DeFi Kingdoms

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Discover DeFi Kingdoms's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is DeFi Kingdoms?

DeFi Kingdoms (JEWEL) is a cross-chain, play-to-earn blockchain game that combines DeFi elements with a fantasy RPG experience. It features a decentralized exchange, liquidity pools, and a market for rare, utility-driven NFTs. The game operates on multiple blockchains, including Harmony, DFK Chain, and Klaytn, and offers various tokens, including JEWEL, CRYSTAL, and JADE, which have different utilities and uses within the game.

How is DeFi Kingdoms used?

DeFi Kingdoms (JEWEL) is a cryptocurrency token that serves as the main token of value in a metaverse game. It has utility beyond a regular coin, providing various uses within the DeFi Kingdoms ecosystem. Here are the key ways JEWEL is used:

  1. Gas Fees: JEWEL is used to pay for gas fees on the DFK Chain, where gameplay transactions for Crystalvale take place.

  2. Liquidity Pooling: JEWEL is used for liquidity pooling in the Gardens, which allows users to earn rewards.

  3. Staking: Users can stake JEWEL tokens to earn governance rights, fee distribution opportunities, and in-game Power-Ups. Staking JEWEL tokens results in receiving cJEWEL in Crystalvale and sJEWEL in Serendale.

  1. Governance: JEWEL holders can participate in governance proposals to shape the future and growth of the project.

  2. NFT Purchases: JEWEL can be used to purchase NFTs such as items, heroes, and kingdoms within the game.

Overall, JEWEL is a central token that facilitates various activities and interactions within the DeFi Kingdoms ecosystem, combining elements of decentralized finance (DeFi) and play-to-earn gaming.

How do I store DeFi Kingdoms?

To store DeFi Kingdoms (JEWEL) tokens, you can use a MetaMask wallet. Here are the steps:

  1. Install MetaMask:

    • Download and install the MetaMask browser extension on your desktop browser, such as Google Chrome.
  2. Create a MetaMask Wallet:

    • Open the MetaMask extension and create a new wallet by following the prompts. Make sure to securely store your seed phrase and private key.
  3. Access DeFi Kingdoms:

  • Open the DeFi Kingdoms website and connect your MetaMask wallet to the site. Ensure you are on the correct network (DFK chain) to interact with the platform.
  1. Transfer JEWEL Tokens:

    • Once connected, you can transfer your JEWEL tokens to your MetaMask wallet. You can purchase JEWEL tokens through various exchanges, such as Crypto.com, and then transfer them to your MetaMask wallet.
  2. Secure Storage:

    • Always keep your MetaMask wallet secure by using strong passwords, storing your seed phrase and private key safely, and being cautious of phishing scams.

By following these steps, you can securely store your DeFi Kingdoms (JEWEL) tokens in your MetaMask wallet.

How to buy DeFi Kingdoms?

To buy DeFi Kingdoms (JEWEL) tokens, follow these steps:

  1. Get the Necessary Tools:

    • Crypto.com App: For purchasing Harmony (ONE) tokens.
    • MetaMask Wallet: For storing and managing your tokens.
    • Web Browser: For accessing the DeFi Kingdoms website and MetaMask.
  2. Buy Harmony (ONE) Tokens:

    • Open the Crypto.com app and search for Harmony (ONE) tokens.
    • Purchase the desired amount of ONE tokens. It is recommended to buy at least 51 tokens due to the withdrawal minimum on the app.
  3. Move ONE Tokens to MetaMask:

  • Open the MetaMask browser extension and log in.
  • Ensure you are on the correct network (Harmony).
  • Transfer the purchased ONE tokens from Crypto.com to your MetaMask wallet.
  1. Access DeFi Kingdoms:

    • Open the DeFi Kingdoms website and connect your MetaMask wallet.
    • Once connected, you can purchase JEWEL tokens using your ONE tokens.
  2. Alternative Methods:

    • Binance: You can also buy DeFi Kingdoms (JEWEL) tokens through a decentralized exchange (DEX) by connecting your wallet and trading KLAY for JEWEL.
    • Avalanche (AVAX): Another option is to buy AVAX, bridge it to the DeFi Kingdoms chain, and then convert it to JEWEL in the marketplace.

