One of crypto’s most prominent GameFi projects, DeFi Kingdoms, now has its own subnet on the Avalanche blockchain.
DeFi Kingdoms (DFK), which originated on the Harmony One blockchain, has deployed to an Avalanche subnet, a scaling solution that involves “a dynamic set of validators working together to achieve consensus on the state of a set of blockchains,” according to the smart contract platform’s documentation.
Synapse, a bridge protocol, has seen volumes surge as users move assets to DFK’s new subnet. Prior to Mar. 31, Synapse had never seen volumes top $157M. After DFK’s subnet launch, it more than doubled to a record $330M and accounted for 82.5% of the total bridging volume on Synapse.
DFK’s iteration on Avalanche is called Crystalvale and will get its own token, called CRYSTAL, according to the GameFi’s project’s Medium blog. DFK already has a JEWEL token which can be bridged over to the Avalanche subnet to be staked and earn CRYSTAL when paired with xJEWEL, a staked version of the token which grants its holder access to fees and governance rights.
DFK’s Twitter reported that staking rewards were 4,231% APR as of Mar. 31, though yields have since dropped to 3,082% as of Apr. 1 as more stakers enter.
There’s doubtless early demand for the product — a noticeable spike in gas spent, relative to Avalanche’s normal operations, can be seen when DFK’s subnet launched.
Patrick O’Grady, head of engineering at Avalanche, reported a 30% increase in transactions on Avalanche around the launch of the subnet on Twitter.
While the JEWEL token rose in the month leading up to the subnet launch, it’s down 10.9% in the last 24 hours as of Apr. 1, indicating that traders may have bought the hype and sold the news.
While the CRYSTAL token will have use cases like purchasing in-game NFTs and paying for other in-game actions, JEWEL will be used to pay gas fees on the new subnet chain, according to DFK’s Medium.
With the launch, the DFK has made good on its Dec. 6 promise to ship Crystalvale. Major players are taking notice — Coinbase Wallet announced an integration with the new Avalanche-based iteration of DeFi Kindgoms on Mar. 30, in anticipation of the subnet’s launch.