The Jeweler: Depositing, Staking and Claiming Rewards
The Jeweler is just one of the many locations in DeFi Kingdoms! Snapshot airdrops, staking rewards… This all sounds very exciting, so let’s explore what exactly the Jeweler has to offer.
Clicking on the Jeweler will bring you an interface with three main functions: Deposit, Claim and Withdraw.
The interface shows the total value locked (TVL) on DeFi Kingdoms and your xJEWEL token balance.
‘Deposit’ allows you to deposit your JEWEL tokens to receive xJEWEL in return. This is also known as ‘staking’ your JEWEL tokens, where you will receive a portion of 1/3 of the trading fees from the DEX (the Marketplace).
‘Claim’ allows you to use these LP fees collected from the entire DEX to market buy JEWEL. These purchased JEWEL tokens are then distributed to all xJEWEL holders as staking rewards by increasing the xJEWEL multiplier.
Pressing the ‘Claim’ button may not always show a sizable increase in your balance. This is because whenever this button is pressed by anyone, staking rewards are sent out to everyone. So, if someone clicked it just 30 seconds before you, then the amount of JEWEL earned from trading fees will be negligible.
Also, you need to keep in mind that these rewards are distributed amongst every xJEWEL holder. If you only have a small amount of xJEWEL, then your rewards will be minimal in comparison to some others.
‘Withdraw’ allows you to remove your xJEWEL tokens, and exchange them back for JEWEL at the current ratio. As accumulated trading fees are distributed to xJEWEL holders, this ratio will continue to increase over time. Since returns from the Jeweler are based on trading activity and fees, there is no traditional APY.
Your xJEWEL balance will always stay the same. As the ratio between JEWEL and xJEWEL increases, the amount of JEWELs that you staked with the Jeweler increases as well. This means that when you withdraw your xJEWEL tokens, you will likely receive a different amount of JEWEL tokens.
One of the many ways we reward people for playing DeFi Kingdoms is by taking snapshots that reward xJEWEL holders with tokens, NFTs and more!
While many of these snapshots are announced, and taken as an average over xJEWEL holdings over a period of time, some of them are also taken in secret, and only announced once they’re over!
In the past, winners of these snapshots have been awarded Gen0 Heroes, Land Plots, and other rare items. It always pays to hold on to some xJEWEL to be eligible for these airdrops!
For more details about how these work, and a list of all snapshots past and present, take a look at this article:
Locked JEWEL Management
Manager Greg will help you manage your locked JEWELs by moving them to another wallet, for instance, if your wallet’s security is compromised or you wish to transfer your locked JEWEL to a hardware wallet.
This is a delicate and irreversible process, so extreme care should be taken that you enter the correct wallet address that to which you wish to transfer your locked JEWEL. Also be aware that this cannot be the same address that you are transferring from, or the locked JEWEL will be irretrievably lost.
Also be aware that this function will move all locked JEWEL as well as any JEWEL that is in your wallet. xJEWEL deposited with the Jeweler is not transferred, and neither is any unclaimed JEWEL in the Gardens.
Above all, be sure to keep your funds safe!