How to do staking JEWEL in DEFI Kingdoms

Welcome to this post, where we are going to see how you can staking JEWEL. To get more JEWEL and increase the amount you have of this token.

JEWEL is the native token of DEFI Kingdoms, and like many other DEX platforms and games, it has the option of staking your JEWEL, where you will receive a part of the commissions generated by the platform.

Let’s take a look at how you can staking your JEWELs, where the rewards come from and what you can expect to earn for staking your JEWELs on DEFI Kingdoms.

Bank

To staking our JEWELs we will go to bank. Here, click on the workshop character, and deposit. Select the amount of JEWEL you want to deposit. If it is the first time you must click on approve and confirm in your wallet. Once the token has been approved, you must click on deposit, confirm in your wallet and that’s it.

In this simple way you will have your JEWEL deposited and earning interest. You will receive the XJEWEL token in your wallet, which is appreciated with respect to JEWEL and is known as liquid staking. Although there is no utility for XJEWEL at the moment, you may be able to use your XJEWEL on other platforms for borrowing or other uses later on, while earning more JEWEL.

You can find the equivalent in $ that is deposited in staking in TVL, under the different options you have in tellet. As you can see, there are a lot of JEWEL staked here.

You can see in the workshop the ratio of XJEWEL to JEWEL, for example, 1 XJEWEL equals 1,669 JEWEL. Over time, the XJEWEL token will be equivalent to a larger amount of JEWEL, so even if your XJEWEL amount does not increase, when you withdraw your bank tokens, if XJEWEL later equals 1.80 JEWEL, you will receive more JEWEL than you deposited.

The annual % you receive for staking JEWEL is variable, so it is difficult to calculate. But it usually ranges between 20-40% per year. The % you get is given by the commissions that the platform gets. These commissions, 1/3 goes to the people who make staking JEWEL in the bank, it is a way to be part of the game and earn when there is more use of the platform.

Usually the tokens earned by the platform come mainly from buying and selling heroes in the tavern, renting heroes, summoning new heroes and transactions in your Marketplace. Although there are other ways that the platform gets JEWEL from users, these are mainly what generates the most JEWEL to the platform, and 1/3 of it goes to the users who do staking.

 Another aspect to consider are the airdrops for users staking JEWEL. The platform itself has already announced that they will do airdrops for people who have JEWEL in the bank in their new Avalanche expansion. In addition, having JEWEL staked, enables you for aspects such as the purchase of territories that they did in the past, where you had to have a minimum of 1,000 JEWEL staked in the bank. This mechanism is very likely that we will continue to see it, as it is the way they have to reward players who staked their token and support it.

So if you want to be able to participate in future purchases, or receive airdrops, it is very likely that having your tokens staked will make you eligible to receive them.

Withdraw

To withdraw your JEWELs and convert your XJEWELs back to JEWELs, it’s as easy as going to withdraw. Indicate the amount of XJEWEL, below you will see the equivalent in JEWEL, click on withdraw and confirm in your wallet. In this simple way, you will have the JEWEL back at any time.

In addition, the platform does not have any deposit or withdrawal fees, as you can find in other DEFI exchanges in the staking.

I hope this has helped you to know in more detail how JEWEL staking works and the advantages it has. Remember that if you don’t have an account with binance, you can create one just below.