Gaming Altcoin Built on Harmony Rallies Nearly 100% in Matter of Days While Bitcoin and Ethereum Remain Stagnant

One gaming altcoin built on the Harmony blockchain has rallied over 95% in the last seven days while the rest of the crypto markets have remained stagnant.

Blockchain-based game DeFi Kingdoms (DFK) is a new competitor in the GameFi niche, which combines decentralized finance (DeFi) with the metaverse.

DFK players game buy non-fungible token (NFT) characters called “Heroes,” which can be used to go on quests or adventures to earn more tokens or upgrades.

At the core of the DFK’s economy is the JEWEL token, which is used for buying in-game NFTs, staking and voting in governance. ONE, the native token of Harmony, is used for gas fees.

Data from analytics website DeFi Llama shows that JEWEL’s dominance on Harmony, a blockchain focused on powering a decentralized economy, is now at 58.82%. The gaming altcoin accounts for $343.98 million of the blockchain’s $584.2 million in total value locked (TVL).

DeFi Kingdoms also ranks as the sixth-biggest blockchain game in the last 30 days, according to DappRadar. Over the past month, the project hit over $894 million in volume, which represents the total amount of incoming value to the decentralized app’s smart contracts. The game also attracted 241,210 new users over the same period, representing an increase of 466%. 

JEWEL has performed as an outlier to the broader crypto markets in the last seven days, nearly doubling in price while Bitcoin, Ethereum and others traded sideways or trended down. JEWEL went from a seven-day low of $6.47 on December 13th, to smashing an all-time high of $12.80 by December 20th for gains of 97% in a week.

At time of writing, JEWEL is valued at $11.12, about 13% off its all-time high.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Featured Image: Shutterstock/KeremGogus/Vladimir Sazonov