NFT assets (heroes, equipment, land).

1. JEWEL token

JEWEL is the native token of DeFi Kingdoms, which can be used in the game for liquidity mining, purchasing NFT heroes, buying equipment, restoring stamina, accelerating construction speed, and DAO governance (many features are still under development). It also serves as a governance token.

2. DEX

The core of DeFi Kingdoms is a decentralized exchange based on the UniswapV2 protocol, but its front-end interface differs from the DEXs we usually use. In DeFi Kingdoms, it appears as a Teller pixel character, and interacting with this NPC allows players to access the trading interface. Players can exchange tokens at current rates through the DEX and can also add liquidity to token pools to become liquidity providers. With these features, DeFi Kingdoms' DEX has outperformed Curve and SushiSwap in attracting TVL on Harmony One.

3. Garden (Liquidity Pool)

The garden in DeFi Kingdoms is equivalent to a liquidity pool, where LP tokens can be staked to earn JEWEL rewards. The Druid pixel character in the garden embodies liquidity mining, and interacting with it allows players to enter the liquidity mining trading interface.

4. Bank (Staking)

In the bank, players can stake JEWEL tokens as xJEWEL tokens. The bank regularly uses fees earned from the DEX to purchase JEWEL tokens, and a portion of each in-game transaction fee is also contributed to the bank, ensuring that the value of xJEWEL will always be higher than that of JEWEL. Unlike farms, staked tokens have no withdrawal fees or lock-up periods, similar to a real-world bank's demand deposits.

5. Tavern (NFT Marketplace)

Players can buy, sell, and rent hero NFTs in the tavern. They can also upgrade their heroes and sell them at higher prices to others, which is a common profit-making model. (Hero NFTs come in various types, differing in genes, professions, rarity, functions, etc.)

In addition to the elements mentioned above, there are buildings, land, and other features that are generally similar to other play-to-earn games, so we won't elaborate further.

DeFi Kingdoms is essentially more like a combination of DeFi and the NFT market, but all of this is presented in a gaming format, making DeFi and NFT trading as engaging as a game. This design is truly ingenious. According to its roadmap, DeFi Kingdoms will add more gaming elements in the future.

Multi-Chain Development

Another distinguishing feature of DeFi Kingdoms is that it did not choose to build on Ethereum, Solana, or BSC, which are commonly used in the industry, but instead opted for Harmony (which has very low transaction fees). DeFi Kingdoms recently received a $1 million grant from the Harmony Foundation.

In December 2021, DeFi Kingdoms announced the launch of its multi-chain mode and plans to expand to the Avalanche network in January 2022, where it will introduce a new token, Crystal (xJEWEL and Gen0 hero holders will have airdrop and lottery privileges). Avalanche currently has a TVL that exceeds Harmony by an order of magnitude, providing a larger ecosystem for DeFi Kingdoms.

DeFi + NFT market + blockchain games + multi-chain development, DeFi Kingdoms cleverly combines various gameplay elements in the crypto space and has achieved impressive results, with a promising future ahead.

Related Reading:

《Understanding DeFi Kingdoms: The Gem on Harmony Chain, a GameFI + NFT + DEX Complex》