Remember to always prioritize security by using official sources and avoiding scams. Consult a financial professional before investing.

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History of DeFi Kingdoms

DeFi Kingdoms, represented by the JEWEL token, is a blockchain-based game that combines elements of decentralized finance (DeFi) and role-playing games (RPGs). The game was initially launched on Harmony in August 2021 and later expanded to the DFK Chain and Klaytn blockchain.

Key Events and Milestones
  • August 2021: DeFi Kingdoms launched on Harmony, marking the beginning of the project.
  • March 2022: The game expanded to the DFK Chain, an Avalanche Subnet, with the launch of the Crystalvale realm.
  • December 2022: The Serendale realm was migrated to the Klaytn blockchain, further expanding the game's reach.
  • January 2024: The tokenomics of DeFi Kingdoms were updated, introducing changes to the distribution of fees and rewards for JEWEL and Power Tokens like CRYSTAL and JADE.
Tokenomics and Distribution
  • Pre-Minting: 10 million JEWEL tokens were pre-minted and distributed across various funds, including the Development Fund, Marketing Fund, Initial Liquidity Fund, and Founders Fund.
  • Maximum Supply: The JEWEL token has a maximum supply of 125 million tokens, making it a deflationary token due to the consistent burning of tokens through gameplay and gas fees.
  • Token Redistributions: The "Splittening" event redistributed locked JEWEL tokens to CRYSTAL, JADE, and JEWEL on Crystalvale and Serendale 2.0, ensuring a more balanced token distribution across realms.
Gameplay and Features
  • Play-to-Earn: DeFi Kingdoms allows players to earn real money through gameplay, making it a play-to-earn game.
  • RPG Elements: The game incorporates RPG elements, such as character development and quests, which are integrated with DeFi components like liquidity pooling and NFT marketplaces.
  • Power Tokens: Each realm has its own Power Token, used for in-game transactions and providing opportunities for players to earn tokens while playing.
Market Performance and Risks
  • Market Cap: DeFi Kingdoms has experienced significant market fluctuations, reaching a billion-dollar market cap before a market crash affected its price.
  • Volatility: The price of JEWEL has been subject to extreme volatility, reflecting the risks associated with digital currencies.
  • Security Concerns: The game's security is a key focus, as smart contracts and decentralized systems carry inherent risks.

Overall, DeFi Kingdoms has evolved significantly since its launch, expanding to new blockchains and introducing new features to enhance gameplay and token utility. However, it is essential to acknowledge the risks and volatility associated with the project.

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How DeFi Kingdoms works

DeFi Kingdoms is a blockchain game that combines decentralized finance (DeFi) protocols with play-to-earn (P2E) mechanics and crypto-gamified elements. The game is designed to be user-friendly, making it accessible to those new to DeFi. Here's an overview of how it works:

Game Structure

DeFi Kingdoms is set in a metaverse with different realms, each with its own dedicated Power Token. The main token, JEWEL, serves as the ecosystem token and is used across realms. JEWEL is the native gas token on the DFK Chain and is used for liquidity pooling, staking, and governance.

Gameplay Mechanics

The game features various non-playing characters (NPCs) that represent different smart contracts. For example, the Marketplace is a decentralized exchange (DEX) where players can engage in liquidity pooling and staking. The game also includes quests, such as the Wishing Well, which offer randomized rewards like experience points and Gaia's Tears.

Tokenomics

JEWEL has a maximum supply of 125 million tokens, all of which have been minted and are circulating or burned. The token is used for various purposes, including liquidity pooling, staking, and governance. Staking JEWEL tokens earns players cJEWEL or sJEWEL tokens, which provide governance power, fee distribution, and in-game enhancements.

