DeFi Kingdoms Switch to Metaverse-Focused Blockchain After Dumping Harmony

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Blockchain
DeFi Kingdoms Switch to Metaverse-Focused Blockchain After Dumping Harmony

The blockchain-based gaming platform, DeFi Kingdoms (DFK), is set to move to the metaverse-focused blockchain network, Katyn. As reported by The Block, a statement from the company indicates that the platform is pulling out of the Harmony Protocol as it has found a new host for its Serendale-based game.

DeFi Kingdoms Moved to the Katyn Protocol

The decision of DeFi Kingdoms to leave the Harmony network ultimately comes two months after the attack on Horizon, where the attackers carted away close to $100 million worth of ETH. 

Horizon is the platform’s cross-chain bridge hosted on the Ethereum network. However, Serendale, the first of the game maps on the DFK chain, is the only one affected by the switch. The South Korean internet behemoth Kakao Corp is the parent company of Katlyn. 

The company had been around for some time before it made further inroads into the metaverse ecosystem earlier in the year.

The parties released a few details about the new partnership. However, Kingdom Studios’ president disclosed that the collaboration is another milestone for the two parties.

According to the president, the agreement is made with good intentions for further growth and development of the virtual environment. The deal is a potential gain for the firms and allows them to align their mutual interests toward achieving success.

Meanwhile, insider sources revealed that DFK’s move is highly anticipated due to its challenges on the Harmony network. As a result, it has been looking for a new blockchain platform to host Serendale for some time.

Harmony Horizons Setbacks

The emergence of blockchain technology has undoubtedly been a revelation to the fast-evolving world powered by disruptive innovations. As secure as it is designed, some aspects of blockchain technology need an urgent overhaul. 

The Harmony platform allows for easy connection of Proof-of-Stake (PoS) and Proof-of-Work (PoW) chains as a cross-chain bridge. Due to its multi-chain features, it provides users with the flexibility of using several blockchains. 

However, the Horizon Bridge attack on June 24 changed everything about the network. The hackers swapped altcoins estimated to be $100 million and converted them to ETH before siphoning them.

The attack succeeded because two validators’ private keys were compromised. Following the attack, the 2-of-4 multi-sig (signatures) required to move assets was updated to a 4-of-5 multi-sig.

Keen observers raised concerns about Harmony’s security even before the attack. The reliability of the multi-sig wallet on Ethereum was the main reason for the criticism of the security framework.

The attack has resulted in Harmony losing most of its customers, and the DeFi Kingdoms‘ recent action is another example of user concern. Furthermore, the attack has led to mass panic as users withdraw their assets from the platform.

Even the Ronin Bridge, secured by nine validators, could not fend off the Lazarus attackers as they made away with more than $600 million worth of assets from the platform.

In the meantime, DFK will hope to continue its blockchain gaming adventure on the metaverse-based platform Katlyn.

Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile writer and researcher. He has keen interest in blockchain technology, cryptocurrencies, NFTs, Web3, metaverse, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.