Home Blockchain Footprint Analytics: How DeFi Kingdoms powers the Concord blockchain

Footprint Analytics: How DeFi Kingdoms powers the Concord blockchain

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Along with a great infrastructure, a blockchain wants varied certified tasks to develop, and Harmony is an instance of a sequence with at the very least one extremely promising recreation in its ecosystem.  

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According to Footprint Analytics, Concord presently ranks twenty first in TVL for blockchains. Its TVL rose 529% in only one quarter to $753 million as of December 26, largely as a result of reputation of  GameFi undertaking DeFi Kingdoms (or DFK), which makes up 50% of Concord’s TVL.

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Footprint Analytics:  Harmony TVL

Concord even surpassed Ethereum and BSC by way of quantity within the GameFi sector within the final seven days. Ronin, an Ethereum sidechain constructed particularly for Axie Infinity, and WAX, a gaming-focused chain, additionally didn’t outperform Concord.

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Footprint Analytics:  Volume of GameFi by Chain & Game (7D)

Concord: Quick out of the beginning block

Concord, the mainnet of which went stay in June 2019, goals to construct a extremely scalable, safe and low-energy chain based mostly on a sharding structure. Footprint Analytics explored how Concord plans to beat the challenges different tasks have confronted with sharding expertise in Will Concord Be the Subsequent Chain with 10x Progress?

Concord’s lively GameFi tasks are DFK and Freyala, with DFK accounting for 98% of their TVL.

Footprint Analytics:  Harmony GameFi Balance

Whereas Axie Infinity has been the benchmark for GameFi tasks and as soon as led the trade with its play-to-earn mannequin, DFK has outperformed Axie Infinity by way of quantity for 10 days in a row beginning December 17.

Footprint Analytics: Top GameFi Ranking (10D)

What precisely is DeFi Kingdoms?

DFK, a play-to-earn recreation launched on the Concord chain on August 23, is a nostalgic pixelated kingdom containing video games, DEXs, liquidity swimming pools and NFT marketplaces. The workforce goals to mix components of DeFi right into a extra enjoyable and synergistic recreation that may be performed like a recreation with day by day quests to improve to extend rewards and acquire uncommon NFTs.

Supply: DeFi Kingdoms

Some areas that DFK gamers can presently go to are the Portal, Docks, Tavern, Market, Gardens, Financial institution, Meditation Circle, and Wishing Properly.

DFK is a closely DeFi-centric undertaking at this level, with a a lot emphasis on in-game clothes. The event workforce introduced it’s planning extra fascinating modules sooner or later, reminiscent of lands, pets, buildings, tools, guilds, PvE (Participant versus Surroundings) and PvP (Participant versus Participant). 

How DKF Combines Gaming and DeFi

DFK gamifies features one usually sees on an alternate reminiscent of Uniswap by tying them to totally different areas within the kingdom, thereby making DeFi investing extra enjoyable.

  • Market: Gamers can swap tokens. 
  • Gardens: Gamers can add liquidity to make LPs to earn charges from different customers when changing tokens and mine the platform token, JEWEL.

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Supply: DeFi Kingdoms

JEWELs  could be harvested in two states, Locked and Unlocked. The variety of JEWELs that may be unlocked will increase over time. The quantity of JEWELs unlocked and locked will depend on the “epoch”—or assortment of blocks—the reward belongs to. Every epoch has 302,400 blocks, and if every block has a pace of two seconds, it could take one week to unlock an epoch. 

After epoch 51 (estimated to be in Q3 2022), no new rewards will probably be locked and locked JEWELs will start to be unlocked slowly. They’re estimated to be absolutely unlocked in Q3 2023.

When a person desires to take away liquidity, DFK will cost a withdrawal price based mostly on the size of time held. The minimal price will probably be 0.01% for deposits over 4 epochs, and the utmost price will probably be a 25% slashing price for withdrawals inside the similar block, acknowledged within the official docs.. Withdrawal charges and locked rewards are in-built to assist DFK retain its worth somewhat than grow to be purely a automobile for hypothesis.

