Sky Mavis, the development studio behind the Axie Infinity game, has confirmed its plans of launching a decentralized exchange (DEX) to enable on-chain trading of $AXS and $SLP tokens. The news comes alongside Axie Infinity’s recent debut into the top 20 cryptocurrencies by market capitalization.
Axie Infinity Shards ($AXS) recently reached a new all-time high of $153, up by 38.43% over the past 24 hours, and up for roughly 130% over the past couple of months. Sky Mavis’ announcement of a decentralized exchange on its development pipeline. The development was confirmed by Jeff Zirlin, co-founder of the Axie Infinity game. The Axie Infinity chain has also recently launched staking for its community.
“This is an important step towards our long term goal of genuine co-ownership of Axie Infinity with community members that contribute meaningfully to our rapidly growing movement.” the protocol stated in a blog post.
According to Sky Mavis, the planned decentralized exchange will be built on Ronin, it’s Ethereum-compatible sidechain built specifically for Axie, essentially making Axie Infinity one of the first ever crypto games to have its own native DEX service for both players and traders.
The planned DEX will help minimize friction for Axie users by cutting out the need to purchase and swap tokens through other cross-chain bridges. The development studio, however, has not disclosed information on whether this new DEX for Axie Infinity will include a liquidity pool.
The rise of Axie Infinity to the top 20 cryptocurrencies by market capitalization signals the growing presence of NFTs and crypto gaming in the industry, highlighting a new way of participation in crypto that makes its communities flourish. Andrew Campbell, Program Lead for Axie Infinity at Sky Mavis, opines that the protocol will soon be “an entire society”:
Axie is already so much more than a game. And it’s quickly becoming more than a community. Soon Axie will be an entire society.
— Andrew Campbell (@ZyoriTV) September 20, 2021
Axie Infinity Shards are now currently trading at roughly $150 and has retained its top 20 spot on the index at a $9.1 billion market cap, with over $4.5 billion in average daily trading volume, overtaking other protocols such as Polygon, Cosmos, and DFINITY’s Internet Computer project. Axie Infinity currently has over $1.5 billion in annualized revenue with a $30 billion estimated valuation.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
