With the rising trend in crypto play-to-earn blockchain games, one game that you need to know about is DFK – DeFi Kingdoms. If you are new to DeFi Kingdoms and want to know about the DeFi kingdoms token, this guide is for you. Here, you will find all details from what the DFK token is called, how you can purchase it, and a lot more.
Let us get started!
What is DFK (DeFi Kingdoms)?
To begin with, let us tell you a little about DeFi Kingdoms. This play-to-earn crypto blockchain game is comparatively new and is free to start with. However, as you interact with the blockchain, there is some gas fee that you need to pay. The game is centered around NFTs and currency tokens. You will learn about the DeFi Kingdoms token JEWEL later in the post.
The DeFi part of the game stands for decentralized finance. It simply means that the fintech of the game is based on public ledgers. Also, this blockchain game is not governed by a single entity. Further, it is secure as it is built on the Harmony Protocol blockchain. In the game, the players advance by exploring the game world and collecting JEWEL with the help of heroes.
From Tavern and the Bank or Garden to professional quests and other NPCs, there are numerous things you can explore in the game. While doing so, you will be investing and earning. Further, the fictional world in which this game is set is quite detailed and captivating. It goes by the name of Gaia. Once, this land was united in the game but it soon became divided into kingdoms, and later reconnected.
What Is DeFi Kingdoms Token?
Now, let us move on to the most crucial part of this post – the DFK token JEWEL. If you are not aware, this blockchain game’s governance token and utility token goes by the name of JEWEL. This token can be used by the players in many ways. Some of them include leveling up their heroes, staking JEWEL, token swap fees, quest rewards, and buying new NFTs.
Apart from the 81,395,682 circulating JEWEL, the game world also has a lot of JEWEL tokens that are currently locked. As per the news, these locked tokens are all set to unlock in the upcoming month of July. Here is more you need to know about DeFi Kingdoms and JEWEL (Please note that this data is as updated on 20th April 2022 and 05:04 UTC):
- The coin symbol of DeFi Kingdoms goes by the name of JEWEL.
- The token (coin) market cap was recorded to be 359,297,257 USD.
- Further, the total JEWEL supply as of now counts to 361,003,360 DeFi JEWEL.
- The total number of circulating JEWEL in the game as of now is 81,395,682 DeFi JEWEL.
- As for the current price of this token, it was recorded to be USD 4.39 on 20th April 2022.
- The all-time high it has observed is USD 22.52. This was recorded on 5th January 2022.
Now that you know what the DeFi Kingdoms token is, we are sure the next question on your mind would be, “How do I get DeFi kingdoms Tokens?” Well, luckily for you, we have all you need to know about it. Have a look at it:
What Should You Keep in Mind When Purchasing DFK JEWEL?
Before we tell you how to purchase the DeFi kingdoms token JEWEL, you should know what to keep in mind while doing so. As you know, the DFK token is a native crypto asset of the bitcoin game’s ecosystem. Also, as mentioned earlier in the post, it has manifold uses and is extremely important in the game.
That being said, like numerous other digital assets in the crypto world, this toke is subject to volatility too. Therefore, we have come up with some points that every DeFi Kingdoms user needs to know before they decide to purchase JEWEL. Here are all those points that are worth considering and will help you a lot:
Always Choose Trusted Trading Platforms
First things first, you need to know that this bitcoin game is designed on top of Harmony Protocol. Further, it makes use of ONE – its native crypto asset for most of its internal processes. You need to purchase these first, and for it make sure to choose a trusted trading platform. Some of the platforms you can opt for include Binance, Coinbase, Kucoin, Crypto, etc.
Keep The Transaction Cost in Mind
Another thing you need to know about the game is that while it is free to play, all of it is not free of cost. Each time you decide to interact with the central blockchain infrastructure of the system, you will be charged a certain transaction cost.
Of course, the good news is that since the game makes use of Harmony ONE, you will notice a low transaction cost. The native fee rate is usually less than a cent which is extremely low and affordable, as well.
Make Sure to Know About the JEWEL Uses
Next, you need to know how once you have JEWEL, you can use it so you do not miss out on anything. Firstly, you can use it to purchase the game NFTs. These are the Heroes and Kingdoms. Then, the token can also help in speeding up build times, acquiring in-game items, etc.
Along with this, with JEWEL, you are also open to liquidity mining purposes. This includes JEWEL staking. Another use of JEWEL that players have is their governance rights in the game when it comes to the future growth and development that will be made in the future.
Know About the Multiple Reward Avenues in The Game
When you have the game money and enter the metaverse, you must know that you can earn incentives in quite a few ways. One of these includes adding funds to the liquidity pools in the DFK Marketplace. Then, you can also stake tokens in the gardens of the game by purchasing seeds and putting them in the seedbox or supplying JEWEL to the in-game bank.
How To Buy DeFi Kingdoms Token JEWEL?
First of all, you need to know that when it comes to JEWEL, you can only purchase it with some other cryptocurrency on decentralized exchanges. Therefore, to begin with, you need to pick a platform to make your purchase. While there are other platforms like Binance where you can do the same, today we will be discussing how you can do so using Coinbase.
If you wish to buy JEWEL using Coinbase, you will first need to purchase Ethereum (ETH). Once you have these in your wallet, you can easily use them to buy JEWEL. Let us see all the steps needed for this in detail. Have a look:
Step 1: Download the Coinbase Wallet on Your Device
In order to purchase DeFi Kingdoms Token, you will need to first have a self-custody wallet. Coinbase is one of them. So, you need to download it to your device to purchase JEWEL. As of now, this wallet can be downloaded on mobile easily as an app. It is also available as a browser extension. Once you do so, move on to the next step of choosing a username for it.
Step 2: Choose A Username for Your Coinbase Wallet
Once you download the Coinbase wallet on your device, you will need to set it up. As a part of this setup, an important step is choosing a username for your wallet. This is needed to access your Coinbase account, and will also help other users to be able to send crypto to you easily. Also, you can opt for keeping your username private.
Step 3: Make Sure to Keep Your Recovery Phrase Securely
After the username setup, there is another important step you need to know about. Whenever you create a Coinbase or any self-custody wallet, you will get a recovery phrase. It is typically composed of 12-letter words and is super crucial. Anyone who has access to this phrase can easily have access to your crypto account as well.
So, make sure to never share it with anyone. Also, it is a good idea to note it down somewhere secure for you to remember. It is because if you lose this phrase, it is impossible to access your wallet again.
Step 4: Understand the Ethereum Network Fees and Plan Accordingly
The next thing you need to do is understand how the Ethereum network fee works. It will depend on a lot of things. Some of them include:
- The speed at which you want your transaction to be completed,
- Business of the network, and
- Whether or not the transaction is complicated.
Once you understand all of this, plan accordingly by setting aside some fees for the same. It will make the process easier for you. You can learn more about this fee on the internet.
Step 5: Buy Ethereum (ETH) and Transfer Safely to Coinbase Wallet
After this, you can purchase ETH, and then transfer them to your Coinbase Wallet. Of course, how you do so will depend on whether you are using the mobile app or the Chrome extension of the Coinbase wallet.
Step 6: Use Your Ethereum (ETH) and Buy Jewel
Lastly, you just have to purchase Jewel right in the app (if you are using a mobile app). In the case of the Coinbase Wallet extension, use the “Convert” button to do the same.
So, this is all you need to know about DeFi Kingdoms Token, and how to purchase it easily. We hope this was helpful!