One
Introduction to the DeFi Kingdoms project
DeFi Kingdoms is a metaverse project based on the Harmony Protocol blockchain, which attempts to incorporate DeFi revenue farming activities into more gamified gameplay, it is not only a game, but also a DEX, but also a game market powered by rare NFTs.
According to DappRadar's data query, in the absence of any financing background, the total asset volume in the current DeFi Kingdoms contract is as high as nearly 3 billion US dollars, the number of 24-hour users is 27K, and the amount of funds and users exceeds the previous hot chain tour project Axie.
Judging from the planning in the project white paper, DeFi Kingdoms is a project belonging to the GameFi circuit, and the game scene is mainly based on the NFT heroes to carry out a series of narratives, including hero summoning, upgrading, and hero team battles.
The DeFi Kingdoms team is currently working on creating an exclusive game chain, DFK Chain, and fusing multiple crypto elements such as DeFi, NFT, Play To Earn, and more.
The DeFi Kingdoms project is still very early, with 6 phases in the roadmap, currently in the fourth phase of development, and has just launched DFK Chain, which is worth long-term observation and participation.
DeFi Kingdoms' roadmap
Two
Team and financing
On the official website of DeFi Kingdoms, you can see the distribution of team members' functions, divided into 9 groups such as back-end, front-end, business, operation, community, model design, etc., and the overall equipment is relatively complete, which shows that there is a clearer idea for the planning and promotion of the project.
However, the team members are largely anonymous, and as of this writing, there is no publicly available financing information for the project.
Three
Product and track analysis
Similar to other projects, DeFi Kingdoms currently includes two ways to play, DeFi and NFT:
1. How to play DeFi
Users can buy the game's main token JEWEL (gem) in Marketplace, jewel tokens can be placed in Jeweler (bank) for single-currency pledge, get xJEWEL tokens, which are the equity tokens and governance tokens in the project, can enjoy 1/3 of all transaction fees equally rewarded, participate in the ecological governance vote.
JEWEL can also form LP trading pairs with other tokens, such as ONE, in the Marketplace, and then enter the Gardens pledge to mine the JEWEL token to get the income reward. In order to ensure the long-term stability of JEWEL, set by the system, most of the JEWEL tokens obtained by LP staking are temporarily locked. Starting with Epoch 51 (estimated for the third quarter of 2022), these locked tokens will be slowly unlocked, and the unlocking process can also be accelerated through mining missions.
concentrate:
One Epoch in DeFi Kingdoms is 302,400 blocks on the Harmony blockchain, and the length of each Epoch depends on the average block speed on Harmony. Epoch is calculated as 302,400 blocks, so it is assumed that the speed of each block is 2 seconds, and each Epoch is approximately equal to one week.
2. How to play NFT
The NFT characters in DeFi Kingdoms are called "The Heroes", and the heroes are at the heart of DeFi Kingdoms gameplay, a design that goes a step further than regular NFTs and isn't just limited to good-looking collectibles, players can upgrade it and earn JEWEL tokens, or participate in Play To Earn campaigns.
Depending on the level, the hero is divided into different classes, the highest level of hero is called the Death Knight, and each hero also has different attributes, such as strength, agility, intelligence, luck, etc., which is similar to the traditional RPG game.
There are two ways to get heroes, one is to summon, and the other is to buy.
Summoning requires two heroes together and spending some JEWEL (as the number of summons increases, the cost of summoning increases) as a summoning fee, which is generated at the Portal Summon gate. Another option is to buy directly at the Tavern (tavern), where the floor price is currently around 40JEWEL.
From the perspective of profit, buying and selling heroes is the most direct way to profit, but it is also accompanied by certain risks - if the game does not develop smoothly and the use of heroes is limited, then the price of heroes will inevitably fall, including the price of JEWEL, then users will bear the losses caused by the double decline.
Another way to monetize is to participate in P2E (Play To Earn) games, which currently have access to Provisions (Professional Quest Area) for fishing and hunting, and two more missions that are not yet online. Participation in professional activities allows you to receive item rewards, and items can be sold for a profit. When choosing a mission, find a hero of the corresponding class to play, you can get higher rewards.
To participate in professional activities, the hero needs to consume physical strength, etc., after completing the task, the hero will spend a certain amount of items, you can go to the Mediatation Circel (meditation circle) to recover. In addition, heroes can go to alchemy (alchemy) to upgrade.
In addition, the game has opened up land purchases, and interested parties can trade through Castle.
