DeFi Kingdoms is a crypto-based game built on the Harmony ONE network. The game combines the elements of decentralized finance (DeFi) with the play-to-earn concept.
At first glance, the DeFi Kingdoms crypto exchange seems to be a decentralized exchange network somewhat dissimilar to those of Uniswap and PancakeSwap. However, the game itself has two in-game decentralized exchanges that use the Uniswap V2 Protocol. These two exchanges are:
- DeFi Kingdoms: Serendale's DEX – allows players to trade in JEWEL, ONE, and Harmony-based tokens;
- DeFi Kingdoms: Crystalvale's DEX – allows players to trade in CRYSTAL, AVAX, and a variety of tokens on DFK Chain (Avalanche sub-net).
As of January 2023, the game is still in its early stages, and there are plans to release further features in the not-too-distant future. Some of these features will include PvP combat, PvE combat, and resource collection.
The DeFi Kingdoms cryptocurrency exchange and the game is available only on the web browser.
Markets
The exchange offers the DeFi Kingdoms spot market for trading. There are around 96 DeFi Kingdoms trading pairs, with the JEWEL/ONE, JEWEL/USDC, and USDC/ONE being the most actively traded based on the DeFi Kingdom trade volume. Besides, note that the exchange is a crypto-only platform.
The JEWEL token is the native token that drives Defi Kingdoms, and it may be exchanged for in-game objects and NFTs like heroes and kingdoms. It also aids in the governance decisions of the DeFi Kingdoms crypto exchange and can be traded in Serendale.
However, there's also CRYSTAL, which is a brand-new kind of power token that was introduced with the lunch of DeFi Kingdoms: Crystalvale onto the DFK Chain. In Crystalvale, CRYSTAL performs the same functions as JEWEL provides in Serendale. CRYSTAL token may be used to acquire and mint Hero NFTs, traded on the in-game DEX, staked for fee distribution, pooled for liquidity, and used to appropriate governance votes. Other uses include trading on the in-game DEX, swapping, and pooling.
The DeFi Kingdoms trade volume changes as per the market conditions and so do the DeFi Kingdoms crypto price.
There are no deposit or DeFi Kingdoms crypto fees associated with staking LP tokens. To prevent flash loans and pump-and-dump schemes, they have instituted withdrawal costs for staked LP tokens.
The fee timer is reset by the first deposit and subsequent withdrawals. The DeFi Kingdoms exchange fees for withdrawal are as follows:
- 0.01% fee for withdrawal after 4 Epochs;
- 0.25% fee if a user withdraws after 2 Epochs but before 4 Epochs;
- 0.5% fee after 5 days but before 2 Epochs;
- 1% fee for withdrawal under 5 days;
- 2% fee for withdrawal under 3 days;
- 4% fee for withdrawal under 24 hours;
- 8% fee for withdrawal under 1 hour;
- 25% slashing fee for withdrawal during the same block.
Other Services
Talking about other services, overall, DeFi Kingdoms primarily is a game. Thus, immersing users in the NFT-based gaming experience through quests, combat, and various events is the main service of the platform.
The Gardens in DeFi Kingdoms is the location at the heart of the ecosystem where liquidity provider (LP) tokens can be staked in exchange for JEWEL, CRYSTAL, and JADE tokens. JEWEL tokens can then be exchanged for rare NFTs and other things.
On the map depicting the realm of the DeFi Kingdoms, there is a limited supply of individual sections of land that are offered for sale. The merchants can stake their claim to a portion of land and begin constructing their kingdoms, making investments in improvements that increase the kingdom's capacity to maintain its resources.
In addition, holders have the option of staking their coins in a liquidity mining pool in order to generate more rewards.
Apart from all that, there are various other things that can be done on the game.
About the Company
The DeFi Kingdoms crypto exchange was established in August of 2021. At the same time, the platform introduced a gaming interface as well as the map of the Capital City, which had a fully operational bank, gardens, and marketplace in addition to structures that would later house the Hero Tavern, an office for selling real estate, and a summoning portal.
In essence, DeFi Kingdoms is a game, a liquidity pool, a decentralized exchange, and a market for utility-focused NFTs. The platform has developed a decentralized exchange (DEX) that enables holders to preserve a monetary token while also possessing a useful, useable token that gives back to traders in a number of different enjoyable ways.
DeFi Kingdom's founding team has been the subject of controversy due to the lack of transparency around the disclosure of their identities, despite the fact that everything in the development process so far has been completely open and public.
Frisky Fox, Professor Tango, and Jericho Splendershoes are the pseudonyms of the founding members of DeFi Kingdoms.
