Axie Infinity Game Developers Plan To Launch Decentralized Exchange

Sun 03 Oct 2021 ▪ 10h53 ▪ 4 min read - by Hugh Renolds

The ecosystem of Axie Infinity, the famous game on the Ethereum (ETH) blockchain, continues to grow. On 2nd October, it became known that the developers are launching their own decentralized exchange for exchanging AXS tokens.

Axie Infinity Launches Dex Platform

Axie Infinity’s revenues have grown exponentially over the past few months. The sales of the Ethereum-based game have totalled $2.27 billion (~£1.68 billion) among 687,495 traders. While the project offers in-game NFT interaction, Axie Infinity also has two tokens of its own. The value of the Axie Infinity (AXS) token has increased by 55.4% over the past month. Meanwhile, since the beginning of the year, the value of another exclusive Axie Infinity token, Smooth Love Potion (SLP), has risen in price against the US dollar by 98.7%.

Jeff Zirlin, the creator of Axie Infinity, revealed in The Scoop podcast that Sky Mavis is building a decentralized exchange platform (DEX).

“The broad idea behind Axie is to introduce the world to a kind of scary and fun, exciting new technology, blockchain through something that’s relatable and nostalgic,” Zirlin explained.

“So Axie’s are similar to Pokemon or Tamagotchi, these things we grew up with, you can battle them, collect them, you can breed them. Also even play games with them to earn cryptocurrencies with real value,” he added.

Sky Maven will launch an exchange that will make it quick and easy to buy and sell Axie Infinity characters. In addition, on the site, it will be possible to create new characters from existing ones. Previously, to sell or buy characters, you had to withdraw AXS tokens outside the ecosystem. Like the main game, the new decentralized exchange will be powered by the Ronin sidechain for the Ethereum network.

Web3 is transforming communities into an economy

Speaking about the creation of DEX, Zirlin mentioned that the project would be popular with a wide range of users. During the podcast, he also stressed that the idea was to prevent users from having to use the bridging to purchase or exchange tokens. Co-founder Axie Infinity sees great potential in combining “hyper-social” gaming concepts with blockchain and NFT in the future, albeit not in all games.

“Web3 is turning communities into economies, and what are the games that would do really well with these digitally native economies? I think games that are very social, or hyper-social — Not every game, like a single-player game might not need a blockchain game or NFT game. More like community-driven really social games,” he said.

Also, Axie Infinity recently launched a staking program for AXS tokens. Currently, 58 million AXS tokens are in circulation, and their maximum number is limited to 270 million. In the coming months, another 2 million tokens will be distributed as a reward for participants in the staking program.

All things considered, we could be looking at a wondrous transformation of an entertainment product into a full-on DeFi platform. After the Axie DEX has launched, the sky’s the limit!

Hugh Renolds

I believe in the bright future of crypto. I have been investing since 2017 and look to share my experience in, and thoughts on, crypto and the blockchain.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.