Last week marked the one-year anniversary of the Ronin network hack, when the blockchain that powers the NFT-based Axie Infinity video game was exploited for a record-shattering $625 million. That attack – which U.S. authorities traced to North Korea’s Lazarus hacker group – remains the biggest-ever hack of a blockchain network in terms of value stolen.

Now, almost exactly a year to the day after the Ronin hack made mainstream headlines, Sky Mavis, the company behind Axie Infinity, says it is overhauling Ronin’s core systems to make the network more decentralized and less susceptible to the kinds of single points of failure that doomed it last year. Along with the upgrade, Sky Mavis says it has partnered with other game development studios to build out the Axie-universe and expand Ronin to new blockchain-based video games.

A year on from the attack, “I think we see the incident as a badge of honor,” Sky Mavis co-founder Jeff Zirlin told CoinDesk. “We've seen so many projects crumble under adversity this year, so we're really proud to be here and to be building.”

New year, new Ronin

Axie Infinity was among the first breakout “play-to-earn” web3 games, allowing players to earn crypto and trade in-game items via blockchain. According to Sky Mavis, the game has earned $1.3 billion in revenue since it launched in 2018.

Axie Infinity initially lived on Ethereum, but the chain’s relatively high fees and sluggishness presented challenges to Axie's growth and accessibility. These issues were the initial impetus behind Ronin – a faster, cheaper “sidechain” that can swap assets with Ethereum but has its own app ecosystem and security apparatus.

Ronin’s upgrade will change the consensus mechanism used to operate the network – transitioning the chain from “proof-of-authority” to “delegated proof-of-stake.”

Under the old system, the Ronin network was secured by a small group of entities hand-picked by Sky Mavis. The small group tasked with securing Ronin in its early days is partially to blame for leaving it vulnerable to attack last year.

The new system will allow users to “stake” some of Ronin’s RON tokens to earn interest and help curate the set of validators that operate the network. “Now, anyone with a minimum of 250k RON can become a validator and take part in block production,” Sky Mavis said in a statement. “At the same time, any RON holder can stake their tokens and participate in validator selection.”

RON was trading at $1.12 at press time, according to CoinGecko, meaning one would need a minimum of over $250,000 to be eligible to become a validator.

Ronin’s place in the Ethereum scaling race

The Ronin upgrade comes as a new class of Ethereum scaling chains, called Layer 2 rollups, are aiming to solve some of the same goals that the gaming-focused Ronin chain initially set out to achieve: lower fees and quicker transactions. Some of these chains specifically target gaming as a potential use case.

These networks have systems, moreover, that will eventually allow them to borrow Ethereum’s native security – meaning they won’t rely on the sort of cross-chain bridge technology that was targeted in last year’s Ronin hack.

Read more: Ronin Attack Shows Cross-Chain Crypto Is a ‘Bridge’ Too Far

Ronin’s builders say it will be a while until a game as large as Axie Infinity would be able to safely shift to one of these more cutting-edge scaling chains, however. “They're the innovators when it comes to doing the work that will get us to a more decentralized and scalable future,” said Zirlin. “But there's still work to be done. It's not a solved problem.”

Zirlin noted that Sky Mavis worked to reimburse users of last year’s hack (albeit a few months later, at discounted crypto values) and took other technical steps – beyond upgrading Ronin’s consensus mechanism – to prevent similar attacks from taking place in the future. “We've also hardened Sky Mavis's internal security measures, increased the headcount of our security team, and upgraded our on-chain monitoring,” he added.

Moving beyond Axie

Sky Mavis has worked over the past year to expand the Axie ecosystem past its original playing-card-style video game, which has seen a huge hit to its popularity over the past several months. (The game had 400,000 active users in the past 30 days, compared to nearly 3 million users during its 2022 peak, according to ActivePlayer.)

The player decline can be traced, in part, to the wider crypto market crash, which took a pounding on Axie’s in-game economy. But Sky Mavis might also have itself to blame for Axie’s falling user count; while the game has a dedicated fanbase, it has long faced criticism from players who say its once-lucrative “play-to-earn” mechanics masked dull gameplay and an exploitative economic model.