These are some of the basic gameplay of DeFi Kingdoms, and as new features of the game are launched, new gameplay will be further unlocked, and our team will continue to pay attention to them.
3. Analysis of track and competitors
GameFi is a big direction for blockchain, and the track has attracted a lot of money and talent, and there is room for further growth. DeFi Kingdoms, as a star project in this field, has been running for more than 6 months since its launch in the first half of 21 years, and the team's development ability and operation ability have been tested by the market.
On March 31, 2022, based on Avalanche's child chain, DeFi Kingdoms developed an exclusive public chain DFK Chain, because the Avalanche chain itself precipitated a large number of community users, and it is foreseeable that the number of users of DeFi Kingdoms should further increase on the existing basis.
At present, there are many gameFi projects on the market, but it is still relatively rare to be able to deeply integrate DeFi and NFT gameplay, some projects only do DeFi, some only do Game, and most of them will be separated into independent projects. One competitor similar to DeFi Kingdoms is DeFi Land, based on Solana's development.
DeFi Land players can earn rewards, farm and mine, trade tokens, fish, and explore the vast world of DeFi Land at their leisure. DeFi Land launched its testnet in December 2021, and the mainnet is not yet online, and it has received a $4.1 million financing, led by the Solana Foundation.
From the background of financing, DeFi Land has obvious advantages over DeFi Kingdoms, but The research and development of DeFi Kingdoms is faster, the style is more solid, and it already has the accumulation of funds and users, and the limelight is gaining momentum.
From the product point of view, there is a more direct difference is that DeFi Land has almost every DeFi element gamified design, such as an asset USDC is a seed, the farming action is done by a tractor, so the degree of gamification is higher, which may also be the reason for its slow development progress. DeFi Kingdoms currently applies directly to the game's skin, and the core scene about DeFi is achieved by embedding DeFi modules, such as interacting in farm Garden is actually a common dex interface.
Therefore, we are more inclined to think that DeFi Kingdoms is a DeFi, and DeFi Land is a GameFi, and the progress of the next two projects is worth keeping up and paying attention to.
Fourth, the introduction of economic models
In this project, there are two main tokens – JEWEL (gemstone) based on harmony chain and CRYSTAL (crystal) based on DFK Chain, of which THE TOTAL ISSUANCE OF JEWEL IS 500 million pieces, AND THE TOTAL ISSUANCE OF CRYSTAL IS 1/4 OF JEWEL, or 125 million pieces.
Among them, jewel's release mentioned the LP locking mechanism in the previous article, and its current issuance speed is shown in the following table.
Crystal (Crystal) is mainly used in similar use cases to JEWEL, but is only released on the DFK Chain, and is mainly airdropped to JEWEL holders, LP pledges and early deep players, and its release is as follows:
The details can be found in the project's white paper.
At present, JEWEL only has about 21.7% in circulation in the market, the circulating market value is about 545 million US dollars, and the full circulation valuation is about 3.5 billion, from the perspective of GameFi, this valuation is not low, but due to its high total hedging amount, and the subsequent development of the public chain, which has improved its valuation expectations.
Five
Comprehensive evaluation of the project
Without funding, DeFi Kingdoms' TVL reached the $1 billion level, which is inextricably linked to the game's good economics. In addition to JEWEL's revenue hedging design, the team also disclosed that its pre-mined 2% JEWEL will be used for project development, design marketing and initial liquidity provision, and provided addresses for different purposes for public supervision. As a result, project development is more transparent.
In addition, the team also designed a multi-signature mechanism when the funds are used, to use the funds in the team wallet, 3 of the 4 founding members are required to sign, and the addresses of the 4 members have been announced.
At the technical level, the project's code has been publicly audited by Solidity Finance, and the audit report is published in the project's white paper.
These mechanisms are designed and considered to reflect the fair and open attitude reflected in the team's efforts to build the game, which increases the trust of the majority of participants.
At present, the entire project in many aspects are very pragmatic, eclectic, quickly apply the game skin, open up DeFi and NFT application scenarios, obtain a large number of enthusiasts, in the process of rapidly promoting the project, first on a high-performance public chain Harmony landing, and then through the Avalanche sub-chain function to build an exclusive public chain to further open up the imagination space.
As a very representative project, it deserves everyone's attention, due to the anonymity of the team, insufficient institutional endorsement, investors or gamers in the process of participation should also pay attention to the review of contract security and NFT asset security.