Introduction

In recent times, Axie Infinity, a game from Vietnam, has become one of the most successful blockchain-based games. The market capitalization of this project has at times surpassed $2 billion, a desirable milestone for any blockchain project. In that context, another game is also from Vietnam, growing rapidly, promising to compete with Axie Infinity in the near future, which is My DeFi Pet. 

My DeFi Pet is a virtual pet game that combines DeFi, collectibles, and your own personality operated on Binance Smart Chain and KardiaChain. Specifically, by participating in My DeFi Pet, players can control their pets by collecting, breeding, evolving, and using those characters to fight in the game space. Each part will be separate, allowing players to receive rewards according to each level.

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Market Analysis 

Play to earn is not a new form of gaming. It appeared a long time ago with the advent of games. But most of what players earn is limited by the game’s scope, not having much real-life value. Today, thanks to the development of NFT, technology has turned game items into valuable things. This has revolutionized the gaming market, making games more interesting, engaging, profitable, and meaningful for players.

Therefore the game sector is a very fast-growing market in the blockchain industry, especially with the increasing popularity of NFT. This market is expected to have great developments in the long term, not just instantaneously.

Product Highlight 

How to start the game

Currently, the game can be played on 2 networks, BSC (Binance Smart Chain) and KAI (Kardichain).

ChainProsCons
BSCThere are many players, so the chain has high liquidity.
Easy to buy DPET from exchanges like Pankeswap, MXC, etc.
High gas fees due to many players.
Receiving pets when buying, upgrading or spawning can take a long time to cause discomfort and inhibition for players.
KardiaCheap fees.
The chain is quite smooth due to the small number of players. The DPET price is lower than the BSC network.
Lower liquidity than BSC
Must swap from KAI to DPET

To start the game, players just need to connect their wallets including MetaMask or KardiaChain Wallet, or the others. 

After that, the players need 3 DPET tokens to buy a Pet. To access all features of the game, players have to buy at least 3 pets, which is equivalent to 9 DPET tokens.  

Collect

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There are two basic ways to obtain a pet.

  • Summon: Players can receive a random egg by paying a certain amount of DPET tokens.
  • Auction: A new pet is born every hour, and bidding (with DPET tokens) lasts for 24 hours. After the bidding time, any unclaimed pet will remain at the Altar for later purposes. 

Each pet’s gene decides its unique features and stats, including Colour, Shape, Type, Aura, Mutation, Rarity, HP, MANA, ATK, DEF, INT, CRIT, etc.

Breed 

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Players can create new generations of pets by breeding pets with each other at Happy Forest. These children will inherit parameters and characteristics randomly from their parents. Breed a pet player own (as matron) with a sire that player own or for which you have previously been given Siring approval.  The new pet is assigned to the current owner of the matron. After successful completion, both the matron and the new pet will be ready to breed again. Pets are required to reach level 10 before they can breed.

Evolve 

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Each pet has certain evolution levels and capabilities depending on its rarity. Players can feed their pets DPET tokens to level up them. After pets evolve, they will become better looking, stronger, cooler, and have higher stats. In general, it is quite similar to Pokemon. Evolving a pet will require 3 DPET tokens, and that pet reaches level 10. To achieve that level, the pet must be fed a full range of foods. To have a steady supply of food for pets, players need to grow various plants in their plots.

Season Reward 

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Collect and upgrade pets to qualify for prizes. The first season began with a prize pool of 100,000 USDT, locked in a smart contract. The amount can be claimed by finding NFTs with exact specifications in the contract and then sending them to the contract to claim the reward.

Battle 

​​The player’s pet can fight other people’s pets to gain valuable rewards. The feature is still in beta, not popular in the game yet.

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Trading 

Players can also trade, buy, sell, or transfer NFTs in Gaming Space to increase their collection or collect them. It also allows players to join closed groups or interact with the international community.

Paper: Papers are publicly available and transparent. Details can be found at TECHNICAL WHITE PAPER VERSION 1/ 2021.  

