What Is Avalanche
Avalanche is an open-source platform for developing decentralized applications and enterprise blockchain deployments in a highly scalable, interoperable environment. It is the world’s first decentralized innovative contract platform for a global banking scale with near-instant transaction execution.
Perhaps Avalanche’s greatest strength is its network infrastructure, ostensibly designed to promote decentralization. It is built on three interconnected blockchains: the Exchange Chain (X-Chain), the Platform Chain (P-Chain) and the Contract Chain (C-Chain). The X-Chain is primarily used for asset creation and exchange. In contrast, the P-Chain is used for subnet creation and validator coordination and the C-Chain is used for Ethereum Virtual Machine contract execution. Most transactions occur on the C-Chain, enabling Ethereum developers to build Ethereum-compatible applications easily.
The three blockchains are certified and safeguarded by the respective primary network, a form of subnetwork, also called subnet. To safeguard the network, anyone can stake at least 2,000 AVAX, which is currently worth $152,000. A subnet, according to Avalanche, is a “dynamic collection of validators cooperating to reach consensus on the state of a collection of blockchains.” Subnets are essentially new networks capable of hosting many blockchains, each of which can have its consensus process and virtual machine.
These subnets offer specialized niche use cases due to their high customizability. This benefits a wide variety of organizations, corporations and even governments, as the network’s architecture also supports private subnets, enabling the development of private blockchains.
Avalanche DeFi and NFT
Avalanche (AVAX) was founded to host DeFi and has since hosted several applications that take advantage of its quicker, more efficient environment.
Avalanche lives up to its name. With over 364 projects created, the decentralized application platform for smart contracts establishes itself as a major Ethereum contender. The PoS blockchain with the fastest transaction speeds and the most validators is well-positioned to serve as DeFi’s preferred destination. Along with increased performance, users benefit from decreased deployment costs. Avalanche Virtual Machines allow developers to launch customized blockchains. Users can easily transfer assets to and from Ethereum via the Avalanche Bridge.
The Avalanche Foundation announced the launch of Avalanche Rush in August 2021, a $180 million liquidity mining incentive program aimed at attracting additional apps and assets to its burgeoning DeFi ecosystem. Avalanche Rush enables the implementation of Aave and Curve on Avalanche, two of the most valuable DeFi protocols in terms of total value locked(TVL).
The network is not content to rest on its laurels but is actively seeking to expand its ecosystem. It established the Blizzard fund, investing $200 million in DeFi and NFTs initiatives. Apart from its apparent expansion, the Avalanche protocol’s sheer volume of energy demonstrates its potential to affect the future of DeFi.
Benefits of Avalanche
Avalanche’s primary advantages stem from how it was constructed. Through the network’s unique structure, Avalanche’s founders identified a means to address fundamental blockchain difficulties.
Interoperability
Only a few blockchains allow for the cross-platform exchange of various forms of cryptocurrencies and data. Avalanche enables interoperability by enabling different blockchains to exchange data and hence “interoperate” successfully.
Scalability
For example, Bitcoin (BTC) mining needs enormous energy and computational capacity. Ethereum has a maximum transaction rate of 15 per second. While these blockchains are extremely powerful and valuable, they are difficult to grow due to these restrictions. On the other hand, Avalanche was designed to be scalable, with sub-second transaction times and massive processing capacity.
Usability
Usability, or the ease with which software or technology may be used and implemented in various applications and use cases, is one of the considerations when adopting any technology. Avalanche has proven effective in multiple situations and is gaining traction in the crypto world at a rate comparable to Ethereum.
DeFi Kingdom: The Game
DeFi Kingdoms has playable characters that engage in quests to earn tokens. It is a play-to-earn (P2E) game that incorporates non-fungible tokens (NFTs) influenced by metaverse elements.
At its heart, the current version of DeFi Kingdom is a gaming-based interface for decentralized finance. While other games focus on purchasing and selling NFTs, DeFi Kingdom begins by employing games to make investing in cryptocurrency through the game’s burgeoning economy enjoyable.
