Defi Degen Land (DDL) is an online metaverse operating on the Binance Smart Chain (BSC) and Cronos network that aims to merge gamification and decentralised finance (DeFi) through play-to-earn games .
According to Defi Degen Land’s whitepaper, the project was created in order to rectify the lack of gamification in the DeFi industry. The project offers a metaverse where people all over the world can participate. The project was launched in November 2021 by three anonymous individuals .
Users can earn rewards in-game through a pending pool, be rewarded in Binance-pegged BTCB for simply holding DDL and buy non-fungible tokens (NFT) within the metaverse. Unlike most other proof-of-stake (PoS) cryptocurrencies, Defi Degen Land users do not have to stake their coins.
According to the project, Defi Degen Land was created following Facebook’s announcement in October 2021 that it would be rebranding to Meta. The change was first made known to the public through a Facebook Founder’s Letter , which described the metaverse as a place that can enable better social experiences. What is Defi Degen Land?
DDL is a deflationary token that lives on the Binance Smart Chain (BSC). Users are rewarded 10% return in BTCB for each transaction simply by holding DDL. These rewards are then distributed between holders in accordance with their share of the circulating supply. Rewards are automatically transferred to a user’s wallet depending on how many Defi Degen Land tokens they hold. Notably, users must hold a minimum of 900 DDL tokens in order to receive rewards. Every time a user purchases DDL, 15% of the total is taken as tax – the tax deducted for selling the BEP-20-compatible token is 16%.
This is because the project aims to keep a certain percentage for each DDL that’s purchased or sold. In all, 2% of every transaction is converted into liquidity for PancakeSwap through an auto liquidity pool mechanism, 10% of each transaction is rewarded to users in BTCB, and the remaining 3% is allocated to marketing. An extra 1% fee is also applied to all Defi Degen Land sales.
Each mini game in the metaverse has its own leaderboard made up of ten players who can earn weekly rewards that vary from $50 to $500 . Taking inspiration from the South Korean Squid Game television show, the objective is for players in the mini game to cross a bridge and communicate with each other through a voice chat in-game function.
A red and green light determines the movements of players within the metaverse. Making it to the end of a bridge means that a user is rewarded with four points. The leaderboard resets weekly with a $100 split between the ten players: the winner receives a $30 reward
second-place receives a $20 reward
third-place receives a $15 reward
those within fourth and tenth place all receive $7 rewards
There are currently 150bn DDL coins in circulation from a maximum supply of 300bn, according to CoinMarketCap . DDL price analysis: Technical view
Following its launch in November 2021, the Defi Degen Land token climbed from $0.00000403 on 25 November 2021 to $0.00002423 on 1 December 2021, an increase of over 500% in just eight days.
The coin achieved an all-time high of $0.00005847 on 3 December 2021. However, the price retreated to $0.00003439 on 4 December 2021, dropping to as low as $0.00001844 on 6 December.
DDL rallied again a day later, moving back closer to a $0.00005 level on 7 December at $0.00004472. However, after a dip to $0.00001695 on 10 December 2021, DDL fell to $0.00001004 on 15 December, wiping out 77% of its value in nine days.
The DDL price then consolidated, trading within the $0.00001 to $0.00003 range until 1 January 2022, when the price jumped to $0.00004215. After another round of volatility, the price surged again to $0.00004454 on 20 January 2022. On the following day the project announced that it was trending number one on the CoinMarketCap search engine and number three on its play-to-earn list.
Defi Degen Land has a 30-day sales volume of $367,740, according to data from DappRadar . Defi Degen Land (DDL) to USD chart, December 2021 – January 2022 It’s currently (26 January) trading at around $0.000022, and ranks 1347th in the list of cryptocurrencies by market capitalisation at $3.3m.
Technical analysis provided by CoinCodex showed that short-term sentiment on DDL was bearish, as of 26 January, with nine indicators displaying a bullish signal compared to 11 bearish signals. A relative strength index (RSI) reading of 48.27 is in a […]
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