Axie Infinity AXS/USD is a popular non-fungible token (NFT) based game developed by a Vietnamese studio known as Sky Mavis.
Sky Mavis recently finished a Series B Funding round where they raised $152 million from major investors to improve their gaming platform and create economic and financial freedom for gamers.
The launch of the Ronin DEX as a catalyst for growth
Axie Infinity has seen a lot of popularity after Ronin’s launch, a custom sidechain that enables quick, low-cost transactions.
However, in its more recent developments, Ronin has gained additional utility through its own decentralized exchange (DEX) rollout.
On November 4, we saw an announcement on the official Twitter page of Axie Infinity that The Ronin DEX is live and that users can now deposit liquidity and swap tokens.
This, in turn, makes it a lot easier for players to swap tokens directly on the sidechain, and this no longer requires them to bridge tokens to Ethereum.
With this initial version, players can swap Smooth Love Potions (SLP) reward tokens and AXS governance tokens, alongside Wrapped Ethereum (WETH) and the USDC dollar-pegged stablecoin.
Due to the fact that this is a decentralized exchange, the transactions occur through user-backed liquidity pools without any centralized authority or middleman managing the funds.
Alongside all of this, there’s also the new RON ecosystem token which can be used for Ronin transactions. Users get 100 free Ronin transactions per day; however, the network will use RON for Ronin Fees over time.
RON rewards were also announced for the AXS/ETH and SLP/ETH pools for later this week.
Should you invest in Axie Infinity?
On November 5, Axie Infinity (AXS) was worth $150.
To get a perspective on exactly what kind of value point this is for the token, we will be comparing it to it’s all-time high value as well as its performance in October.
The all-time high value of Axie Infinity occurred on October 29, when the token achieved a value of $162.24. When compared to the value on November 5, at its all-time high, the token was $12.24 higher in value or by 8%.
On October 1, AXS had its lowest value point of the month, with a value of $74.35.
Its highest point was on October 29, when its value climbed to $160.01.
Here we can see that throughout the month of October, the token grew by $85.66 or by 115%.
According to data from IntoTheBlock, AXS has seen $1.15 billion in transactions greater than $100,000 within the last seven days.
Furthermore, AXS has seen a 30-day average of 17.62k addresses.
With this in mind, we could potentially see the token go above its ATH point and reach $165 by the end of November, making it a solid investment.
The post Should you invest in Axie Infinity after the launch of the Ronin DEX? appeared first on Invezz.
from Market Analysis – Invezz
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