Sky Mavis has worked to improve upon Axie’s core gameplay over the past year with big upgrades and new game modes, but the long-term vision for Ronin always involved expanding beyond the Axie IP.

The new teams building games on Ronin include Tribes Studio, Bali Games, Directive Games, The Machines Arena, and Bowled.io – studios that staff alums of DICE, LucasArts, Square Enix, and Ubisoft among other AAA game-makers.

“Selected partner studios have the opportunity to access Axie IP for their titles or build entirely new games with distinct IP on top of Ronin.” Sky Mavis explained in a statement.

“We're really building out this ecosystem of infinite experiences,” said Zirlin. “With this upgrade to Ronin and the announcement of these game studios, we're showing that we're expanding the Axie universe. We're also now going beyond Axie, to incubating and really becoming this launchpad for the best and most thoughtful web3 gaming experiences.”

#axieinfinity #Binance #crypto2023 #crypto #cryptotrading

Axie Infinity's AXS cryptocurrency is nursing losses ahead of Sunday's planned unlocking of millions of dollars worth of the blockchain-based, play-to-earn project's tokens.

At press time, the AXS price was $8.22, down 12% for the week, CoinDesk data show. The cryptocurrency had a total valuation of $941.7 million, the third-largest in the play-to-earn and gaming sector, behind market leader Decentraland's MANA and The Sandbox's SAND.

Data from TokenUnlocks show on April 23, Axie will free up 18.89 million tokens, worth $155.27 million at the current rate, amounting to 7% of the cryptocurrency's total supply of 270 million.

Axie kicked off a staggered 65-month token unlock in 2020, and so far, 176.55 million tokens have been made available. The remaining 77.76 million will be unlocked by the end of 2025.

Unlocks are widely considered bearish catalysts. That's because holders benefiting from the unlock have the new ability to sell their coins, potentially adding to the supply in the market. It's common for early stage projects to lock tokens to prevent big holders, typically early investors or project team members, from selling their coins all at once and causing a price slide.

Still, unlocks don't always lead to lower prices and in the past AXS has rallied in the lead-up to the unlocking event. Besides, the broader crypto market has faced selling pressure this week, with top cryptocurrencies bitcoin (BTC) and ether (ETH) losing 8% and 10%, respectively. Most play-to-earn and gaming tokens are down between 5% and 10%.

In other words, AXS' decline, at least, partly seems to be driven by broader risk aversion.

Amid AXS' price drop, the dollar value locked in futures tied to the token has declined by nearly 20% to $44 million this week, according to data tracked by Coinglass.

A decline in both price and open interest suggests the fall has been caused mainly due to closures of bullish positions rather than outright shorts or bearish bets.

#AXS #axieinfinity #Binance #crypto2023 #crypto

Axie Infinity price down by 12% on a monthly basis.

AXS price trading below the 50 and 200 day EMA showcase downtrend.

Axie Infinity crypto price seems to be getting stuck into the narrow range.

Axie Infinity price fell 12% on previous month and down by 40% approx from the recent peak. AXS price is slipping down by forming lower low swings and has dropped below the 50 day EMA showcase short term trend is in downward direction.

Axie Infinity price seems to be lacking momentum on the higher levels and getting stuck into the narrow range of consolidation. However, prices might show a sharp up move if bulls succeed to regain the 50 day EMA.

Axie Infinity price is trading at $8.36 with an intraday decline of -0.24% and 24 hour volume to market cap ratio is at 0.0409. The pair of AXS/BTC is trading at 0.0002945 with an intraday rise of 0.07% which shows minor divergence between the direction of both the pairs. At the mid of January, AXS crypto witnessed a massive spike in the buying volume and price surged 40% on a single day which created hope for the rally.

However, Axie Infinity price failed to give the follow up momentum and formed a bearish rejection candle from the supply zone. Later, prices consolidated for a few weeks near the supply zone in the hope of upward range expansion. Sladly, prices drop below the lower range and begin to decline in the downward direction.

