What is DeFi Kingdoms Jewel Staking?
DeFi Kingdoms is a multipurpose NFT game, a decentralized exchange (DEX), and a learning tool for liquidity pools (LP).
DeFi Kingdoms, maybe the most popular early NFT and DeFi hybrid version, seeks to create an ecosystem of characteristics that comprise the $JEWEL token, the Gardens (LP), the DEX, and NFT assets (Heroes, Equipment, and Land), all while giving users with opportunities to engage with those NFTs. What is Defi Kingdoms Jewel staking? Today, we will read about Defi Kingdoms Jewel staking.
Read this article to learn all about What is DeFi Kingdoms ONE
How to Start DeFi Kingdoms?
The first step in connecting with DeFi Kingdoms is to get yourself set up and ready to communicate with the Harmony network. To begin, add the Harmony Mainnet to your Metamask account or a supported web3 wallet. The documentation provided by the Harmony team is the ideal location to begin this procedure.
Here, we can get the information we need to add the system to our wallets in a safe and secure manner. It is critical to always double-check the source for that statement to ensure that you are correctly adding the channel to your wallet for use.
After safely adding the Harmony channel to your MetaMask wallet, you can use the Harmony Bridge to transfer Ethereum from Ethereum Network to the Harmony system. Simply explained, the Harmony Bridge lets people “bridge” tokens from the Ethereum platform to usage on a separate blockchain.
When on the Harmony bridge, link to the Ethereum Mainnet and decide the amount of ETH you want to transfer to Harmony. After you’ve chosen the amount, make sure you input or pick the same address as the “recipient” address in the “ONE address” section.
When you’re content with the details you’ve entered, click “proceed” to begin the bridging transaction. The process will then proceed through three steps, each of which can take up to 10 minutes to finish. After the transfer is validated on the blockchain, you will be seeing your ETH on Harmony Mainnet, as well as a tiny amount of ONE, the Harmony network’s native token.
With your ETH transferred and enough ONE to initiate a few transactions, you’re ready to begin playing DeFi Kingdoms. You can access the DeFi Kingdoms game whilst on the Harmony Mainnet. When you log in, you’ll be asked to select an avatar and name your character!
What is Defi Kingdoms Jewel Staking?
What is Jewel in the Defi Kingdom? The JEWEL token is the primary form of currency in DeFi Kingdoms. JEWEL tokens can be used to buy NFTs like Heroes and Kingdoms in the game, along with equipment that will be utilized later in the battle game.
JEWEL is also utilized in DeFi Kingdoms liquidity pools, which allows you can earn extra JEWEL by staking or providing liquidity. Furthermore, JEWEL serves as a governance token, giving holders a say in the game’s growth and evolution.
The proceeds of each JEWEL sale are distributed proportionally to various groups of game investors. The JEWEL is put in the bank to pay xJEWEL holders, recycled back into the communal treasury, refunded to players as mission rewards, and certain tokens are channeled to game development expenses.
The hard cap for the JEWEL token is 500,000,000 tokens. At the time of writing, CoinGecko believes that there are approximately 63 million tokens in circulation.
But what is Defi Kingdoms Jewel staking? It is a method of accruing interest on Jewel by putting it for a specific amount of time. It functions similarly to typical bank interest accounts. You can earn around 1/3 of all trading costs in xJEWEL by staking your JEWEL tokens, based on the variable bank ratio.
The Bank is a location in the DeFi Kingdoms ecosystem where players may earn rewards using their unlocked JEWEL. You can spend JEWEL tokens at the Jeweler to obtain xJEWEL shares. The Bank earns profits from the Marketplace’s decentralized exchange and will market to acquire more JEWEL tokens on a regular basis. In addition, every JEWEL purchase in-game will transfer a portion into the Bank, further rewarding xJEWEL holders.
The DeFi Kingdoms Marketplace
DeFi Kingdoms has its own decentralized exchange, which is available through the Marketplace and uses the UniswapV2 Standard. You can trade in-game tokens for or against them at the current exchange rates through the Trader, also known as Merchant Matoya.
After you’ve crossed your ETH to Harmony, you might want to exchange 1ETH for $JEWEL, the DeFi Kingdoms in-game coin, or $ONE, the Harmony blockchain’s native asset. All of these transactions are possible through the Marketplace transaction with Merchant Matoya.
Vendor Zada, who may also be featured in the market, is being used to buy or sell in-game things found on quests in exchange for $GOLD, the game’s unique currency.
All items, including $GOLD, can be exchanged for JEWEL or other tokens via the decentralized exchange.
Furthermore, you might become a Liquidity Provider in the market. To do so, go to Druid Lazarus and include liquidity to any token pooling you choose. When someone trades the pair for which you’ve given liquidity, you’ll receive a prorated payment based on your portion of the pool. However, while Druid Lazarus could provide liquidity, LP tokens could also be placed in the Gardens to obtain JEWEL prizes.
Kingdom of DeFi Heroes can work in a variety of vocations. Mining is dependent on a Hero’s strength and endurance characteristics. When mining, you would be able to explore mines to uncover previously locked JEWEL. Raising a Hero’s mining ability increases the yields received and enables the Hero to dig for longer periods of time without rest.
Gardening is concerned with a Hero’s wisdom and health stats. Gardening is mostly for your personal Garden, and the quest aids in the rapid expansion of your liquidity pools. Increasing a Hero’s gardening abilities can result in more JEWEL prizes and an increased possibility that your hero will find other resources.