DeFi Land, a multichain agriculture-simulation web game created to gamify DeFi announced the launch of a single-sided staking feature for gamers. The addition of single-sided staking is a significant step ahead, letting users stake tokens and get rewards instantly. All of the staking options are available in the game, which adds to the overall appeal of the DeFi Land interface. Users may begin and control their positions with ease.
Adjustable and controlled staking options are available in the staking feature. Users may stake their DFL for a period of time ranging from 0 to 104 weeks. Flexible staking offers the added benefit of allowing you to remove a stake at any time. On the other hand, the lock option encourages long-term DFL holders to stake and maintain the ecosystem, resulting in a greater APY. The number of tokens staked and the length of time staked determine the rewards. The game and the dedicated website allows users to wager tokens.
Every second, the DeFi Land single-sided staking function creates prizes. Users can only claim tokens once every seven days, though. Long-term stakers are eligible for additional benefits, such as free NFTs and early access to new protocol improvements. The in-game Bank feature on DeFi Land may be used to access the staking capability. Users may choose between flexible and locked staking, enter their stake amount, and immediately begin earning rewards. Fixed emissions begin at 1 token per second and change over time as in-game dynamics and market fees take control of the emission schedule, ensuring long-term sustainability.
Single-sided staking goes live simultaneously with DeFi Land’s Gen-0 NFT launch. Due to high demand, the remaining NFTs were sold in a public auction, which sold out in just 80 seconds. As a consequence, DeFi Land NFTs are on a lot of people’s radars, and they’ll now enable in-game play-to-earn elements.
The minting of NFT seeds is the first and most crucial step. Users may, however, plant the seed in-game and irrigate it using tokens to transform it into four NFTs. After planting a seed, it remains in your garden for 30 days, after which a candy machine arises in your village, dispensing prizes. After these 30 days, the team may burn every token used to irrigate seedlings in-game.
Understanding GameFi
GameFi, commonly dubbed “play-to-earn,” combines gaming with blockchain-based economics. GameFi allows users to gain digital goods through missions, trading, and other in-game activities. Mainstream games have enabled players to accumulate and trade digital assets for decades, but they may lose their assets at any point if the publisher decides to shut down the game or go out of existence. GameFi games, on the other hand, use a decentralized infrastructure to store their assets. These operate autonomously of any particular business, significantly reducing the risk associated with digital assets.
The fundamentals of various GameFi projects vary. Game participants claim NFTs as they enjoy a game, and they may be traded for profit on NFT marketplaces or exchanged for popular cryptocurrencies.
CryptoKitties reached over 14,914 users per day at its height, demonstrating the viral growth of the NFTs economy. Regrettably, the popularity of these NFTs caused the Ethereum network to become congested, resulting in significant increases in transaction fees and longer confirmation times. Programmers have since moved to other blockchains that offer quicker transaction speeds, better scalability, and lower costs. Among these are BSC, Solana, Polkadot, Polygon, Wax, and Cardano.
The realm of decentralized finance and asset tokenization is gaining popularity. Mobile phones, tablets, and computers may all be used to participate.
GameFi’s popularity grew due to the use of NFT in-game products. The top blockchain games have achieved a market valuation of nearly $14 billion, which is unsurprising.
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Image credits: Florian Olivo and Glenn Carstens-Peters.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.