Why is DeFi Kingdoms (Jewel) crypto rising?

Highlights 

• DeFi Kingdom (JEWEL) is a blockchain game. 
• JEWEL’s market capitalization currently is US$685.88 million.
• The token’s 24 hours trading volume rose 102.45% to US$116.9 million at 10:27 am ET, Thursday. 

The DeFi and play-to-earn gaming with NFTs mechanics are becoming hugely popular with time. In the blockchain-based crypto gaming world, DeFi kingdom caught eyeballs today. 

The JEWEL token rallied after launching the long-awaited game ‘Crystalvale’ on Thursday. Crystalvale runs on the DFK chain and is one of the first games to go cross-chains. JEWEL’s 24-hour trading volume rose 102.45% to US$116.9 million shortly after the launch.

DeFi Kingdoms will execute Crystalvale gameplay transactions through its DFK Chain. Crystalvale will also host the Crystalvale DEX. 

The DeFi Kingdoms Blockchain, or DFK Chain, is built in partnership with Avalanche, using the latter’s subnet technology. In a tweet, DeFi Kingdoms announced a one-week promotional drive in which one could purchase Avalanche (AVAX) for free.

The gaming platform also announced its integration with the Coinbase Wallet on Thursday. 

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The play-to-earn game is still in the early stage of development, but DeFi has plans to launch player vs player and resource gathering features in future. 

The DeFi Kingdom’s popularity has grown manifold since its launch. The blockchain game benefited as the gas prices soared and users looked for opportunities to minimize cost. 

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With the expansion to Avalanche and DFK Chain, DeFi Kingdom expects strong growth. 

Users will need to go to in-game Dockmaster Maria to switch to Crystalvale from the old Serendale, whose Serendale Docks will set up an in-game bridge to DFK Chain.

After the users bridge the JEWELs used for gas fees on DFK Chain, a protocol will automatically exchange JEWELs bridged onto the DFK Chain for the native gas token.

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New users first need to set up their wallets in either a Coinbase Wallet or Metamask Wallet. After successfully installing the wallet, they can choose to visit Serendale or Crystalvale. They need to buy the related tokens for the game’s blockchain, depending on what they choose.

Serendale needs ONE token to be used on the Harmony blockchain, and for Crystalvale, they can buy AVAX on Avalanche to be used in DFK Chain.

The platform has attracted 17,275 new users as per its latest tweet at around 11:10 am ET. According to its tweet, the APY in the JEWEL:xJEWEL Ice Garden pool is currently 4231%.

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Data Source: coinmarketcap.com

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Jewel Token details:

Jewel is the native token of DeFi Kingdoms. It is used to purchase NFTs such as heroes, kingdoms etc. The token can also be staked in a liquidity mining pool to earn yields. 

DeFi Kingdoms (JEWEL) token rose 11.91% to US$10.88 at 10:27 am ET, Thursday. 

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Its market capitalization currently is US$685.88 million. JEWEL’s self-reported circulating supply is 62.75 million JEWEL, the total supply is 320.11 million, and the maximum supply is 500 million JEWELs. Hotbot, DeFi Kingdoms, MEXC, AAX, BigONE are the crypto exchanges where one can buy the JEWEL token.

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Bottom line: 

Crypto Market is volatile and prone to scams. Thus, investors must be careful while investing in the digital assets space.

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