DeFi Kingdoms, one of Cryptography’s most famous GameFi projects, has its own subnet on the Avalanche blockchain.
DeFi Kingdoms (DFK), which originated from the HarmonyOne blockchain, have been deployed to the Avalanche subnet. This is a scaling solution that includes “a dynamic set of validators that work together to reach a consensus on the state of a set of blockchains”. Documentation for smart contract platforms.
Synapse, a bridging protocol, is experiencing volume spikes as users move assets to new subnets in DFK. Prior to March 31, Synapse’s volume never exceeded $ 157 million. After launching the DFK subnet, it more than doubled to a record $ 330 million, accounting for 82.5% of Synapse’s total bridge volume.
According to the GameFi project’s Medium blog, DFK iterations in an avalanche are called Crystalvale and get their own token called CRYSTAL. DFK already has a JEWEL token that you can bridge to the Avalanche subnet to bet and earn CRYSTAL. Combined with xJEWEL, it is a betting version of the token, giving owners access to fees and governance rights.
DFK’s Twitter reported that the staking reward was 4,231% APR as of March 31st, but then the yield dropped to 3,082% as of April 1st as more stackers entered. ..
There is definitely an early demand for this product. When the DFK subnet is activated, there is a noticeable surge in gas consumed compared to the normal operation of Avalanche.
Patrick O’Grady, Head of Engineering at Avalanche, reported a 30% increase in transactions at Avalanche before and after the subnet was launched. twitter..
JEWEL tokens rose in the month prior to the launch of the subnet, but have fallen by 10.9% in the last 24 hours as of April 1, and traders may have bought hype and sold the news. It shows that.
According to DFK’s Medium, CRYSTAL tokens have use cases such as purchasing in-game NFTs and paying for other in-game actions, while JEWEL will be used to pay for gas in the new subnet chain.
With the launch, DFK fulfilled its December 6 promise to ship Crystalvale. Key players are paying attention — Coinbase Wallet announced the integration of DeFiKindgoms with the new Avalanche-based iteration on March 30 in anticipation of the launch of the subnet.