Developed on the Harmony ONE network, DeFi Kingdoms is a crypto game. The concept of play-to-earn is combined with decentralized finance (DeFi) features in this game. The game itself has two Uniswap V2 protocol-based decentralized exchanges, one of which is DeFi Kingdoms Crystalvale. The other is DeFi Kingdoms Serendale. The main difference between these two is that Serendale's version of DEX is used to trade JEWEL, ONE, and Harmony-based tokens. DeFi Kingdom (Crystalvale) crypto exchange, on the other hand, is used to trade CRYSTAL, AVAX, and DFK Chain-based tokens.
DeFi Kingdoms (Crystalvale) exchange is a multi-chain product existing in four blockchain networks. Each network product has a native token that powers its ecosystem. JEWEL and CRYSTAL are the two native tokens for the two exchanges. CRYSTAL powers the Crystalvale realm, supporting the platform’s reward systems.
DeFi Kingdoms (Crystalvale) is a decentralized cryptocurrency exchange (DEX). The exchange was founded in 2021. Like many other DEXs, DeFi Kingdoms does not require users to perform KYC verification. The platform allows users from across the world to use its services. However, users with strict crypto regulations may face legal challenges from their local authorities. Traders must research the laws and regulations of their countries to ensure they do not engage in illegal activities while using the DeFi Kingdoms (Crystalvale) crypto exchange. The exchange can be accessed through the web via desktop.
Markets
DeFi Kingdoms (Crystalvale) spot allows users to swap digital tokens without leverage. DeFi Kingdoms (Crystalvale) trading pairs include crypto-to-crypto pairs. It supports multiple crypto tokens spread across over eight markets. The exchange uses an Automatic Market Maker (AMM) protocol to create liquidity through liquidity pools.
DeFi Kingdoms users pay gas fees that vary depending on the cryptocurrency asset being traded. The smart contract collects the DeFi Kingdoms (Crystalvale) exchange fees and distributes them as follows:
- 25% of DeFi Kingdoms (Crystalvale) crypto fees go to the designated wallets of the validators;
- 50% is burned;
- 25% is sent to the Quest Fund to reward the community.
Depositing and staking LP tokens is free. However, the platform charges some fees for withdrawing staked LPs. The fee ranges from 25% (if a user withdraws during the same block) to 0.01% (if a user withdraws after 4 Epochs).
As mentioned before, the native token of the DeFi Kingdoms (Crystalvale) cryptocurrency exchange is CRYSTAL. The functions that JEWEL offers in Serendale are carried out by the CRYSTAL token in Crystalvale. The CRYSTAL token can be used for a variety of purposes, including the purchase and production of Hero NFTs, trading on the in-game DEX, staking for fee distribution, pooling for liquidity, and governance voting.
Other Services
In terms of other services, DeFi Kingdoms is primarily a game. As a result, the platform's primary function is to immerse players in the NFT-based game experience through quests, combat, and numerous events.
The Gardens in DeFi Kingdoms is where liquidity provider (LP) tokens can be staked in exchange for JEWEL, CRYSTAL, and JADE tokens, and it serves as the hub of the ecosystem.
A small number of specific plots of land are up for sale on the map showing the DeFi Kingdoms' realm. The merchants can stake a claim on a plot of land and start building their kingdoms, investing in developments that boost the kingdom's ability to sustain its resources.
Additionally, users have the choice to stake their coins in a liquidity mining pool to increase rewards.
In addition to everything else, there are a lot of other things you can do in the game.
About the Company
In 2021, the DeFi Kingdoms (Crystalvale) cryptocurrency exchange was launched. The platform also unveiled a gameplay interface and a layout of the Capital City, which included buildings that would later serve as the Hero Tavern, a real estate office, and a summoning portal in addition to a fully functional bank, gardens, and market.
Overall, DeFi Kingdoms was established to be a play-to-earn game built on a strong DeFi protocol. The game features various products including DEXs, liquidity pools, and NFT products. These products together create an immersive online world with earning opportunities for its users. DeFi Kingdoms aims to become a fully-fledged MMORPG in the later stages of its roadmap.
Since its launch, DeFi Kingdoms (Crystalvale) cryptocurrency exchange has grown in users who are attracted to its various users. The increased number of users has caused DeFi Kingdoms (Crystalvale) volume to go up over time. However, the exchange’s deep liquidity derived from its rewarding liquidity pool ensures the sustainability of the project. Annual DeFi Kingdoms (Crystalvale) trade volume surpassed $900 million in 2022.
Despite the fact that everything in the development process thus far has been totally transparent and accessible to the public, the founding team of DeFi Kingdom has drawn criticism for the lack of transparency around the revealing of their identities. However, this is quite a normal thing in the crypto industry.
The original members of DeFi Kingdoms go by the aliases Frisky Fox, Professor Tango, and Jericho Splendershoes.
