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How DEFI Kingdoms Works

Welcome to this post, where we are going to see how DEFI Kingdoms works, a DEX platform very different from what we have seen in other networks.

DEFI Kingdoms is the main decentralized Exchange or DEX of Harmony’s network (ONE), and it has been popularized by the combination of a DEX, and a fantasy world. Where, instead of having a normal platform as could be pancakeswap or uniswap, they have created a map, and an interaction as if it were a game.

Besides, adding heroes in NFT’s format, and many new features they are working on, to combine Harmony One’s most popular DEX with a whole open world of NFT’s Play to Earn games.

Before I go into more detail, I should mention that there may be new features or changes to the %’s you can find in this article, depending on when you are reading this. I recommend you to visit the platform once you have finished the article, to see if there are any new changes in it.

What is DEFI Kingdoms

DeFi Kingdoms is a game, a DEX, a liquidity opportunity, a marketplace for rare utility-driven NFTs, and it all plays out seamlessly in the incredibly nostalgic pixel art fantasy form.

With the same function as a regular DEX, where you can trade cryptocurrencies from the Harmony network, add liquidity and get a return for it. Combined with a map and characters that can interact on the platform itself. Plus play to earn options that they have incorporated and are working to expand. It is a very different way to make a DEX, but has attracted many users for being the first to combine a DEX with a game format in Pixel design, and develop a world around it.

Currently it is only on the Harmony network (ONE), and is one of the reasons for not having as much growth as other exchanges, being a little used network compared to the Binance Smart Chain. Although it is unknown if it will continue only in the Harmony network, or it will expand to other networks as other DEX have done as Sushiswap, which has many networks in its platform.

The platform already has more than 1,000 NFT heroes and is working on further developing the game part, with play to earn functions, map expansion and being able to buy and sell territory within the game. This whole ecosystem, gives much more use to the JEWEL platform cryptocurrency, apart from being a farming token with LP Tokens. Being necessary to buy heroes or summon new heroes.

How to use DEFI Kingdoms

Being on a little used network such as harmony ONE, you may not know how to send funds or configure your metamask wallet to use this network. Therefore, here is a step by step guide on how to configure the network, and send Harmony to your wallet so you can start using this DEX.

Map

To get started, you will need to enter your name and select a profile picture, and confirm a transaction in your wallet. Therefore, you will need to have some harmony to be able to log in to the platform. Although the cost is less than 1$, you can follow the steps in the guide above to have ONE in your wallet.

The first thing we find when we enter is the map. This map is changing with new updates, but mainly from here we can go to the different parts of the game. You can click directly on the part you want to go, or in the menu on the right, you can select where to go.

Marketplace

Being a DEX, the part to buy and sell cryptocurrencies, such as providing liquidity, we find it in the Marketplace. If we click on the trader character, we will open the classic swap that you can find in most platforms.

Here, in from, indicate the cryptocurrency you want to use, and in to the cryptocurrency you want to get. If you have never used the cryptocurrency before, you must first click on aprove and confirm in your wallet. If you click on select a token, you can search by name and if you don’t find the cryptocurrency, you can copy the contract to see if it is available.

To do this, you can search for the cryptocurrency on platforms like coinmarketcap or coingecko, where you can see in contract, the contract of the cryptocurrency, and you can copy it to paste it here and see if there is liquidity of that token.

With the two tokens selected, the next thing to do is to indicate the amount you want to use. Under swap, you will see the minimum you will receive, the price impact, and the commission you pay for making the swap. Click on swap, confirm in your wallet and you are done. If the transaction does not fail, you will have your other token in your wallet. In case the transaction fails, you can do it again to see if this time it will make the swap.

If we click on the Druid character, we find three options. Info, where you can see the information about the LP Tokens in DEFI Kingdoms. The option to create a pool, where you can create a LP Token, depositing 50% of each cryptocurrency and then use this LP Token to farm, as we will see later. The operation to create an LP Token is the same as in other DEX like pancakeswap, so if you are new, and do not know about LP Tokens, I leave below a guide.

Gardens

In gardens, is where you can deposit your LP Tokens to receive a good annual % for it. If you click on seed box, you will see all the available LP Tokens where you can add liquidity, with the annual % you will receive.

