For DeFi Kingdoms, the new year ushers in new and exciting developments. The blockchain-based DeFi game and decentralized exchange (DEX) now has a TVL of one billion. Interestingly, the game also recently crossed its $1 billion market cap benchmark.
This article covers important details of the DeFi Kingdoms ecosystem, its native token, how it works, etc.
DeFi Kingdoms is a unique platform that is both a game, a DEX platform, and a marketplace of rare NFTs. According to reports, DeFi Kingdoms is a project that truly embodies the potentials embedded in blockchain technology and presents them within in-game form.
The idea is to provide community members with the opportunity to invest and earn rewards in a gamified and fun-filled way. DeFi Kingdoms also incorporates daily quests in a bid to increase investors’ rewards.
🎉🔔We are ringing in the new year with an incredible milestone achievement… 1 BILLION MC! 🔔🎉#defikingdoms #serendale #DFK #gamefi #defi #crypto #blockchain #blockchaingaming $JEWEL $ONE #harmonyONE #marketcap pic.twitter.com/clk5Sm3FtX
— DeFi Kingdoms (@DefiKingdoms) January 2, 2022
The native token of DeFi Kingdoms, $JEWEL, governs its diverse ecosystem. The project consists of its DEX platform, the Gardens, and also several NFT assets like Heroes, Equipment, and Kingdoms.
Kingdoms on the project have a limited supply of lands. These lands can be claimed and then used to build Kingdoms on the platform. Also, different plots in the Kingdom have different resources. Some plots have more resources. Some are farther away from the capital and are, therefore, closer to forests, dungeons, etc.
Plots and Kingdoms can also be bought and sold alongside all their resources and the improvements carried out on them. Buildings can also be bought and sold. Interestingly, acquiring lands provides landowners the opportunity to forage for resources daily.
$JEWEL is the native token of the DeFi Kingdoms ecosystem. Therefore, it helps power the entire DeFi Kingdoms ecosystem. With $JEWEL, investors will be able to purchase NFTs as well as other in-game items in the project. $JEWEL will also facilitate liquidity mining as well as double as a governance token.
The token has a hard cap of 500 million $JEWEL tokens. Notably, the project will pre-mint and then distribute 10 million $JEWEL tokens. DeFi Kingdoms will allocate five million of the pre-minted tokens for the future development of the game project. The project will allocate two million tokens for promotion. Two million $JEWEL tokens are placed aside as initial liquidity. Also, DeFi Kingdoms will allocate one million tokens for bounty rewards to the founding team members.
DeFi Kingdoms was born out of a need to provide a way to earn passive interest in a fun manner. According to reports, the platform was interested in creating a DEX environment. One that is equipped with everything DeFi. Crossing the $1 billion market cap benchmark is a clear pointer to what the future holds for the project.
At the time of writing, JEWEL was trading at $20.96 with a 24-hour trading volume of $84,784,853. The token price is also up by 8.4% in the last 24 hours.
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