🧬Vithraven’s Reawakening (Gen0 Gene Reroll) is now LIVE!🧬
— DeFi Kingdoms (@DefiKingdoms) May 10, 2022
Pay a visit to the Portal, and Arch Druid Agranum will guide you! 🦯 pic.twitter.com/oWStUY7sWw
DeFi Kingdoms incorporates difficult-to-understand principles within a familiar and easy-to-use user interface. This is the strength of DeFi Kingdoms and GameFi in general – the ability to add a new component to something that is presumably easier and more enjoyable. The game’s popularity has soared due to its simplicity and opportunity to earn money.
What Blockchain is DeFi Kingdoms Using?
DeFi Kingdoms is powered by the Harmony Protocol and its native token ONE, which can be acquired on most major exchanges, including Binance, Kucoin and Crypto.com. The DeFi Kingdoms Blockchain officially debuted on March 30, 2022, and is home to the game’s first expansion: Crystalvale.
What Makes DeFi Kingdom Different?
The developers behind DeFi Kingdoms described the project as “a game, a DEX, a liquidity pool opportunity and a market for uncommon utility-driven NFTs, all flawlessly rendered in the immensely nostalgic style of fantasy pixel graphics.” While this is an audacious claim, a closer examination offers a framework for comprehending the DeFi Kingdom as it exists and may exist in the future. In more detail, the game consists of the following:
$JEWEL & The Decentralized Exchange (DEX)
The $JEWEL token is the backbone of DeFi Kingdom. Consider JEWEL a hybrid of a standard crypto token and an in-game currency, similar to what you’d find in World of Warcraft. JEWEL powers everything in-game, with token holders controlling the community’s roadmap. The token’s transaction fees are split between developers, player awards and community funds. Gamers must have JEWEL to purchase NFTs and get monetary benefits, as it’s the lifeblood of the game’s ecosystem. Players can obtain JEWEL in two ways: through the game’s decentralized market or unconventional means. Additionally, the token can be staked in-game to gain liquidity provider rewards, such as better yielding JEWEL returns that can be used on additional game features. While none of these components represents new underlying developments in DeFi, the way they are presented to the user in the game is unique.
The Liquidity Provider Pool
As previously stated, staking JEWEL in support of the DeFi Kingdom’s financial economy has also been gamified. To obtain a range of incentives, players can stake their tokens in one of two methods in-game:
The Bank. The “safer” of the two alternatives, the game’s bank is a single staking pool that allows players to exchange JEWEL for xJEWEL, a governance token that symbolizes the bank’s ownership stake. As transactions occur throughout the DeFi Kingdom ecosystem, the bank will earn fees, which it will use to purchase other JEWEL, raising the value of an investor’s xJEWEL. Fee sharing with the Bank is similar to investing in the game’s bank and receiving dividends over time.
The Garden. Alternatively, players can invest their newly acquired liquidity in the game’s Garden as they stake their JEWEL. Players receive plots of land proportionate to their overall contribution to the game’s liquidity in the Gardens. An NPC farmer will gather plants for providers and store them for players to claim over time. Due to The Gardens’ enormous output, player prizes are locked behind time gates to maintain the game’s tokenomics balance and fairness. As the game matures, users can receive a more significant share of their staking rewards immediately upon their availability or acquire NFTs or other boosts to speed up the yield generation and locking mechanism. Additionally, withdrawal fees have been established to deter traditional “pump and dump” methods.
The NFT Platform + Game
All of this being said, the actual game is still in its early stages. There’s not much to discuss with the promise of a slew of typical play-to-earn elements on the horizon. Among the most notable items on the roadmap are the following:
Heroes. These interactive NFTs can be purchased, sold, or lent out for JEWEL. Each character is equipped with classic high-fantasy RPG characteristics, like stats, levels and pets. They are playable characters who undertake quests to acquire tokens. Compared to static NFT, heroes gain experience during these adventures and can equip themselves with gear to boost their effectiveness.
Kingdoms. In-game land plots that players can acquire to boost their staking rewards, grant character benefits, or produce financial incentives.