Will Axie Infinity Price see a turnaround?

Source: AXS/USDT daily chart by TradingView

Axie Infinity price took support at $7.00 and formed a hammer candle which shows the signs of bullish trend reversal. However, the confirmation of the trend reversal will come when bulls succeed to break out of the $10.00 hurdle level. On the other hand, if the prices faced rejection from the supply zone then bears might again try to drag the prices down toward the yearly lows.

The technical analysis suggests AXS price is downtrend and the probability of the sharp rebound is low. However, if the overall market remains bullish then we might expect a short term relief rally in coming months.

AXS price defend the previous low

AXS price declined for the past seven consecutive weeks and hit a low at $6.88. However, from the last few weeks Axie Infinity price is defending its previous lows and showed a decent recovery of 20% approx. It indicates buyers are active near the demand zone.

The technical indicators like MACD have generated a positive crossover indicating strength of buyers and prices are likely to trade with the bullish bias. The RSI at 47 denotes neutral zone and balance between bullish and bearish positions.

Conclusion

Axie Infinity price fell 12% on a monthly basis and lost all its previous gains. AXS price is in downtrend and struggles to climb above the 50 day EMA to reverse the short term trend. The technical analysis suggests Axie Infinity crypto price is in bear grip and the probability of the sharp rebound remains low.

Technical levels

Resistance levels : $10.00 and $13.96

Support levels : $6.90 and $5.82

#AXS #axieinfinity #Binance #crypto2023 #crypto

here is a chart showing Axie Infinity's price prediction for 2023-2030, along with an explanation of the different factors that could affect the price:

Opens in a new windowFXStreet

Axie Infinity price prediction chart The chart shows that the price of AXS is expected to range between $4.42 and $6.62 in 2023, with an average price of $5.52. In 2024, the price is expected to range between $10.95 and $16.43, with an average price of $13.69. By 2025, the price is expected to range between $13.69 and $20.54, with an average price of $17.11. And by 2030, the price is expected to range between $57.81 and $71.86, with an average price of $64.83.

There are a number of factors that could affect the price of AXS in the coming years, including:

The growth of the Axie Infinity ecosystem. The more people who play the game and use the Axie Infinity blockchain, the higher the demand for AXS will be.

The price of Ethereum. AXS is an ERC-20 token, so its price is directly affected by the price of Ethereum.

The overall cryptocurrency market. The price of AXS is also affected by the overall cryptocurrency market. If the cryptocurrency market is bullish, then AXS is likely to rise in price.

Overall, the price prediction for AXS is bullish. The game is growing in popularity, and the Axie Infinity blockchain is becoming more widely adopted. As a result, the demand for AXS is expected to increase in the coming years, which could lead to a significant increase in the price.

Here are some additional things to keep in mind when considering AXS as an investment:

Axie Infinity is a relatively new project, so there is still some risk involved.

The price of AXS has been volatile in the past, so it is important to be prepared for price swings.

Before investing in AXS, it is important to do your own research and understand the risks involved.

#axieinfinity #prediction

Last week, the once-wildly popular web3 game Axie Infinity announced it will be available for download on Apple’s App Store, signaling that perhaps the powerful tech giant is warming to the idea of allowing blockchain-based mobile games to operate on its iPhone.

Now Stepn, a blockchain-powered fitness app that incentivizes users with crypto rewards, has announced arguably even bigger news. The Australia-based company said its users will now be able to buy and sell Stepn’s digital assets without being forced to exit the app and use an external marketplace.

“It is a very, very big step,” said Stepn’s Chief Operating Officer Sh.iti Manghani during an interview with The Block. “Nothing like this has been done before. Internally we’re saying this is the biggest thing happening in crypto and not that many people know about it.”

Stepn also announced a new integration which will allow users to purchase digital assets using traditional debit and credit cards linked to Apple Pay.

