DeFi Kingdoms is the novel project that is making waves in the crypto community because of its ability to marry two often unrelated concepts: finance and gaming. Utilizing some of the most brilliant minds in technology, DeFi Kingdoms is on its way to introducing the world to a way of having fun, while learning about economics and finance.
Dreamed up in the heart of Silicon Valley, DeFi Kingdoms made its grand debut in the summer of 2021 on the Harmony blockchain. Initially starting off as a DEX or decentralized exchange and LP or liquidity pool with farming and staking capabilities. From its initial launch in August of last year, DeFi Kingdoms has added a slew of innovative technologies and practices to its platform.
From incorporating a way to stake their native token, JEWEL to encouraging the purchase and trading of their NFTs of castles and heroes. DeFi is making a big splash on the crypto community and things are only beginning to look up for the all-in-one gaming pioneer.
What is the JEWEL Token?
The JEWEL token is set to be one of the most diverse and malleable tokens currently out on the market. This is because, unlike other tokens in comparable games like Axies, the JEWEL token is an all-in-one experience.
This is due to the fact that the developers of DeFi Kingdoms specifically wanted to create a token that is multi-purpose. As of the moment, the JEWEL token can be used for the following:
- Purchase of useful NFT items in DeFi Kingdoms such as heroes and kingdoms.
- Liquidity mining, your JEWEL token is able to be used to stake and earn rewards for keeping your token in the pool.
- Governance and the issuing of new rules will be granted to the holders of JEWEL.
There is another bonus to holding JEWEL, holders of DeFi Kingdoms native tokens can also exchange the token for other currencies on the Harmony blockchain. Proving that you can play a game and make real-world money from it as well.
What About the Gameplay?
DeFi Kingdoms is not like your typical game, where gameplay can solely be focused on achieving missions and leveling up through the game. DeFi Kingdoms is more akin to a gaming skin for decentralized finance—rather than a game solely created for gameplay.
Where DeFi Kingdoms excels in the gaming industry is in its ability to create a community and environment where the goal is to learn. To learn about economics, finance, and how that connects to the real world.
DeFi Kingdoms encourages economic learning and crypto trading through the use of its in-gaming “bank” and “gardens”. In its bank, players are offered the ability to stake the native JEWEL token into a single staking pool system.
As players trade JEWEL within the bank, DeFi Kingdoms take a fee from transactions which are then used to purchase more JEWEL tokens. Thereby, ultimately increasing the inherent value of the JEWEL token for investors across the board.
The “Garden” in DeFi Kingdoms operates slightly differently than the Bank. The Garden is designed to encourage the growth of JEWEL when not staking in the “Bank”. This is done with additional JEWEL tokens that users aren’t using—they then can deposit these additional JEWEL tokens into the garden, where an NPC farmer harvests plants for providers and stores them for players to claim at a later time.
Then, once the plants are matured, players can withdraw these plants and exchange them for JEWEL tokens, NFTs within the game, or other rewards such as bluffs.
Key DeFi Kingdoms Takeaway
All in all, DeFi Kingdoms boats as one of the year’s most promising projects in the DeFi gaming sphere. With a current market cap of over $1 billion, DeFi Kingdoms is well on its way to becoming the leader in crypto learning and gameplay.
Only time will tell how far the JEWEL token goes and how many more players they can turn into gaming millionaires by the end of 2022.
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