Player vs Player Tournaments. Once the game is complete, the developers intend to release a battle system replete with betting, leveling and more classic RPG-style aspects.
Deploying a Subnet on Avalanche: How and Why
A threshold and a set of keys are specified when a subnet is built. This subnet requires the signatures of the keys to add a validator. In technical jargon, they’re known as the subnet control keys. A validator is added to the subnet with the help of a control signature. As a result, a subnet has complete control over its membership. We invoke the platform. createSubnet to initiate the creation of a subnet.
Subnets are Avalanche’s preferred scalability mechanism, inspired by sharding. Subnets, or subnetworks, enable projects to stake $AVAX to establish their L1 or L2 blockchains. These blockchains are secured by a dynamic group of validators collaborating to establish consensus.
Recently, the Avalanche Foundation established a US$290 million ($4 million $AVAX) incentive scheme to assist in developing subnets. This “Avalanche Multiverse” program aims to increase its subnets and application scenarios. DeFi, games, non-fungible tokens and institutional blockchains can operate on Avalanche without clogging up their primary network.
The multiverse program’s initial beneficiary was Defi Kingdoms, a popular P2P game on the Harmony Network. Their most recent endeavor, Crystalvale, is housed on the “DFK Chain” subnet. The Avalanche Team has provided DFK Chain with $15 million in incentives and the chain is now running with over $470 million in Harmony-bridged funds.
Why Deploy a Subnet for Your Application?
Performance Isolation
It prevents the application from becoming prohibitively expensive due to network congestion caused by other apps.
Customizability
Customize every aspect of your blockchain to meet the specific requirements of your application, including the virtual machine, fee structures and economic primitive features.
Why Index Your Subnet on Avascan
Avascan is a blockchain explorer that allows users to search for assets, smart contracts and blockchain data such as validators and delegations on Avalanche.
📢@AvascanExplorer recently added #DFKTEARS tokens to @DefiKingdoms subnet#DeFiKingdoms Blockchain is an EVM compatible blockchain that is validated by their subnet and uses the proof of authority/proof of stake consensus algorithms developed by Ava Labs#AVAXBlog #AVAX $AVAX pic.twitter.com/266YfnPXaj
— AVAX Blog 🔺 (@avaxblog_) May 16, 2022
Now that we have explored how DeFi Kingdom works and some of its in-game features, let’s take a look at how its subnet is indexed on Avascan, and all the data you can follow (live!) throughout the different sections of the platform.
You can find DeFi Kingdom’s subnet at https://avascan.info/blockchain/dfk/txs, where it’s possible to see (as if you were watching an analytics view) all the in-game transactions, the blocks created by these transactions, and the token activity going on (both ERC20 and ERC 721 tokens)
The Transactions tab enables you to follow in real-time the different swaps taking place on DeFi Kingdom (token for token or token for jewel, deposits, and ERC20 validations, for example).
The Block tab allows the user to view the different blocks created by the in-game transactions. The blocks are created with the different transactions taking place, and also allow you to see additional information such as timestamp, gas used, total tokens burned, and the bit size of the block. By clicking on each block you can uncover further information such as the block hash and the list of every transaction that formed that particular block.
DeFi Kingdom’s subnet explorer on Avascan also shares detailed information on the tokens being used in-game, both fungible and non-fungible. You can find this information in the Token tab. This section reveals the token type (such as Crystals, ONE, TerraUSD, Jewel LP Tokens, USD coins, Gaia’s Tears and more) Here, Avascan shows the total supply of each token, their timestamps, and the contract address.
Also here you can click on each one of them to find further information such as every transaction made for that particular token and the list of holders. You can also find the specific subnet tokens (in DeFi Kingdom’s case, JEWEL) by using Avascan’s search tab.
Integrating your subnet on Avascan, such as DeFi Kingdom does, is a practical blockchain solution that can help your users find all the data they need in real-time regarding transactions, tokens, and blocks. Your subnet information will be displayed in the same way as DeFi Kingdom!
