With the introduction of a new decentralized exchange, Axie Infinity, one of the most popular blockchain gaming companies, is connecting the fledgling gaming industry with the market for decentralized finance.
The new product, which was first revealed on The Scoop podcast, will make it easier to trade the tokens that are utilized inside its ecosystem. Sky Maven's Axie Infinity enables players to purchase, trade, and breed creatures known as "axies."
In the Philippines, the ConsenSys-backed initiative has become the zeitgeist of the crypto industry, with people playing the game to earn bitcoin to augment their current income.
While the project's user base has grown from 38,000 active users in April to approximately 1.7 million active users in August, enthusiasm in the initiative has decreased in recent weeks. Weekly volume dropped from $220 million at its peak to approximately $130 million. The DEX has the potential to keep users engaged in the game by removing some of the frictions that present for players who must transfer their tokens outside the platform to trade them. Ronin, an Ethereum-linked sidechain designed specifically for Axie Infinity, will power the DEX.
In a letter to The Block, growth head Jeff Zirlin said, "People want to purchase and utilize their tokens from the same location without having to use a bridge continuously."
Axie Infinity just closed a $7.6 million financing round, which included billionaire entrepreneur Mark Cuban among its backers.
No comments:
Post a Comment
Note: only a member of this blog may post a comment.