DeFi Kingdoms Whale Watch and Key Analytics Report #10 — October 24, 2021

8 min readOct 25, 2021

I am not affiliated with the DefiKingdom team and nothing in this report is intended to be financial advice and is strictly for informational purposes.

Hi DFK Fam -

Here is whale watch and key analytics report number 10. Snapshot was taken around 4:00pm MST on 10/24/21.

Most of you are here because you’ve been following these prior reports or are already part of the community and seeing this in the discord, on reddit or otherwise. For those who are brand new to DeFi Kingdoms or know nothing about this gamefi platform, please see the bottom of this summary for some helpful links to get you started on your journey (and welcome to the family).

Shout outs:

Many thanks to Frothy (Twitter: 0xfrothy) for his help in automating several of my processes.
Shout out to Magg for providing me with the raw LP data. You can also check out Magg’s work on the DFK “Watch” where he lists various Dev, bank and pool watch addresses for your viewing pleasure: https://kingdom.watch/
Special thanks to Mr. Zipper as well for his help in pulling hero data for the top addresses. We hope that with the new upcoming API we can pull hero data by top wallets (of the Hero contract) rather than having to search by top xJewel wallets.

Will hopefully be revamping some of the data sets analyzed as well as adding some new metrics for those who love data and how it impacted and impacts adoption of DFK!

-Discord: Samichpunch#2518

-Twitter: @Samichpunch

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WHAT IS THIS? This report focuses largely on xJewel wallets as wallets participating in the LP pools may not always be closely associated with the adoption of the game and are a bit outside the scope of this report.

Time since last report: ~6.9 Days

xJewel Analytics

Highlights here include number of xJewel wallets increasing by 25.46%, which follows last week’s increase of 26.5%. The rate at which xJewel wallets is also increasing week over week. This is bullish in my opinion when you have not just increasing wallets, but the rate at which the wallet count is increasing (i.e. acceleration) also increasing.

Wallets outside the top 50 once again grew more than the top 50 wallets, also very positive sign for adoption. We saw a lot less new wallets come and go this week, only 9 this week as opposed to 18 last week. Last week’s spike might have been the result of a lot of new people wanting to transition into the bank for land snapshot.

Bank Ratio Analytics

Annualized Bank Ratio based on the increase to the bank ratio for the past week was only 42% this week compared to last week’s 62%. I think a part of this is a lack of in game fees that help generate the bank ratio increase since summoning seems to be hitting a bit of a lull with absurd price of Gaia’s tears. That should change as quests roll out. We had the Tavern come out today, but its so recent that I don’t think we’ll see any movement on the bank ratio until next week if at all (assuming we can get more volume in the Tavern).

Long story short here, the returns from the Bank Ratio increase have been on a decline since Gen0 hero minting and that's simple due to a lack of in game mechanics to generate it right now (Dev’s are busy developing those in game mechanics!).

Jewel Analytics

Normal increases with top 50 continuing to decrease every week. A great sign of more and more adoption. I personally don’t mind whales and they serve a very vital function in any tokenomics model and bootstrapping of a project, but it is good to see their holdings continue to go down as a percentage of the rest of the community as time passes. In a sense, it is decentralization of the voting and economic power in game.

Adoption Analytics

Median wallet decreased by 33% again this week, after decreasing 33% last week as well. So the Median wallet two weeks ago was right around 50 and now sits at 22. I find this important because it means you also have small players finding value in staking their token in game, which is a sign of healthy economic model for the game if it makes sense for even the small wallets.

This means more smaller wallets are entering the bank. This is good because for mass adoption to take effect, even the small shrimp need to feel like it makes financial sense for them to participate and deposit xJewel even if its just $10 here or there. When that catches fire, mass adoption is incoming. That’s why I love to see the median xJewel wallet size continue to go down. With 1,333 new xJewel wallets since the last report, this means most of the wallets were on the smaller end to push the median down by 33%.

Dappradar metrics are once again up at an astounding rate over the past report with an increase of 41.26% unique wallets interacting with DFK over the past 7 days. Transaction growth slowed and remained relatively constant with last week’s 7 day transaction. Will keep on eye on how Tavern release impacts this, but week with steady transactions (instead of another 40% increase) doesn’t alarm me. If we start to see transaction volume on a 7 day basis trend negative week over week that’s when we may have a reason for concern. In the meantime, sit tight while Dev’s roll out Phase 2 and buckle up!

Top Wallet Movement

Just a couple of quick highlights on this front:

Wallet 9 staked a whopping 60k xJewel in the past week, largely taken from Garden LP they had staked (and subsequently unstaked). Always a good sign when whales are keeping money in the ecosystem as opposed to dumping their Jewel.
Wallet 11 swinging around some BDE and has a lot of money flowing in and out of their wallet. They had a couple sales/transfers out of the wallet but for the most part only represented a very small portion of their holdings — they staked 100k Jewel earlier this week (yielding ~65k xJewel)!
Several new top 50 entrants in the 38–50 range, which is typical movement as a quick 5k xJewel swing one way or another for various purposes (snapshots, hero purchases, etc) can push you above or under that top 50 mark.

I’m not going to get into the weeds on why some of these moved other than to note that its interesting to see how deep some of these wallets are into the game, while others are simply holding Jewel. Some of the latter is due to dev wallets holding Jewel but not participating in the game aspect, which makes sense. I think its generally a positive (and healthy) sign to see new faces in and out of the top 50.

Working through some data regarding hero counts and how a tavern listing impacts the hero count, but if there’s any details regarding hero holdings that you think would be helpful or interesting let me know and I can connect with Mr. Zipper to see what kind of magic he can work.

LP Holdings by Top 10 Wallets

Thanks to discord user Magg (Magg is authoring the DFK Watch website, where you can see certain known Dev team wallets and their transactions), I was able to get my hands on some data about the LP holdings of the top 15. It gets more granular than this, but here’s some interesting data on how much of the LP pools these whales hold.

One worry I often have is that is that the Top 15 xJewel holder’s xJewel value is only the tip of the iceberg and that they have millions and millions staked in the gardens. However, that still doesn’t appear to be the case, as all but 3of them have more value in the Jewel holdings than they do in their current staked garden rewards.

In included last week’s LP holdings as a reference to show that even though 0xf2df96…. dropped out of the xJewel holdings, after holding nearly 120k xjewel last week they still have a LOT in the gardens. So yes, I know there are probably a lot of people out there who have boat loads in the gardens, but I don’t have any current way to track LP holders generally unless there is a wallet address, in which case you can research it specifically using Magg’s great website:https://kingdom.watch/.

Prior Whale Watch Reports

Whale Watch Report #1 — September 21, 2021

Whale Watch Report #2 — September 22, 2021

Whale Watch Report #3 — September 23, 2021

Whale Watch Report #4 — September 24, 2021

Whale Watch Report #5 — September 26, 2021 (Governance Highlight on Voting Patterns of Top 50 Wallets)

Whale Watch Report #6 — September 29, 2021

Whale Watch Report #7 — October 5, 2021

Whale Watch Report #8 — October 10, 2021

Whale Watch Report #9 — October 17, 2021

DeFi Kingdoms Lost Annals of Gaia

I recently posted a new piece about some very helpful game mechanic tidbits in the discord. If you are interested in the technical mechanics of summoning, leveling, questing, etc. you NEED to read this article. Until this knowledge can make its way into the official DFK docs, I’ll aggregate here in the Lost Annals of Gaia.

What is DefiKingdoms

DeFi Kingdoms is a game, DEX, liquidity pool opportunity, market of rare utility driven NFTs, and it all plays out in the nostalgic form of fantasy pixel art.