- DeFi Kingdoms’ JEWEL forex token is down greater than 90% from its January all-time highs.
- A latest 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 dwell later right this moment, JEWEL just isn’t exhibiting any indicators of restoration.
DeFi Kingdom’s JEWEL token worth has plummeted greater than 90% as curiosity within the recreation wanes. A latest 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 economic system.
GameFi challenge 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 latest gamers to steadiness the sport’s economic system.
Moreover, a latest exploit impacting the pace at which gamers can unlock their locked JEWEL has additionally affected the token’s worth. In accordance with DeFi Kingdoms developer Frisky Fox, mining locked JEWEL could be “unfairly augmented” by transferring it between a number of accounts, permitting extra Heroes than supposed to mine the locked JEWEL concurrently.
Whereas the exploit has solely resulted in a small quantity of additional JEWEL getting into the market in comparison with the quantities mined legitimately, the value of JEWEL has nonetheless been hit exhausting. Up to now 24 hours, JEWEL has fallen one other 21%, to a neighborhood 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 dwell later right this moment, JEWEL just isn’t exhibiting any indicators of breaking its months-long downtrend.
JEWEL/USD chart. Supply: CoinGecko
In accordance with 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 this moment. The variety of transactions and transaction quantity has equally decreased. DeFi Kingdoms just isn’t alone on this respect; a number of different play-to-earn video games resembling Axie Infinity and Crabada have additionally suffered an exodus of gamers and exercise in latest months.
At its top, DeFi Kingdoms had solidified its place as a high blockchain recreation. Crypto influencers resembling Ansem usually expressed their bullish outlook on the sport, whereas the Crystalvale growth fueled hype to euphoric ranges. Nonetheless, regardless of a devoted developer workforce and the sport’s latest 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 scripting this piece, the creator owned ETH and a number of other different cryptocurrencies.