Play-to-earn game DeFi Kingdoms generated some USD 1.84bn in transactions in January 2022, more than tripling the value posted by rival game dapp Axie Infinity (AXS), according to dapp information provider DappRadar.
Built on the Harmony (ONE) blockchain, DeFi Kingdoms held USD 775m, or 64.6%, of the blockchain’s total value locked (TVL) last month, the analysts said in a new report.
DappRadar calls DeFi Kingdoms the perfect example of GameFi, the gamification of decentralized finance (DeFi) in which “games naturally incorporate DeFi features into their playing mechanics.” It says that “DFK takes GameFi one step beyond by creating an authentic gaming experience within its pixelated virtual world,” accommodating transactions in JEWEL, the game’s utility and governance token.
Owing to its features, DeFi Kingdoms has established itself as the essential dapp for the rising Harmony ecosystem, with a TVL of some USD 1.2bn, attracting more than 22,000 daily unique active wallets (UAWs) in January, and retaining its player base at the level from December 2021, according to data from the report.
At the same time, DeFi Kingdoms generated about USD 1.84bn in transactions last month, three times more than Axie Infinity which was ranked second, with a USD 540m stake representing 11.1% of the total. This allowed DeFi Kingdoms to capture some 38.2% of the January volume transacted by blockchain games which stood at a total of USD 4.82bn that month, as indicated by DappRadar. (Note: In a different place in the report, DappRadar said that DeFi Kingdoms generated USD 1.6bn (38%), in January game dapp transactions. Cryptonews.com has reached out to them for clarification.)
“It is worth noting that DeFi dapps were the most affected by the current three-month bear trend. Still, DeFi Kingdoms was able to keep its audience engaged by smoothly blending DeFi functionalities into an engaging gaming interface,” the report states.
The latest expansion comes as the number of active game dapps continues to grow at a rapid pace. Last month, DappRadar tracked 682 such games, up 15.6% compared with a month earlier.