The Financial institution permits customers to stake forex. Customers can stake a single token, JEWEL, as a voucher to obtain xJEWEL. JEWEL is used as the first token for in-game day by day transactions, and xJEWEL because the governance token could have entry to group airdrops and different rewards.

The Financial institution’s income comes from one-third of the person’s transaction charges within the recreation, so there is no such thing as a fastened APY and there will probably be extra income when the sport releases necessary occasions. After depositing JEWEL, the ratio of JEWEL to xJEWEL will hold growing, in order that when customers take JEWEL out of the Financial institution, they may at all times obtain extra JEWEL than once they put it in.

In contrast to JEWELs obtained in a Backyard, JEWELs obtained in a Financial institution shouldn’t have lock-up intervals or withdrawal charges, very similar to conventional financial institution demand deposits.

In addition to DEX-related components, NFT “Heroes” are a central a part of DFK, the place they serve not solely as NFT collectibles, but in addition as a method for customers to earn extra JEWELs. IN the long run, DFK gameplay will revolve round Heroes.

Customers should buy, promote or hire heroes in Tavern, summon Heroes within the Portal, do quests within the Wishing Properly, and stage up heroes in Meditation Circle.

Heroes could be categorised by genes, rarities, professions and ranks. Totally different heroes obtain totally different rewards when performing actions, could harvest totally different ranges of NFTs and JEWEL, and may stage up their characters. 

Associated Token

There are 4 tokens presently within the recreation. 

ONE is a local token of Concord and is principally used to pay transaction gas charges. With out ONE, it’s inconceivable to carry out any actions in DFK, and a price is paid when choosing the avatar and title at creation.

It’s the major token of DFK and is used for many in-game transactions, reminiscent of buying Heroes, tools, props, and so on. It may be gained by way of liquidity mining or immediately by way of swap.

xJEWEL is the governance token of DFK, obtained by staking JEWEL within the Financial institution.

A sure variety of DFKTEARS are required to summon a Hero, which could be obtained by quests at Wishing Properly or by immediately swapping.

With the rise of DFK, the worth of the first token JEWEL has gone as much as about $14. The worth of DFKTEARS has plummeted to only $0.05.

Footprint Analytics: Token Price

Abstract

DFK has grown to over 20,000 customers as by December 26, simply 4 months since its launch, in accordance with Footprint Analytics.

Footprint Analytics:  DFK Volume VS User

In comparison with Axie, DFK focuses extra on finance and token era than gameplay. Whereas Axie seems like a recreation with a crypto investing side, DFK seems like a crypto funding platform become a fantasy RPG. 

The playability of a game-focus undertaking is the important thing to maintain players keep. For DFK, its nature of DeFi can obtain this objective. 

Each transaction on the blockchain must eat gas charges in order that there is not going to be a very free recreation like the standard recreation, at the moment the GameFi has been inseparable from the monetary properties. GameFi’s imbalance at both finish of the Recreation and Finance is not going to assist long-term development.

Nonetheless, the builders of DFK are arduous at work iterating on new recreation components to boost gameplay, making the undertaking much less like a gamified DEX and extra like a conventional RPG. In the event that they succeed, the undertaking appears to be like to have a promising future, as does Concord blockchain which hosts it. 

What’s Footprint?

Footprint Analytics is an all-in-one evaluation platform to visualise blockchain knowledge and uncover insights. It cleans and integrates on-chain knowledge so customers of any expertise stage can rapidly begin researching tokens, tasks and protocols. With over a thousand dashboard templates plus a drag-and-drop interface, anybody can construct their very own personalized charts in minutes. Uncover blockchain knowledge and make investments smarter with Footprint.  

Footprint Web site:  https://www.footprint.network

Discord: https://discord.gg/3HYaR6USM7

Twitter: https://twitter.com/Footprint_DeFi

Telegram: https://t.me/joinchat/4-ocuURAr2thODFh

Youtube: https://www.youtube.com/channel/UCKwZbKyuhWveetGhZcNtSTg

Disclaimer: The views and opinions expressed by the writer shouldn’t be thought-about as monetary recommendation. We don’t give recommendation on monetary merchandise.


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