·

DeFi Kingdoms Brings GameFi to Harmony

Posted by
Ian Kane

110% jump in active users in last 7 days

DeFi Kingdoms, the first gamified investment platform on the Harmony blockchain, has seen a massive influx of users this week. The aptly titled DeFi meets gaming dapp has increased its active users by almost 110%, in turn pushing its total value locked to over $17 million. Placing it firmly as the number one dapp tracked by DappRadar on the newly integrated Harmony network. 

In the last 7 days, the dapp attracted over 5,100 unique active wallets to its platform that completed over 83,000 transactions. Which pulled in $8.69 million in volume. Interestingly, an average transaction on DeFi Kingdoms is around $104. One interesting point is that DappRadar integrated the Harmony blockchain and its initial 17 dapps this week. Of those 17, only DeFi Kingdoms offers a gaming dapp with a play-to-earn mechanic. No coincidence then that it’s also the one showing the most signs of traction at this early stage.

The DappRadar listing effect has obviously brought in a lot of users. However, with such peaks, we usually find financial stimulus as the root cause. The team is very active on Twitter and the standard retweet and sharing campaigns have seen them reach 3.5k followers since launching a few weeks ago. There have also been several JEWEL airdrops to get the token into the hands of prospective players. Moreover, the lure of yet another play-to-earn opportunity, especially one running on a network with very fast and cheap transactions, is just very appealing right now. As we find ourselves in the midst of a play-to-earn gaming revolution.  

The action in transaction

The reason we mention transaction times and fees when describing a blockchain game is that a player in a dapp game may have to complete many transactions whilst playing. For example, completing a mission, buying a sword, opening a loot box, speaking to another player. These actions in the game can all be thought of as transactions. 

Each one requires a ‘signature’ from your blockchain wallet and an associated fee. On Ethereum, those fees are gas fees, and have been running to double digits lately. Imagine, having to pay $10 to perform a simple action in the game – you wouldn’t. Hence the rise of alternative blockchains like Harmony, Solana, and Avalanche that offer extremely cheap, and fast transactions. 

What is DeFi Kingdoms? 

DeFi Kingdoms is a game, a DEX, a liquidity pool opportunity, and a marketplace for rare utility-driven NFTs. All played out in the form of fantasy pixel art. Moreover, It blends the appeal of decentralized finance and play-to-earn game mechanics. The JEWEL token is used to purchase items and unique NFTs such as Heroes and Kingdoms in the game, as well as various in-game items. Not only is the token used in-game, but it is also used for liquidity mining to earn more through staking. JEWEL is also a governance token so holders will have a say in the growth and future direction of the platform. 

The mechanics look familiar to those seen in DeFi dapps. Pooling, liquidity provision through token pairs, and staking bonuses are offered to players in order to earn whilst they play. The team states that in the near future it will deliver Collectable Hero NFTs with multiple utility cases. Including PvP and PvE, and early unlocking of pool rewards. Additionally, the release of a limited supply of virtual land that can be developed and used for resource gathering and NFT equipment crafting.

Sidestep the jargon 

According to the latest DappRadar User Behaviour Report, the industry’s interest is shifting towards games. The number of Unique Active Wallets connected to game dapps increased 64% month-over-month, whilst DeFi and NFT unique wallets increased only 3% and 6% respectively in the same period. 

The world of DeFi is complex. Epochs, bonded staking, and liquidity pooling are just a few of the jargon associated with the sector. GameFi is attempting to open up the highly successful world of DeFi opportunities to the masses through a more visually appealing format. One that importantly sidesteps the jargon and pulls the real world back into the frame. Instead of staking, we have a bank. Instead of LP pools, we plant trees in the garden to unlock rewards. Arguably, the games are not exactly triple-A blockbusters with woven narratives. Instead, they offer simple quests and battling features that any player can master. Opening up gaming and blockchain to an entirely new audience.

Newsletter
Unsubscribe at any time. T&Cs and Privacy Policy

The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, RAY, BOSON, AND OCEAN.

Share this post on social media

Share this Article

Related articles

Related articles

Meeb Master ‘Axie Copy’ Arrives on Polygon

Earn tokens through turn-based battles
© 2018-2021 DappRadar, UAB