Jeweler and Fee Distribution

The Jeweler is a mechanism where players can lock their JEWEL tokens for a chosen duration to receive cJEWEL or sJEWEL tokens. These tokens are soulbound to the player's wallet and cannot be transferred. The Jeweler model encourages long-term staking and discourages short-term manipulation. Fees collected from in-game transactions are distributed to players who have locked their JEWEL tokens.

Power Tokens and Cross-Chain Expansion

Each realm has its own Power Token, such as CRYSTAL in Crystalvale and JADE in Serendale. These tokens are used for in-game transactions and can be swapped for other tokens and items. The value of Power Tokens is linked across realms, providing arbitrage opportunities and ensuring that cross-chain expansion does not lead to a loss of value for older tokens.

Gardens and Issuance Schedule

The JEWEL Gardens are where players can stake LP tokens to earn JEWEL rewards. The issuance of JEWEL rewards is scheduled to change during each consecutive period of time, known as an Epoch. The length of each Epoch depends on the average block speed on the Harmony Blockchain.

Overall, DeFi Kingdoms offers a unique blend of DeFi protocols and gamified elements, making it an attractive option for those interested in exploring the world of decentralized finance.

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DeFi Kingdoms's strengths

The token DeFi Kingdoms (JEWEL) has several strengths:

  1. Governance and Voting Power: JEWEL holders have governance rights, allowing them to participate in decision-making processes through voting. This ensures that the community has a significant say in the project's direction and development.

  2. Fee Distribution and Rewards: A portion of the transaction fees collected in-game are distributed to JEWEL holders, providing them with a passive income stream. Additionally, JEWEL can be staked to earn rewards and participate in liquidity mining pools.

  3. In-Game Utility: JEWEL is used to purchase NFTs such as items, heroes, and kingdoms within the DeFi Kingdoms game. This utility adds value to the token beyond its governance and reward functions.

  1. Deflationary Tokenomics: The maximum supply of JEWEL is capped at 125 million, and tokens are burned through gameplay and gas fees, making it a deflationary token. This can lead to increased token value over time due to reduced supply.

  2. Cross-Chain Compatibility: JEWEL is used across multiple realms, including Crystalvale and Serendale, ensuring its utility and value are maintained across different blockchain platforms.

  3. Power Tokens and Ecosystem Integration: JEWEL is part of a broader ecosystem that includes other tokens like CRYSTAL and JADE. These tokens are used for various in-game transactions, providing a comprehensive and interconnected gaming experience.

These strengths contribute to the overall value and attractiveness of the DeFi Kingdoms (JEWEL) token, making it a promising investment opportunity in the cryptocurrency market.

DeFi Kingdoms's risks

DeFi Kingdoms (JEWEL) is a cryptocurrency project that carries several financial risks. One of the primary concerns is the high risk gauge score, indicating that it is a high-risk investment at the moment. This is partly due to the complexity and interconnectedness of DeFi protocols, which can lead to unforeseen risk conditions that current risk models are not equipped to handle.

Another significant risk factor is the potential for smart contract flaws. Weak coding in smart contracts can create openings for malicious actors to exploit and steal users' funds. Additionally, the project's reliance on liquidity pools and the use of smart contracts to manage these pools can also be vulnerable to exploitation.

Furthermore, DeFi Kingdoms operates in a rapidly changing and highly volatile market. The price of JEWEL can experience extreme fluctuations, as seen in the past when it dropped from $21 to $7. This volatility can result in significant losses for investors.

Regulatory oversight is another risk factor, as government agencies like the Securities Exchange Commission (SEC) may scrutinize DeFi platforms, potentially impacting their operations. The pseudonymous nature of the developers behind DeFi Kingdoms can also raise concerns for some investors.

Lastly, the project's high yields, such as the 300% APR or more offered in some gardens, can be attractive but also increase the risk of unsustainable returns and potential losses.

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Did DeFi Kingdoms raise funds?

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DeFi Kingdoms’s team

  • The Team Behind DeFi Kingdoms: The developers who run DeFi Kingdoms are pseudonymous, meaning their real identities are not publicly known. They are referred to by names such as Frisky Fox, Professor Tango, and Pine Cone.

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