League of Kingdoms

LOKA

Gaming, adoption-led weights

STRICT score withheld.Score opens with Pro

Sustainabilitywithheld×0.16–

Transparencywithheld×0.12–

Revenuewithheld×0.08–

Innovationwithheld×0.14–

Communitywithheld×0.26–

Tokenomicswithheld×0.24–

Weights are public.

The full report. Score, pillars, arithmetic, risk, scenario, signal and notes.

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About League of Kingdoms

Analysis of 10 Dec 2025

League of Kingdoms (LOKA) is an Ethereum-based MMO strategy game launched in 2020 that pioneered blockchain gaming with NFT land ownership. As of December 2025, the project underwent a major transformation, rebranding to Arena-Z with the LOKA token migrating to A2Z at a 1:20 ratio in July 2025.

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The platform evolved from a single game into a comprehensive gaming ecosystem with its own Layer 2 network on the OP Superchain, making it the only Korea-based gaming infrastructure project listed on both Binance and Coinbase. Currently trading at approximately $0.047 with a market cap of $1.48 million and 31 million tokens in circulation, the project raised $3 million from premier investors including a16z, Sequoia India, Binance Labs, and Hashed.

However, daily active users declined dramatically from 150,000 in 2022 to an estimated 5,000 in 2024, reflecting significant challenges in player retention despite institutional backing and technical infrastructure investments.

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