DeFi Kingdoms – A thorough walkthrough

While thinking of how precisely I would like to start writing on the newly founded English section, I couldn’t think of a better way than writing about a project that encapsulates current trends and is receiving attention from various communities. I’m talking about DeFi Kingdoms, a project on a (currently) rather unpopular L1, Harmony. However, one could argue that this is exactly the reason for its momentum and the traction it gained because if the throne’s empty, then it’s there for the taking. Let’s jump into it.

“DeFi Kingdoms aims to be a whole ecosystem of features that includes the JEWEL token, the DEX, the Gardens, and our NFT assets (Heroes, Equipment, and Kingdoms), as well as the game activities that can be performed with those NFTs.”

… this is how the team behind DFK describes the project. Although it may sound kind of vague, we’ll dive in deeper and see the synergies between those things.

Firstly, i would like to mention that the ongoing trend of the Metaverse (where we’ve seen billions of dollars of funds injected in numerous projects) and context of the crypto market (initiation of users into decentralized finance and the continuation of incentives on most chains) are important catalysts for DFK’s explosive growth.

At first, DFK capitalized on the fact that there was no main DEX on the Harmony chain and it quickly attracted users because of its appearance, similar to older 8-bit graphics games and background music. Furthermore, the project features a minimap with clickable locations, each leading to usual DEX features such as liquidity pools (Gardens), swapping (Marketplace), staking (Bank) or a bridge (Docks):

$JEWEL, the main token

Used for purchasing items, buffs and more importantly Heroes, JEWEL is also used in staking and as a common pair in the farms at the Gardens. Furthermore, it also acts as a governance token and is hard capped at 500 million tokens, with a current total supply of 321 million tokens and 62 million in circulation. Even though the token has seen massive growth in the last couple of weeks, the APRs in the garden are still very high at 4-500% depending on the pair you choose (I really recommend anyone interested in DeFi to take a look at their farms as I consider the pairs to be good, most of them including a popular Layer 1 token). Keep in mind, however, that there are harsh fees for early exiters so make a good plan and act on it.

On the subject of farming, it’s important to mention that part of the rewards is vested with the unlocking schedule as following:

As a DEX, DeFi Kingdoms has a dominance of 67.55% on Harmony, not including staking (if that were the case, the dominance rises to 72.17%).

What about the Heroes?

Walking around the gamified DEX, the pixelated characters not only act as NPCs but can also be bought or summoned. They are playable characters, each with its own set of attributes (lovely for the RPG fans, such as myself).


as seen in the Tavern, the Hero marketplace

They possess different health points, mana points and stamina as well as a rarity. Each one has a primary and a secondary class that assists them in quests and a number of summons which is the ability to create more heroes.

But what can you do with heroes?

If you own a hero, you can do the following:

  • Go on profession quests and earn skill points (fishing or foraging)
  • Collect items (another form of currency)
  • Use to summon other heroes
  • Rent to others
  • Sell or trade
  • Level up to increase stats and stamina

Currently, not all functionalities are available and soon players will be able to:

  • Mine to unlock Jewel rewards
  • Send heroes to the garden to increase your farming rewards
  • Equip heroes with NFTs
  • Hatch pets to buff heroes
  • Engage in PvP battles
  • Join a guild
  • Take on more difficult quests to earn even more powerful rewards and items
  • Build within your kingdom and increase bonuses

These all sound great, and all of us probably heard or read similarly ambitious projects. What’s the difference between DFK and them? Why is this not just another play to earn game that will quickly fade after which we’ll be left with nothing?

So far, the team has been excellent in shipping updates, taking their time when more work was needed and not rushing just to get the product out. They are very active in their discord (which I recommend you join) and are good at communicating and addressing problems within the tightly-knit community.

Not only is the community strong, the project also has strong support from big influencers such as Satsdart, Ansem, God of Coins and DFKDAO, the main guild composed of dedicated players. (although this is not necessarily good news, make of this information what you will).

Crystalvale and the expansion to Avalanche

The core team is already working on expanding the project to other chains, this being the main catalyst for $JEWELs price growth recently. There are incentives for existing users and an airdrop for people that take part in owning heroes, providing liquidity, staking or using bridged LP tokens from Avalanche to Harmony. 

The expansion will be called Crystalvale and will feature a new token, $CRYSTAL, that will act the same as $JEWEL on Harmony.

I personally think that everyone is looking forward to this expansion because people who aren’t comfortable bridging to other chains will now be able to play. Furthermore, the TVL on Avalanche far exceeds Harmony’s, so there is a large chance that new, considerably more capital will be flowing into the project.

Final thoughts

I don’t own any Heroes in DFK, but I am holding, staking and farming $JEWEL and waiting for $CRYSTAL. At the moment it’s my only bet on GameFi and I’m looking forward to seeing new functionalities implemented and how the initial roadmap will unfold.

As a bonus, I’ll leave a useful tracker for DFK, one that calculates IL in the gardens, counts staking, portfolio value and Heroes:

https://dfktracker.app

Nothing from this article should be considered as financial advice, as I only write about my own experiences and thoughts.

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  1. Brilliant article. Keep up the good work. I am curios how people will adapt and make the most out of Defi Kingdoms on Avalance, since the fees are significantly higher. There will be less transcations for sure and this will change the way people farm and embark on quests.

    1. True, significantly higher fees will act as a barrier to entry for people who would only buy one floor hero and try to level it up. However i don’t think it’ll have much of an effect on regular players with more heroes since the current hero floor is about 30 $JEWEL, currently priced at $600.

  2. Amazing article, really hit the spot for me. I have not yet found a defi game that is able to both have good mechanics/gameplay and make use of the defi constructs too. Nevertheless, I am super excited about what you wrote about, and thank you for sharing it with us 🙂

    1. Thank you, Bogdan! It’s great to hear some people still find it useful 🙂 GameFi is still in its early stages so everyone (including the DFK team) has a long way to go in development.