Now that the hype behind DeFi Kingdoms’ Crystalvale launch has subsided let’s dig into the information to see how profitable it was.
- The Nice Migration
- DFK Chain Analytics
- JEWEL & CRYSTAL Worth Motion
DeFi ➡️ GameFi
— astro💫 (@hodlhead21) March 28, 2022
DeFi Kingdoms is without doubt one of the crypto market’s hottest GameFi initiatives in 2022. The DeFi market is getting saturated with tons of varied decentralized finance (DeFi) protocols, and whereas there’s nonetheless loads of worth to be discovered there, the market has been in search of one thing recent and distinctive. DeFi Kingdoms has stepped in to meet that position by gamifying the standard DeFi expertise. With the highly-anticipated Crystalvale launch going down this week, let’s check out among the information that’s coming in following the discharge day to see how the market obtained it.
RECOMMENDED: DEFI KINGDOMS’ CRYSTALVALE ON AVALANCHE IS LIVE — HERE ARE THE DETAILS
Crystalvale Launch: The Nice Migration
The primary attention-grabbing statistic I’d wish to level out is the sheer quantity of capital that flooded into Crystalvale following the launch. Being constructed on Concord, DeFi Kingdoms tapped into the Synapse bridge to seamlessly transfer property throughout the Concord blockchain to the DFK Chain, which is constructed on high of Avalanche’s first subnet.
Right here’s a have a look at the quantity of capital that flowed via Synapse onto DFK Chain on March thirty first, only a day after the launch of Crystalvale.
As you’ll be able to see, Synapse bridge didn’t transfer almost as a lot quantity till instantly, on March thirty first, when DFK Chain clocked in over $330 million in capital migrating over from Concord and Avalanche. That lengthy, yellow wick represents the sum of money that flowed into DFK Chain as in comparison with different blockchains, clearly dwarfing all others by comparability. It was an enormous day for Synapse bridge, and though there was fairly a little bit of backlogged transactions on the day of launch, the site visitors appears to have cleared, and cash is transferring via seamlessly for almost all of gamers. Between the day of launch on March thirtieth and the next day, Synapse moved a complete of $470 million in property to DFK Chain and processed greater than 62,000 distinctive transactions. I feel it’s secure to say that DeFi Kingdoms is something however a useless GameFi undertaking.
Big congrats to the @DefiKingdoms group on their historic subnet launch! 🏰❄️
In simply 24 hrs, Synapse bridged almost $470 million in property and processed over 62k distinctive transactions 📈
Cumulative bridged quantity additionally surpassed $8 billion.https://t.co/tB6Gla3olw pic.twitter.com/8yMDUXPn5w
— Synapse Protocol (@SynapseProtocol) March 31, 2022
DFK Chain Analytics
Let’s have a look beneath the hood of the DFK Chain by wanting on the Avalanche subnet chain exercise. Being the very first subnet launched on Avalanche, there’s no prior information to work off of, however hourly gasoline utilization exploded as quickly because the DFK Chain went dwell on March thirtieth.
In line with Avalanche’s DFK Chain tracker, DFK Chain settled over 271,500 distinctive transactions since launch day, and processed almost $100 million in JEWEL transaction quantity within the final 24 hours.
RECOMMENDED: DEFI KINGDOMS IS BRINGING GAME-CHANGING UTILITY TO JEWEL
JEWEL & CRYSTAL Worth Evaluation
JEWEL had a sizzling run-up all through the month of March main as much as the Crystalvale launch, and now that the CRYSTAL token has formally dropped, let’s check out every of the worth charts to see what we will collect.
On the time of writing, JEWEL is buying and selling at $9.30.
Since bottoming out slightly below $4 at first of March, JEWEL pulled off an eye-watering 200% rally to $11.50 earlier than cooling off to its present ranges. The quantity of quantity that accompanied its rise surpassed that of its preliminary climb to $22, telling us that extra site visitors than ever is flowing again into JEWEL. Plainly Crystalvale has introduced in a wave of recent customers eager to get in on the DeFi Kingdoms motion.
The relative energy index (RSI), which measures the overbought and oversold circumstances of an asset, is operating sizzling proper now, so we’ll have to attend and see how the worth motion unfolds over the approaching weeks. Nonetheless, if the general crypto market can keep its bullish momentum, JEWEL could possibly maintain the road on the present long-term help line that it reclaimed following this most up-to-date push. But when the markets fail to maintain their momentum, I’d count on JEWEL to revisit the inexperienced 50-day transferring common (MA) or the purple 100-day MA, each of that are presently sitting across the $7-8 vary.
As for CRYSTAL, the worth motion isn’t wanting almost as bullish, however that’s to be anticipated for such a brand new token. Worth information is just being gathered from the beginning of at this time, April 1st.
Presently, CRYSTAL is buying and selling at $21.47.
CRYSTAL’s worth motion is what a model new token with very low liquidity sometimes appears like. On the five-minute chart, we’re seeing enormous, sharp swings to the upside and the draw back. A squirrel might poke this chart with a twig and it might pump 20% proper now, so I might strongly urge warning earlier than contemplating “apeing in” any giant quantities of capital. The worth is trending down as extra provide is being launched into circulation from the Ice Gardens.
Curiously sufficient, the 5-minute chart is displaying a bullish divergence for the reason that starting of at this time, as the worth is trending down whereas the RSI pushes up, setting in refined larger lows. It’s nonetheless manner too early to inform the place the truthful worth for CRYSTAL lies, however this may very well be telling us that the market is trying to find a backside on CRYSTAL proper now. As extra liquidity enters the market from Ice Backyard emissions, we will count on this worth motion to clean out over time. However for now, benefit from the chaos whereas it lasts.