For example, the JEWEL-BUSD pair with 1.390% per year. The jewel yields are quite high, although it should be noted that this makes the token inflationary.

Also, it is important to know that when you contribute liquidity from an LP Token, the reward you receive is JEWEL, and a portion is locked in for 6 months to prevent the price of JEWEL from falling. This is a mechanism used by many platforms to disincentivize selling the platform token by locking a portion of the rewards for a period of time.

If you click on Harvest, and view hardvest box, you can see the amount you can claim from JEWEL if you have any LP Token in farming, and the amount you have blocked, as well as when you will be able to access the blocked tokens.

At the moment, the block is 77% of the tokens, but over time, this % will go down to have a lower % of tokens blocked.

Bank

In bank, you will be able to staking your JEWELs. If you click on teller, you will see three options. Deposit, claim and withdraw. If you want to deposit your JEWELs, you will receive the token xJEWEL, which is appreciated in value with respect to JEWEL.

Below, you will see the change from JEWEL to xJEWEL, and how these two tokens work. Mainly by staking JEWEL, you are receiving a part of the commissions that the platform gets, either by buying or selling heroes, or by summoning new heroes, among many other options. Basically, if there are more people using DEFI Kingdoms, the % you will receive by having your JEWEL staked is higher.

If you click on deposit, indicate the amount of JEWEL you want to stake and confirm in your wallet and that’s it. In the same way, at any time you can go to withdraw and withdraw your JEWEL from the bank.

Tavern

Now we have covered the main aspects that you find in any other DEX, and they could not be missing, being the main DEX of Harmony. In tavern, we find the part more linked to the heroes of the game and NFT’s.

We will not go too much into detail because this is intended as a guide to start, and you can go much deeper into what heroes are better, and all the functions. But let’s look at the main thing.

If you click on the agent character, it will allow you to buy heroes in buy heroes, which are bought with JEWEL. Sell your heroes, in sell heroes, and rent your heroes, in list hero for hire. Here, you can look at the different prices and heroes that are available if you don’t have one.

There are different types of heroes, different generations and professions, as well as statistics. Although many aspects are still unknown, being a game that is still in development, such as what are the best stats for each type of hero.

The important thing is to know the rarity, common, uncommon, rare, legendary and mythical. In addition to the generation, where the gen0 are the first to appear and the most valuable and difficult to get. The generations advance when you summon new heroes, joining two heroes for it, as it happens in games like Axie Infintiy where you can breed new Axies.

Portal

In portal, is where you can use two heroes to get a new one. If you click on the character arch druid, and infuse crystal you will see the requirements. For this, you will need to have at least 1 hero, and the other one you can rent. That’s why you can rent your heroes, so that others can use them to summon new heroes.

The cost is 10 GAIA Tears, and depending on the generation, the cost of JEWEL you will be asked for will increase. You can place your hero and rent one without paying to see the total price to create a new hero. You can see the documentation for more details on summoning new heroes and the chances of getting certain features.

In summon hero, this is where you should go once you have collected the two heroes and paid the JEWEL it requires.

Professions

At the moment, you can’t perform any action here, you can only talk to the 4 professions that a hero can have. If you look at the heroes, and click on flip card, you will see that each one has a profession in a color. This is the profession that you will be able to perform in the future when the platform is more developed.

Quest

If you go to the map, you will see a castle, and if you click on the fountain on the left, you can click on it and it will open the quest Wishing well. This quest has been recently added, and you can participate with 1 hero, using 5 stamina per quest. In select hero, select your hero, and you will see the amount of times you can do the quest, depending on the stamina you have. Click on start quest once selected, and confirm in your wallet. Then click on complete quest and you are done.

The quest gives you experience and sometimes you can get GAIA Tears, which are used to summon new heroes. Every 20 minutes, your character recovers stamina, so you can do another quest.

I hope this has helped you to learn more about one of the most different DEX in DEFI. Remember that if you don’t have an account with binance, you can create one just below.

Platform: Binance
Min. deposit: $10
License: Cysec

Very low commissions
Exchange with more cryptocurrencies

5/5

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