axie infinity news

If you have been following the Axie Infinity news, you know that it has been on a downtrend since the crash. The token went from $0.36 to $0.01 in a short time frame. However, the transaction volume has increased by 200% in a week. The sidechain has added a decentralized exchange, which has led to a huge surge in transaction volumes.

Axie Infinity has been on a downtrend since the crash

The Axie Infinity Token (AXS) has been in a downward trend since the end of Q4 2022. Since then, the price has declined nearly 90% and is expected to keep falling in the coming weeks. The current price is $21. The downtrend started in November 2021, when the token’s price soared to $165. Since then, it has been in a bear market and is currently trading at $21, losing 87% of its value. This trend is not expected to end soon, and further downward movement is possible.

There are several reasons why the price of Axie Infinity has fallen. First, new users are not as likely to invest in the game. Second, the price of Axies, which are vital characters in P2E, is dropping. This decrease in demand is likely to hurt the P2E earnings, which depends on the price of Axies. The game is a cross between a TCG and a team battler, and it has clear influences from games such as Hearthstone and Final Fantasy Tactics.

The new Axie Infinity patch introduced some important changes that affected how people play the game. For example, while some players invested thousands in building a strong PvE team, others hoped to gain profit by SLP farming. Unlike in the past, this method of earning SLPs is no longer as profitable now. While the amount of SLPs produced will decrease, it will be worth it in the long run.

The game is easy to learn and play, but the game is deep enough for players to feel they are making progress and mastering the game. While the pool of cards is shallow, the game’s on-chain economy provides a lot of design room.

The Axie Infinity has fallen about 70% from its peak in mid-July. It has been on a downward trend for five consecutive weeks. This is because investors have cut their exposure to risky assets. However, Axie Infinity is still among the most successful projects in the metaverse this year.

Its token devalued from $0.36 to $0.01 in a short timeframe

In the first month of 2018, Axie Infinity saw a surge in DAU growth. While the token price was up over 300%, the company was unable to maintain its gains. The company had promised new mechanics to increase the value of SLP, but that never happened. The token dropped from $0.36 to $0.01 in a few months, and people who were earning tens of thousands of dollars a month stopped breeding Axies. This left only active players in the Arena making money from Axie Infinity.

A hacker gained access to a sidechain connecting the Ethereum mainchain and Axie Infinity. This sidechain is crucial for the game because Ethereum cannot handle the amount of transactions generated by the game. As a result, Trung Nguyen, CEO of the game, moved 48,838 AXS to Binance, a cryptocurrency exchange. The CEO’s wallet address was a pseudonymous one and cannot be traced back to him.

Nevertheless, the underlying fundamentals are sound. The game has over 2 million active players and 90k planned plots. With a large amount of land available in the game, artificial scarcity will drive prices up. The price of a plot of land could reach $1.5 million by the end of 2021. Scarcity and location are the two key factors driving value in the game.

The Axie Infinity team has made great strides over the past three years. The team’s initial success is a launchpad for bigger dreams. The team is now working to develop a F2P version with wider distribution, add more user-generated content, and generate more ongoing revenue.

While the underlying fundamentals are sound, some concerns remain. The game’s SLP supply is growing faster than the demand for it. In September, the supply of Axies per holder essentially hit three, but it has since spiked up again to 3.5. As a result, there is too much SLP in the game.

Axie Infinity is a decentralized game platform. It is run by a team of developers with a technology focus. The team has worked with major companies like Ubisoft and Samsung to create a popular game. The team also developed a blockchain sidechain called Ronin, which allowed users to exchange in-game assets without any fees. Axie Infinity Shards will eventually give holders a say in how the Axie Community Treasury funds are spent.

Its transaction volume has surged more than 200% in one week

Axie Infinity has experienced an unprecedented growth in transaction volume over the past week. This spike can be attributed to the company’s newly introduced ‘Ronin’ blockchain, which reduces the Ethereum network’s congestion, and speeds up the transaction process for Axie Infinity. The company also recently launched a new version of the game on Origin, which has gained nearly four million downloads in a single week.

Axie Infinity was launched on November 2020 through the Binance Launchpad. The cryptocurrency began trading at $0.18 before dipping to $0.10. A few months later, it spiked to $0.46 before reaching a high of $0.90 in December. The price then started to retrace, ending the year at $0.54, a 200% gain.

Despite its recent rise, the company has a lot of work ahead of it. For instance, the company is focusing on recruiting developers to develop and deploy its new platform. The company’s leaders are CEO Trung Thanh Nguyen, chief operating officer Aleksander Leonard Larsen, art director and game designer Tu Doan, and chief technology officer Andy Ho. The company is also working on attracting more players to its Mavis Hub and Ronin. Eventually, these players will have the power to vote on the platform’s ownership.

Despite the ups and downs, Axie Infinity’s transaction volumes have soared more than 200% in just one week. According to co-founders, the spike was driven by the project’s transformation. Other factors contributing to the spike included the adoption of NFT land staking and the backing of the Ronin bridge.

Axie Infinity’s growth can also be attributed to the new AXS token. This is the company’s key in-game digital currency. An ERC-20 token, it can be earned by participating in the game’s various modes and can only be spent by breeding new Axies. However, the supply of this currency is not fixed and depends heavily on in-game activity.

Axie Infinity is a popular NFT video game. Despite its popularity, the game has also been losing daily active players. The company has also been busy expanding its prize pool. The prize pool for the game’s most recent tournament has now surpassed $6 million.

Its sidechain has added a decentralized exchange

In March, the Ronin sidechain, part of the Axie Infinity decentralized exchange, was targeted by hackers who allegedly stole more than $625 million in crypto. The hacker exploited a flaw in the blockchain network, which is used by users of the popular P2E game Axie Infinity. The attacker gained control of five of the nine validator nodes, which process transactions and maintain the chain’s integrity.

The Katana decentralized exchange, which runs natively on the Ronin sidechain, enables Axie Infinity players to directly trade their tokens, without the need to bridge them to Ethereum, which is costly and prone to fees. The decentralized exchange supports Axie Infinity’s native SLP and AXS tokens, as well as Ethereum-wrapped tokens like AXS and RINT. It also uses user-backed liquidity pools.

The AXS token has a stakeable value, and the team has partnered with Sky Mavis to add it to the exchange. Tokens in Axie Infinity are used in the game for many purposes, including breeding and trading Axies. In addition, Axies can be traded for Smooth Love Potions, which are used to breed new Axies.

The developers of Axie Infinity sidechain are committed to building a community of gamers. The community will be involved in game governance, player-generated content, and the Community Treasury, and players will be able to vote on how their tokens are spent.

The original layer-two solutions were not optimized for Axie Infinity. Besides payments, most of them were designed with DeFi and payments in mind. Sky Mavis, who uses their own blockchain, will tailor the features of the chain to the specific needs of the Axie community. This will minimize scaling issues.

Axie Infinity is a staking and governance system for AXS tokens. Initially, the ecosystem will reward players for staked AXS holdings and participation in the governance system. It is expected to launch in the second half of 2021.

Axie Infinity will be adding new validators to the Ronin network, which will further decentralize the network. Sky Mavis’s tech is a solid one and should improve the security of the network. A similar exploit was uncovered on Solana, a decentralized exchange. The exploitors managed to make off with $320 million in crypto funds. After the hack, Jump Crypto stepped in to help the exploited users by bailing out the wallets and replenishing 120,000 ETH.