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Key Takeaways
- DeFi Kingdoms’ JEWEL forex token is down greater than 90% from its January all-time highs.
- A current exploit impacting the pace at which gamers can unlock their locked JEWEL has additionally affected the token’s worth.
- Though a patch for the exploit is ready to go reside later as we speak, JEWEL is just not displaying any indicators of restoration.
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DeFi Kingdom’s JEWEL token worth has plummeted greater than 90% as curiosity within the recreation wanes. A current exploit that enables gamers to mine locked JEWEL from a number of accounts has additional impacted the value of the token.
DeFi Kingdoms Down
One other play-to-earn recreation is struggling to steadiness its financial system.
GameFi mission 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 stress with out an inflow of recent gamers to steadiness the sport’s financial system.
Moreover, a current exploit impacting the pace at which gamers can unlock their locked JEWEL has additionally affected the token’s worth. In response to DeFi Kingdoms developer Frisky Fox, mining locked JEWEL will be “unfairly augmented” by transferring it between a number of accounts, permitting extra Heroes than meant to mine the locked JEWEL concurrently.
Whereas 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 laborious. Prior to now 24 hours, JEWEL has fallen one other 21%, to an area low of $2.25. Simply 4 months prior, JEWEL was buying and selling at an all-time excessive of $22.52. Though a patch for the exploit is ready to go live later as we speak, JEWEL is just not displaying any indicators of breaking its months-long downtrend.
In response 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 as we speak. 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 similar to Axie Infinity and Crabada have additionally suffered an exodus of gamers and exercise in current months.
At its peak, DeFi Kingdoms had solidified its place as a prime blockchain recreation. Crypto influencers similar to Ansem repeatedly expressed their bullish outlook on the sport, whereas the Crystalvale enlargement fueled hype to euphoric ranges. Nonetheless, regardless of a devoted developer group and the sport’s current launch on an Avalanche subnet, Defi Kingdoms has not fared properly within the declining crypto market. Whether or not the sport will be capable to recapture its participant base sooner or later stays unsure.
Disclosure: On the time of penning this piece, the writer owned ETH and several other different cryptocurrencies.
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