Historically Apple’s App Store policies regarding the buying and selling of in-game assets have been considered hostile by some companies. One of Apple’s most controversial stances has been requiring app developers to share 30% of transaction revenues; a particularly costly requirement for blockchain-based applications that want to allow for the trading of digital assets, which in some cases can fetch hundreds, thousands, if not millions, of dollars.

Stepn outdoes Axie Infinity

Stepn, which has been downloaded millions of times, is an app that allows people to first buy digital sneaker NFTs and then earn token rewards by “walking, jogging or running.” Each pair of NFT shoes have unique characteristics which influence how users are able to earn rewards. In order for iPhone users to purchase the sneaker NFTs they will need to purchase in-app credits they can then exchange for the digital assets. The NFT sneakers can also be bought or sold for cryptocurrency on Stepn’s marketplace. Stepn said that all of this will be possible on the iPhone without having to exit the app. Iphone users will be able to access the company's marketplace while still inside Stepn's smartphone app, it said. This represents a marked shift from the deal Sky Mavis inked with Apple for Axie Infinity. With the Axie Infinity app currently running on iPhones in a limited number of countries, there are no in-app links to the game's NFT marketplace; there isn't even a mention of the marketplace in the app, a company spokesperson said. "Due to Apple's policies, Axie Infinity: Origins does not contain direct links or explicit references to the marketplace within the app at this time," the spokesperson said by email. "Sky Mavis uses other platforms such as Discord and email marketing to educate the community on how to integrate the NFT marketplace into the gameplay experience on the Apple app build."

Growing user numbers

While Stepn has been downloaded millions of times, Manghani acknowledged the app’s monthly active user numbers have been declining, recently falling to about 500,000, she said. Manghani and her team are hoping the Apple integration will help add users. Toward the end of last year, Stepn said it had amassed nearly five million registered users who had walked or ran nearly 70 million miles.

The Stepn executive also said that while paying Apple 30% fee of all in-app transactions is far from ideal, the opportunity to attract new users from the Apple ecosystem is too attractive to pass up. That said, striking the deal was arduous, she added.

“Working collaboratively with Apple has been one of the best things that has happened to our app,” said Manghani. “[But] for every acceptance we’ve gotten many, many rejections as well. There have been many sleepless nights … It has taken us months.”

Stepn was founded in 2021 by Satoshi Labs. Past investors include Sequoia Capital India, Alameda Research and Santiago Santos, a former ParaFi Capital partner.

#stepn #crypto2023 #axieinfinity

Axie Infinity (AXS) closed April in a 5% negative position after a recent token unlocks event triggered a bearish price action. On-chain data shows that the Axie Infinity GameFi network may struggle to break out of the downward trend.

Axie Infinity is one of the biggest names in the GameFi industry. AXS price has wavered recently as investors react to the April 23 token unlock, which saw nearly 19 million tokens worth over $144 million introduced into circulation. With traders increasingly looking for selling opportunities, here is a>Axie Infinity Traders Are Looking for Selling Opportunities

Axie Infinity traders have been piling on sell orders across various crypto exchanges following its most recent token unlock. The Exchange Market Depth provides an aggregate of all limit orders placed on recognized exchanges by holders of a specific token.

Currently, holders have placed 527,000 AXS up for sale. But in reference to the bearish outlook, buyers have requested less than 475,000 AXS tokens.

With an excess market supply of 52,000 AXS, prices will likely drop as sellers compete to fill orders. Unless the Axie Infinity network can attract new demand in the coming days, AXS price is likely to decline.

The Struggle to Attract New Demand Continues

According to the data presented by Santiment, AXS has been struggling to attract new demand over the past month. The chart below illustrates how Axie Infinity Network Growth has reduced persistently since the start of April.

Specifically, between April 7 and May 3, Network Growth dwindled from 113 to 55, representing a 51% decline.

Network Growth measures the number of new wallet addresses created daily on a blockchain. It roughly estimates the rate at which the ecosystem attracts new participants.

When it starts to decline steeply, as observed above, it suggests a dearth of new potential investors.

In conclusion, a downward trend in Network Growth means that the heightened sell pressure from Axie Infinity traders will likely result in a further AXS price decline.

