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Harmony Users Love Gamified Finance Platform DeFi Kingdoms

Posted by
Robert Hoogendoorn

Number 1 dapp in the Harmony ecosystem attracts more than 23.000 users

The gamified finance dapp DeFi Kingdoms on the Harmony blockchain has seen continuous growth over the past 30 days, attracting more than 23.000 unique active wallets. That’s an increase of 163% over the previous period. 

DeFi Kingdoms launched in August and quickly attracted an audience. After hitting a peak of almost 3.000 users in the middle of September, the dapp failed to attract a new audience. However, since early October DeFi Kingdoms has seen continued growth from 3.000 users to almost 8.000 users per day. 

It’s clear that DeFi Kingdoms means serious business because the dapp has seen more than $207 million in transactional volume. Users will need to stake valuable items and perform other actions to earn from this GameFi dapp, resulting in 711.340 transactions over the past 30 days. 

It can’t be a surprise that DeFi Kingdoms registers that many transactions. The platform is a game, decentralized exchange, liquidity pool, and NFT marketplace in one. The dapp blends the appeal of gaming with the earning mechanics of DeFi. Players use JEWEL tokens to purchase Hero and Kingdom NFTs or stake the token for rewards. 

The mechanics of gamified finance dapps look familiar to those seen in DeFi dapps. Users can pool tokens, provide liquidity through token pairs, and earn from staking assets. Staking boosts the earnings from playing the game, and the team will implement more functionalities in the future. Think about hero NFTs that players can use in battles against monsters, or against each other. Further down the road users will be able to acquire virtual land, earning them passive income from resources that players need to make weapons and boost their NFT heroes.

Gamified finance getting serious

The blockchain industry registered 1.54 million UAW during Q3, growing 25% quarter-over-quarter (QoQ) and 509% year-over-year (YoY). One of the main drivers behind the surge of this metric is blockchain-based games. Propelled by the P2E narrative, the number of unique active wallets connected to blockchain games reached 754,000 in Q3. This amount represents 49% of the whole industry’s usage.

In Q3, NFT game items accounted for $2.32 billion in trading volume. That number represents 21.72% of the total NFT trading volumes during the quarter. And while the dominance of NFT items from Q2 to Q3 remained almost identical (20.25% in Q2), the trading volume grew 762% QoQ. Even keeping pace with the NFT frenzy. 

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