Recently, Axie Infinity’s play-to-earn world smashed the $1 billion mark. Now, the ultra-popular blockchain gaming startup wants to bridge the gap between the play-to-earn world of blockchain and the decentralized finance (DeFi) market with the launch of a brand new decentralized exchange (DEX).
AXS: A dip in form in recent weeks
The new product, announced exclusively on “The Scoop” podcast, will facilitate the exchange of tokens used within its ecosystem. Axie Infinity, launched by Sky Maven, allows users to buy, sell and breed creatures called axies.
The ConsenSys-backed project has become a hot phenomenon, especially in the crypto market in the Philippines, where players play the game to earn cryptos and supplement their income. Axie Infinity is decidedly a crypto community game that is changing the world.
While the project saw its user base grow from some 38,000 active users in April to 1.7 million in August, interest has stalled in recent weeks. Weekly volume has dropped from $220 million to $130 million.
In addition, recently, the Philippines also wants to tax the earnings of Axie Infinity users.
A token to the moon or to hell?
The new DEX could help more players join the platform. The goal is to remove some of the friction that exists for players who have to remove their tokens from the platform to trade them. The DEX will be built on Ronin, an Ethereum (ETH)-linked blockchain specifically designed for Axie Infinity.
“People want to acquire and use their tokens in one place without having to use a bridge all the time.”Jeff Zirlin, co-founder and head of growth at Sky Mavis
In the space of 14 days, the AXS token has gained 124.4% at the time of writing. 117,852% since its low point last year.
Axie Infinity recently closed a $7.6 million fundraising round that attracted investors like billionaire entrepreneur Mark Cuban.
Axie Infinity has truly led the way in play-to-earn games, 4 of which are now worth keeping an eye on. This is a new trend that has just started in the cryptosphere. Will it be a big success?