[Defi Kingdoms]

The time is finally here to vote on the momentous proposal for the Tokenomics of Serendale 2.0 that was presented last week during the Community Townhall.

For those who missed it, here is a transcript which includes a link to a recording: https://medium.com/@Samichpunch/defi-kingdoms-special-ama-serendale-2-0-move-to-klatyn-blockchain-2391753b6456

The proposal one-pager is detailed here: https://cdn.defikingdoms.com/files/Serendale-2.0-Overview.pdf

The text of the Proposal is as follows:

Serendale on Harmony to be retired

• All upgradable smart contracts will be turned off via a phased schedule
• Locked JEWEL will be set to not unlock according to existing Harmony schedule
• Fully functional bridges will be provided to move assets safely to DFK Chain prior to retiring
• A snapshot will be taken for any DFK-native tokens that fail to move assets via bridge

Serendale 2.0 to Launch on Klaytn

• Minor visual updates to overall look and feel of realm
• New utility token (name TBD) minted through a native DEX to be launched
• New classes and gene sets synchronized with Klaytn theme
• In-game bridge services to fully support bridging between DFK Chain and Klaytn

JEWEL Utility and Changes

• JEWEL becomes the Governance and Fee Sharing token for all chains as the only option for all Jewelers, as well as gas on DFKChain
• In-game benefits for holding certain amounts of xJEWEL (reduced/exempt fees, increased rewards, snapshots and airdrops, etc.) subject to timelock
• Supply cap reduced to 125mm, no new JEWEL to be minted, with JEWEL burn from DFK Chain gas

New Klaytn Token (name TBD) Klaytn Power Token KPT

• Intended to be the sister token to CRYSTAL, used for all gameplay related features in Serendale 2.0
• Cap of 250mm, 125mm locked JEWEL to become 125mm locked Klaytn power token
• First liquid ~20mm of KPT awarded to locked JEWEL holders with 1 year linear unlock schedule

CRYSTAL Update

• CRYSTAL to remain the gameplay-related utility token for Crystalvale
• xCRYSTAL to be phased out given JEWEL will be the only token to stake at JEWELER
• New cap of 250mm, 125mm locked JEWEL to become 125mm locked CRYSTAL

Community Vote

• A vote to accept the above proposal planned for Tuesday, August 30th for 48 hours
• Vote using xJEWEL held in Serendale and Crystalvale (including xJEWEL in Gardens), xCRYSTAL, Heroes, and Lands – Voting weight: 1 xJEWEL or 1 xCRYSTAL = 1, 1 Hero = 10, 1 Land = 100
• Requires majority votes in favor to pass

Note that Kingdom Studios team members are abstaining from this vote, given that the proposal was put forth by them after listening to feedback from the community.

We encourage everyone to please let your voices be heard and your votes be counted here. This is one of the most significant votes we’ve had to date, and the future direction of the project hinges upon it. Thank you!