Github: Public and not much data. Details can be found at mydefipet/my-defi-pet

The product status: Currently developing more functions. You can experience it at MyDefiPet by Topebox (v0.0.1)

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Token Economy 

Token Distribution 

Token Name: My DeFi Pet Token.

Ticker: DPET.

Blockchain: KardiaChain.

Token Standard: KRC-20.

Contract: 0xfb62ae373aca027177d1c18ee0862817f9080d08

Token Type: Utility, Governance.

Total Supply: 100,000,000.

Circulating Supply: 5,000,000.

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The project spends too much allocation for marketing, up to 27%. This action can help the project grow rapidly in a short period of time. In the long term, it will adversely affect the quality of the product and investor confidence.

Token Utility 

DPET is the primary utility and local currency in the game, which plays the main role in the functioning of the My DeFi Pets.  The Token usage will be as follows:

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In-game currency: Used to breed, evolve pets, summon new eggs and participate in other events.

Governance: Used to vote for new game features and win rewards. The more DPET tokens a player has locked up, the more voting power a player has, leading to a higher chance of winning the reward.

Staking: used to stake tokens into different pools, from which there is a chance to be rewarded with many valuable rewards such as items, eggs, and DPET tokens.

Player Rewards: After completing in-game tasks, players can get DPET tokens as rewards.

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Network Valuation & Asset Pricing 

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DPET market cap is $54.9M with $9.5M volume in 24h. The top exchanges for trading in DPET are currently ZT, KuCoin, Gate.io, BKEX, and BitMart.

DPET has increased extremely strongly (more than 1200% compared to the listed price on May 10th) in recent times despite the market having just experienced a sharp price drop. This is the result of the DeFi Games trend that is booming during this time. As expected, this wave is not over yet and could increase even more, especially in the context of the market is gradually growing again, BTC hit the $41,000 mark. But be careful, no one knows when this trend will end, and the price of tokens related to games is seemingly overrating. Without a good entry, the consequences will be unpredictable.

Unique Selling Point (USP)

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The NFTs in My DeFi Pet will be circulated and transactive cross-chain & different blockchains through Node Tech, including Binance Smart Chain, KardiaChain, Ethereum, Polkadot.

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Marketing 

Telegram: Contact @mydefipet   – There are more than 66,500 active members.

Twitter: MyDeFiPet (@MyDeFiPet) – Has more than 78,100 followers.

Discord: My DeFi Pet – Has nearly 20,400 active members.

My Defi Pet Official – Medium – Regularly post updates on the progress of the project and guide to play the game. 

Backer 

Investor 

There are some Investors and backers of the game include Animoca, OKEx Blockdream Ventures, Spark Digital Capital, DFG, AXIA8, M6, Kardia Ventures, ConsensusLab, Megala, and Clovers Ventures. The investment amount has not been announced yet.

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Partner 

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My Defi Pet is a strategic partner with Kardiachain, Mantra Dao, Drep, BSC Station, VNDC Stablecoin, Nami Exchange, etc. Almost all of these partners are significant projects in the Vietnamese blockchain ecosystem. 

Team

 

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My DeFi Pet’s team is diverse and remarkable. The founders of the project have managed very successful blockchain projects in the crypto space; some are even KOLs. The rest are experts in game production and publishing, having a lot of experience in the world’s leading game corporations such as Gameloft or VNG (The first unicorn startup and the largest game producer in Vietnam).

Conclusion 

In general, if any player played a viral game on Facebook 10 years ago called Dragon City, they will feel very familiar with the concept of this game because they are 90% similar. The biggest difference compared to games in the same genre is the Play to earn mechanism, making playing games no longer just for entertainment but can earn high profits. However, with the current explosion of DeFi game trends, players should consider carefully before participating to avoid losing money. Wish you happy gaming!

This deep dive is for informational purposes, not investment advice. Readers will be responsible for all their actions.

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