Defi Kingdoms Review and Tutorial

6 min readJan 26, 2022

I’m going to make a bold prediction.

After the panic of the current bear market settles, we are going to see the Defi Kingdoms and $JEWEL token skyrocket in price.

In this article I am going to lay out why this project is different than most other P2E (Play to Earn) projects, and why it’s positioned to explode.

JEWEL Bull Case

The basic building blocks of defi consist of Liquidity Pools, and ways to manipulate them.

Trade them, earn yield on them, borrow against them, etc.

The major weakness that most P2E games experience is that the token liquidity is dependent on new investment to keep the token price stable (or rising).

Defi Kingdoms is revolutionary in this way, as it is a DEX, with Liquidity Pools and the JEWEL token itself is being used as a liquidity pair for new tokens.

This means that in order to get into new tokens on the Harmony chain, people will have to buy the JEWEL token. If people want to provide liquidity on another coin, they have to lock JEWEL into the pool.

This is arguably the biggest NGU technology that exists.

For a great explanation of this phenomenon, I would recommend Taiki Madeia’s video here

https://www.youtube.com/watch?v=Qqz8gtcT4sA

I hope I convinced you that JEWEL is something worth dabbling in (NFA, of course)

Now let’s take a look how you can get started and buy your first JEWEL token!

Using the Harmony ONE Chain

The Defi Kingdoms Game is built on the Harmony ONE chain.

The Harmony chain is cheap and fast, which is great for this game, it is also EVM compatible.

This means that if you have Metamask installed, you will not need to install a special wallet (like Solana and others)

The easiest way to add the Harmony Chain to your metamask networks is by using Chainlist.org which allows you to search and add any EVM compatible chain to Metamask.

Once you locate the Harmony Chain, simply click connect wallet, and add the network and approve the transaction in metamask, and you’re done!

Video below:

https://youtu.be/DYf_OCuGXnM?t=625

Funding your Harmony wallet

Now that you have added Harmony to Metamask, you will have to get some funds into your wallet.

You have the choice to buy ONE token from the list of exchanges listed on the coingecko page, then withdrawing the money into your wallet from the exchange.

However, if you already have funds on Ethereum or BSC that you want to bridge over, you can use the Harmony Bridge to move the funds over.

Simply connect your ETH/BSC wallet and select the token you want to transfer, set the address to the same one to receive it on Harmony.

Click confirm a few times, and the funds will appear in your account within a minute or two.

Here’s the video walkthrough:

https://youtu.be/DYf_OCuGXnM?t=700

How To Buy $JEWEL token

In order to play any part of the Defi Kingdoms game, you will need to purchase some $JEWEL token.

In order to buy the token, you will need to connect your wallet to start playing the game, then go to the marketplace.

In the marketplace, you will need to click on the Trader.

If you are familiar with any DEXes (like Uniswap, Pancake Swap, Quickswap, Trader Joe, etc.) this next screen will look very familiar, as it is the same as all of those.

You will need to find and select the token that you bridged over (or withdrew) and swap it for JEWEL. JEWEL is one of the default tokens, so you shouldn’t have a hard time finding it.

Once you confirm the transaction, with all the fees, you will be the proud owner of some shiny new $JEWEL.

Bank / Staking

The simplest and easiest way to earn money from Defi Kingdoms is to put your money in the bank.

You can withdraw anytime, and unlike a regular bank, your money will be earning a portion of all fees collected on the DEX.

When you deposit tokens into the bank, you receive a token representing your deposit (think of it as a receipt) you can later exchange this token back for your JEWEL. The token is called xJEWEL.

You will always receive less xJEWEL than the JEWEL you put in, because the xJEWEL represents a larger pool of liquidity compared to regular JEWEL so each token is worth more.

You will always receive more JEWEL than you put into the pool, based on how many fees were collected.

Video:

https://youtu.be/DYf_OCuGXnM?t=221

Gardening / Liquidity Mining

If you are looking for a higher rate of return but you’re willing to take some risk, the 300 to 400% liquidity pool mining should interest you highly.

If you don’t understand liquidity mining, the simplest way to understand it is that you are being rewarded for provided liquidity into the market. The token team usually sets a certain amount of tokens aside for programs like these to incentivize people to provide liquidity.

In order to provide liquidity, you must provide a pair of token. In our example, JEWEL and UST.

For providing the liquidity, you will be rewarded with around 350% APR, which is frankly insane.

This does not generally hold for the long term, either the token price drops, or more LPs get into the pool, which gives you a lower share.

In order to do this, you need to buy 50/50 of the tokens you are planning to provide, deposit the liquidity, and then deposit the LP tokens you receive into the LP Staking Pool.

Video Here:

https://youtu.be/DYf_OCuGXnM?t=321

Why Using a Stable Coin in the pair is beneficial

When both tokens in a pair move away from each other, the result is impermanent loss, which reduces the value of your principle in the LP. By using a stable coin, half of the risk of this happening is mitigating.

I am not going into Impermanent Loss here, if you would like to learn more about it, watch this video:

https://www.youtube.com/watch?v=_m6Mowq3Ptk

Withdrawal Fees

There is no fee to deposit tokens in staking. However, before withdrawing any yields from the game, be sure to check the amount of fees that it will cost you.

If you are withdrawing within a few days, the fees can be quite high.

NFT — Play To Earn Game

There is a whole section of this game that I did not get involved in. The reason why is because the cheapest way to mint an NFT requires more than $200, which exceeds my current investing targets. Maybe if some of my projects take off, I can increase this…

How much does it cost to start playing Defi Kingdoms (DFK)?

So if you want to participate in staking and farming, and EARNING, the cost of entry can be extremely low. You can get started with $1, $5, $10 or $100 (like me) or amount that you choose.

If you are intending to play the NFT portion of the game, the current (1/25/22) minimum to buy an NFT on the marketplace is around $400

Is it a good time to get into Defi Kingdoms?

As we outlined earlier, we are bullish on DFK for the time being as the price action has been reflecting the broader market which means the price is stable and will start to rise when the panic recedes. Another reason to be optimistic is that the team is consistently delivering on the Roadmap: