Key Takeaways
DeFi Kingdoms’ JEWEL token is down greater than 90% from its January all-time highs.
A latest exploit impacting the velocity at which gamers can unlock their locked JEWEL has additionally affected the token’s value.
Although a patch for the exploit is about to go dwell later right now, JEWEL is just not exhibiting any indicators of restoration.
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DeFi Kingdom’s JEWEL token value has plummeted greater than 90% as curiosity within the sport wanes. A latest exploit that permits gamers to mine locked JEWEL from a number of accounts has additional impacted the value of the token.Â
DeFi Kingdoms Down
Another play-to-earn sport is struggling to stability its financial system.Â
GameFi undertaking DeFi Kingdoms has seen the value of its JEWEL forex token retreat greater than 90% from its January all-time highs. The beneficiant JEWEL rewards given to gamers have created elevated promote strain with out an inflow of recent gamers to stability the sport’s financial system.
Additionally, a latest exploit impacting the velocity at which gamers can unlock their locked JEWEL has additionally affected the token’s value. According to DeFi Kingdoms developer Frisky Fox, mining locked JEWEL may be “unfairly augmented” by transferring it between a number of accounts, permitting extra Heroes than supposed to mine the locked JEWEL concurrently.Â
While the exploit has solely resulted in a small quantity of additional JEWEL coming into the market in comparison with the quantities mined legitimately, the value of JEWEL has nonetheless been hit exhausting. In the previous 24 hours, JEWEL has fallen one other 21%, to a neighborhood low of $2.25. Just 4 months prior, JEWEL was buying and selling at an all-time excessive of $22.52. Although a patch for the exploit is about to go dwell later right now, JEWEL is just not exhibiting any indicators of breaking its months-long downtrend.
According to knowledge from DappRadar, the variety of lively DeFi Kingdoms gamers has halved over the previous month, declining from 30,000 on Mar. 31 to roughly 15,000 right now. The variety of transactions and transaction quantity has equally decreased. DeFi Kingdoms is just not alone on this respect; a number of different play-to-earn video games akin to Axie Infinity and Crabada have additionally suffered an exodus of gamers and exercise in latest months.Â
At its peak, DeFi Kingdoms had solidified its place as a high blockchain sport. Crypto influencers akin to Ansem often expressed their bullish outlook on the sport, whereas the Crystalvale growth fueled hype to euphoric ranges. However, regardless of a devoted developer group and the sport’s latest launch on an Avalanche subnet, DeFi Kingdoms has not fared effectively within the declining crypto market. Whether the sport will be capable of recapture its participant base sooner or later stays unsure.Â
Disclosure: At the time of penning this piece, the creator owned ETH and several other different cryptocurrencies.
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