AXS Price Prediction: The $7.21 Support Level is Critical

IntoTheBlock’s Global In/Out of the Money (GIOM) price data suggests that AXS will decline toward $6.50. But first, the bears must battle the initial support line around $7.21.

Around that critical price level, 1,160 investors that bought 123 million tokens for an average price of $7.21 will attempt to shore up the price.

If the market stays bearish as predicted, AXS price could slump further to a 4-month low of $6.50. At that level, the 786 investors that paid an average of $6.50 for 202,000 tokens could end the slump.

Yet, the bulls could invalidate the bearish narrative if Axie Infinity’s price can break above $7.70. But fierce resistance from 290 wallet addresses holding 386,000 tokens could pose a challenge.

If the bulls manage to scale that sell wall at $7.70, AXS holders can be optimistic about an early recovery toward the $8.63 zone.

#AXS #Binance #crypto2023 #crypto #axieinfinity

Axie Infinity price could be ready for a massive explosion early next week.

The network will unlock over 18 million tokens, worth over $175 million on April 23.

AXS is up 20% since the March low of $6.88, and could rally 25% ahead of the event.

Axie Infinity price (AXS) has wobbled ahead of the upcoming token unlock event scheduled for April 23, causing the token to drop by a significant margin while it gives traders a chance to buy the dip. Standing among the top players in the GameFi and non-fungible token (NFT) spaces, Axie Infinity allows platform users to play games and be rewarded for their achievements. Notably, player rewards come in the form of the Smooth Love Potion (SLP) token and sometimes even AXS tokens.

Axie Infinity token unlock event

The Axie Infinity token unlock event scheduled for April 23 is among the top news in the crypto scene this week and next week, with data showing that the network’s developers will unleash more than 18 million AXS tokens. Based on current rates, this translates to at least $175 million. This represents about 7% of its total market capitalization, based on CoinMarketCap data.

Notably, this is not the first time Axie Infinity is unlocking tokens, as the network runs on a schedule that shows all the tokens will be unlocked by 2025. Noteworthy, the total locked supply of AXS tokens is around 29%, according to the latest data.  

More often than not, token unlocks have a bearish impact on cryptocurrency assets because they cause dilution in the market. To put this in perspective, CoinMarketCap data shows that the circulating supply of Axie Infinity tokens is around 116 million, with a market capitalization of around $957.6 million.

By unleashing new tokens to the market, Axie Infinity will be diluting the quantity of AXS held by existing holders. This is concerning and explains why the likes of dYdX put off its token unlock worth around $150 million earlier in the year.

Nevertheless, some tokens tend to soar in price following dilutive events, although not in every instance. For example, Ethereum price (ETH), currently at $1,944 after the network completed its Shanghai/Capella (Shapella) upgrade on April 12, marked an uptick of about 10% in a month.

The event opened the gates for anyone to withdraw their staked Ethereum (stETH) tokens.

Axie Infinity price eyes 25% gains ahead of the token unlock

Axie Infinity price of $8.21 at the time of writing appears to be coiling up for a breakout. Investors should probably buy AXS at current rates in to avoid missing the train once the rally begins. If buyer momentum increases, the gaming token could ascend toward the 50- and 100-day Exponential Moving Averages (EMA) at $8.78 and $9.01 respectively.

Breaking above these levels could clear the path for more gains, setting Axie Infinity price up for a 25% rally to $10.10. In highly bullish cases, AXS could tag the 200-day EMA at $11.16 or in extreme cases, the $11.73 resistance level.

The uptick for Axie Infinity price would be possible especially if traders play into the 'buy the rumor sell the news’ narrative.

On the flipside, if sellers overpower the bulls, Axie Infinity price could head lower, potentially tagging the $7.78 support level. A break below this base could invalidate the bullish thesis. In highly bearish cases, AXS could extend a leg down to the psychological $6.85, or worse, tag the $5.98 support floor. 

#axs #axieinfinity #Binance #crypto2023 #BullRun