Since the “DeFi summer” of 2021, the DeFi track has entered a phase of accelerated growth, with a large inflow of capital that has boosted many DeFi projects to offer traders (mainly due to the increase in coin prices) while also offering variety large APY Yield offerings from DeFi protocols continued to spread. As of 2021, accompanied by the migration of NFT and GameFi, a whole host of market capitalists and crypto residents continue to lean toward the new alpha, leading to overall growth and dwindling returns of DeFi with highly homogenized product features.
Right now, most investors wouldn’t consider DeFi as their top pick as the returns from GameFi and NFT are comparably enticing. In fact, the current APY provided by Harvest, a yield aggregator, reflects the average returns one can expect from DeFi.
The figure shows the current list of APYs for different pools in the revenue aggregator Harvest.
Demon Ecosystem builds DeFi innovatively – in the form of gamification. In fact, Demon Ecosystem seeks to diversify the functionalities of DeFi by introducing and intertwining elements of NFT and GameFi, further fueling the growth of DeFi. Currently, Demon Ecosystem’s single-coin $Demon staking pool has reached an APY of 2,787.76%, with the average APY in the LP pool exceeding 3,000%. Among these pools, the $Demon $BNB pool stood out with an APY of 4,373.47%.
Demon, which is doing well in yield farming, has attracted a lot of interest. In the content below, the article will guide you to delve into the demon ecosystem and apply it as an instance to explore the feasibility of the broader gamified DeFi.
What kind of ecosphere was created by the demon ecosystem?
The Demon Ecosystem is based on a DeFi economic system that contains two interconnected ecologies – DeCo Finance and DemonX. The former focuses on DeFi while the latter is relevant to NFT. The article will delve deep into these two fundamentals and articulate their connection in detail.
Deco Finance
DeCo Finance, the DeFi part of the Demon ecosystem, is trying to increase user yield. Currently supported features include lottery and liquidity mining with the token demons as an incentive. Users mainly earn by staking DEMON in the single token pool (each block yields 1.74 DEMON). When the pool first launched, the APY reached as high as 8,500% and is currently at 2,787%, which is still phenomenal.
The LP pool currently offers four staking options (3.88 DEMON/block with four pools distributed by weight) including DEMON-BNB, CAKE-BNB, USDT-BNB and BUSD-BNB, and users can earn by staking LPs that offer liquidity PancakeSwap, with the highest APY over 4373.47% (Note that the general APY offered in the market is only around 20%).
Demon Ecosystem recently announced the DEMON Vault Pools program which tends to incentivize additional DEMON tokens through partnerships where staking DEMON can bring more profit to users and also demand mass majority.
The lottery is another feature of DeCo Finance where you can wager 100 DEMON tokens for 5x win. Not only is it considered a use case for DEMON, but it also encourages DEMON depreciation as staked tokens are burned.
Regarding the DeCo finance space, DemonSwap, a decentralized exchange application, and Launchpad will be launched, laying the foundation for investing, incubation and co-developed DeFi protocols.
GameFi and NFT
Demon Ecosystem recently went live with DemonX NFT and is building a future P2E GameFi scenario around it. In addition, it connects to DeCo Finance based on NFT assets and strengthens DeFi through gamification. By participating in the game economy, players subconsciously create value for others and even the demon ecosystem, not to mention the game rewards.
Essentially, DemonX NFT is a deck of NFT cards with various attributes (26 characters for demons, subhumans, elves and angels), various rarities (6 total including Common, Uncommon, Rare, Epic, Legendary, Mythic, Glory, Royal) . ). Various cards come with numerous denominations and rank rewards by rarity. NFT cards with the same attributes and designations can be synthesized to higher levels by consuming DEMON. In addition, the team has developed a comprehensive system for NFT ranking and development, and each tier is also broken down into ethnicity, gender, and rarity. so much to learn
In addition to the whitelist and the pre-sale, DemonX NFT is mainly obtained via the “Mystery Boxes”. The Mystery Boxes are divided into six types, with prizes ranging from 10 DEMON to 1,000,000 DEMON (Common, Rare, Rare, Epic, Legendary and Mythic). The probability of dropping a rare card varies from box to box. Also, DEMON, which was used to purchase NFT through official release paths, will be destroyed.
Based on rarity, each DemonX NFT is rated and rated differently than others. Thanks to a wide range of values assigned to the cards, most players can get NFTs at a lower cost to start with. However, due to the scarcity of NFTs, they become more difficult to acquire as more new members become involved. These cards can be traded for profit or used in DeCo Finance to earn DEMON. Holders of the royal NFT card series, the rarest and most valuable card series (most upgraded cards), are allowed to enjoy certain benefits, such as currently on presale).
The DemonX NFT Dapp is now open, along with unlocked cards obtained via Mystery Boxes. The current price of DEMON is around 0.004 USDT, so the cost for Basic and Medium boxes is around 0.04 to 400 USD. Remember: the higher quality the box, the higher the chance of dropping valuable cards.
Surprisingly, some players received 200 and 2000 USDT worth of Daemesha and Najnarax separately from boxes that were only classified as Uncommon and Rare.
The DemonX NFT Dapp has already integrated the marketplace trading function for users to interact (buy and sell) with cards. Users can also use the “Sell” button above to directly sell the cards dropped from the crates.
Also, maps can be synthesized with others. Identical cards of the same denomination can be further synthesized by the system to produce higher level cards. So far, this system also supports the synthesis of up to 5 cards in the same breath.
It is worth noting that maps can also be staked. Find card values right in the backpack and go to the details page where users will see the Sell, Stake and Develop buttons. Click on the “Bet” to generate winnings from unused cards.
After the successful bet, you can see these cards on the “Bet Board”.
Expected to play a pivotal role in the upcoming GameFi game, these NFT cards will allow NFT cardholders to map their NFTs to in-game characters to fight, adventure, breed, and quest for DEMONX to fulfill. As you may know, the NFT deck consists of a fairly complex set of character systems, and as such encourages us to expect a more grounded and intriguing gameplay. Demon Ecosystem will also use GameFi as the basis for further development of the Metaverse system.
The paradigm shift through the demon ecosystem
Complaints about the unimaginative frontier, oriented functionality, monotonous services and lack of innovation of traditional DeFi seem to be the order of the day. To challenge the status quo, Demon Ecosystem integrates NFT and GameFi connected simultaneously. Due to the launch of NFT and DEMON tokens, Demon Finance can tightly connect DeFi and GameFi, benefiting both while enriching the usage scenario of DEMON.
For example, the influx of players in GameFi can greatly accelerate the destruction of DEMON and strengthen DeCo Finance, which will help players profit and even hedge against the risk due to NFT value fluctuations, with a richer ecological portfolio and more trend-setting development. Demon Ecosystem is currently enjoying high market acceptance. The early TVL during the ecological launch broke the $3 million mark with ease, with a 560% surge in DEMON token price and over 80,000 token holders.
In summary, the integrated NFT-based gamified DeFi ecology fits the trend of multi-pronged development in the Web3 world and meets the immediate needs of the users, especially as shown by the current market acceptance of the demon ecosystem.
Demon Ecosystem Links:
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