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 price coils up for a recovery rally after a steady decline beginning January 23.

Recent recoveries above the identified support level forecast that AXS could move 30% upward.

Invalidation of the bullish thesis will occur on a decisive flip of the $7.82 support level into a hurdle.

Axie Infinity price (AXS) has been trading with a bearish bias since January 23, after investors engaged in a load-shedding exercise. The gaming token suffered a highly volatile market that canceled every bullish push with twice as much bearish pull. As a result, AXS plummeted to levels last seen around November when crypto exchange FTX imploded.

The positive indications for Axie Infinity price come amid a promising alt season combined with chatter about the Game Developers Conference (GDC), a premier professional event, championing game developers and the advancement of their craft.

Axie Infinity Price readies for a recovery rally

Axie Infinity price bounced from the $6.99 support floor on March 10, kickstarting a northbound move that saw the gaming token restore above the crucial $7.82 support level. Notice that this supplier congestion level has played a crucial role several times before for AXS. The asset bounced off from this level in November and January, marking the beginning of a notable uptrend.

Accordingly, investors should expect Axie Infinity price to use the abovementioned level as the jumping-off point for the next rally, possibly within the weekend or early next week.

A northbound move for Axie Infinity price would mean a flip of the 100-, 200-, and 50-day Simple Moving Averages (SMAs) at $8.95, $9.44, and $9.57, respectively, into support. A decisive flip of the first should confirm the momentum of the recovery rally.

Past the SMAs, Axie Infinity price could tag the $10.10 resistance level, denoting a 29.58% increase from current levels. AXS could extend further in highly bullish cases to tag the $12.18 resistance level last tested in January.

Possible deals could fuel the recovery rally for Axie Infinity price after gamers and investors met in San Francisco for the GDC, causing some broad capital inflow to filter now that they have dispersed.

Nevertheless, given the extremely cyclical nature characteristic of Axie Infinity price, the token could plunge further in market value, first shattering the $7.82 support level. A daily candlestick close below this level could invalidate the bullish thesis.

Evidence of this cyclical nature of Axie Infinity price is the Relative Strength Index (RSI), where the gaming token clearly each time goes through a downtrend cycle with a bounce toward an uptrend cycle. The altcoin could plunge further, given its current position, before a possible trend reversal.

#axieinfinity #axs #gaming #Launchpad #koinmilyoner

Axie Infinity price holds above crucial support level as the Game Developers Conference kicks off in San Francisco.

As event-related hype grows, AXS could soar 24% to tag the $10.94 resistance level in the coming days.

A daily candlestick close below the $8.64 support level could invalidate the bullish narrative.

Axie Infinity price (AXS) has held above a crucial support level as the world’s largest event for professionals dedicated to the art and science of making games – Game Developers Conference (GDC) – kicks off in San Francisco’s Moscone Convention Center. 

As the hype around the GDC continues, the token could breach a formidable supplier congestion zone to regain its February highs before the recent FUD-provoked sell-off contaminated the market.

Axie Infinity price pumping on GDC-related hype

Axie Infinity price is en-route north on a recovery journey that could see the gaming token regain the January 22 high of around $12.56. At the time of writing, the token auctions at $8.81, using the $8.64 support level as the jumping off point to confront the 50-day Exponential Moving Average (EMA) at $9.16.

An increase in buyer momentum above this level could see Axie Infinity price tag the  confluence presented by the horizontal line and the 100-day EMA at $9.37.

Past this level, Axie Infinity price could make a run off to the next barrier at $10.94, increasing by nearly 24% from the current value. This level was last tested around February.

In highly bullish cases, Axie Infinity price could rise to tag the 200-day EMA at $12.13 or higher to the $12.56 resistance level. Such a move would denote a 45% increase from current levels.

On the flip side, overhead pressure due to the 50-day EMA and the barrier confluence at $9.37 could suppress Axie Infinity price, causing it to plummet below the immediate support at $8.64. A daily candlestick close below this level could invalidate the bullish thesis.

A drop below this immediate support could inspire more selling among AXS holders, causing Axie Infinity price to descend toward the $7.82 support level or revisit the March 8 to March 11 lows around $7.24.

In extreme cases, Axie Infinity price could retard further to test the $6.50 support floor before attempting another uptrend. 

#axieinfinity #axs #BNB #koinmilyoner #Launchpad

In recent years, the concept of play-to-earn (P2E) has taken the cryptocurrency market by storm. P2E allows gamers to earn cryptocurrency by playing blockchain-based games, which has led to the emergence of a new market for cryptocurrency enthusiasts and gamers alike. In this article, we'll be exploring the top five P2E cryptocurrencies to purchase at present.

Axie Infinity (AXS)

Axie Infinity is one of the most popular P2E games on the market, with players able to earn AXS tokens by playing the game. The game has a dedicated player base and has seen significant growth in recent months, making AXS a promising investment option for those interested in P2E cryptocurrencies.

The Sandbox (SAND)

The Sandbox is another popular blockchain-based game that offers players the opportunity to earn SAND tokens. The game is a virtual world-building platform that allows players to create and monetize their content, making it an attractive investment option for those interested in P2E cryptocurrencies.

Decentraland (MANA)

Decentraland is a virtual reality platform that allows players to create, experience, and monetize their content. The game offers players the ability to earn MANA tokens by participating in various activities within the virtual world. Decentraland has seen significant growth in recent months, making it a promising P2E cryptocurrency to invest in.

Star Atlas (ATLAS)

Star Atlas is a blockchain-based game that allows players to explore a virtual universe, participate in battles, and earn ATLAS tokens. The game is still in development, but it has already generated significant interest within the P2E gaming community, making ATLAS a promising investment option for those interested in P2E cryptocurrencies.

Alien Worlds (TLM)

Alien Worlds is a blockchain-based game that allows players to mine for TLM tokens by exploring different planets within the game. The game has a growing player base and has seen significant growth in recent months, making TLM a promising P2E cryptocurrency to invest in.

In conclusion, the P2E market is rapidly expanding, with new games and cryptocurrencies being introduced regularly. The top five P2E cryptocurrencies listed above offer promising investment options for those interested in the P2E gaming space. However, it's important to do your research and invest wisely to ensure that you make the most of this exciting new market.

#sand #mana #axieinfinity #atlas #TLM

Axie Infinity price is still under pressure as moving averages tripped bulls.

AXS still delivers bullish signs as the fade remains contained.

Expect a bullish breakout soon that could lead to a major rally by April. 

Axie Infinity (AXS) price is still selling off on the back of a bull trap that formed on the back of the breakout above the 200-day Simple Moving Average (SMA). Although this is a severe blow for bulls, the fade still remains limited. A clear consolidation is ongoing with bulls and bears being pushed toward each other and could see a breakout soon that elevates Axie Infinity price toward $14.05.

Axie Infinity price set to stage a Usain Bolt rally

Axie Infinity has been sliding lower since mid-February after price action nearly peaked at $14.05. What followed was a long slide lower with its turning point in early May. Since then higher lows have been printed in daily performances, and a clear consolidation is happening as we

AXS is thus primed to soon test the waters again at that 200-day SMA near $9.55 and $9.91 for the 55-day SMA. With the ASEAN Gaming Expo ongoing this Wednesday and later this week, some broad investor inflow could be seen filtering in on the back of that. Quite quickly AXS could be hitting $11.52 where a break above would see a very quick push higher toward $14.05, as seen in February.

The bigger risk to the downside in the near term is that AXS is very cyclical. Proof of that can be found in the Relative Strength Index (RSI) where Axie Infinity price clearly each time goes through a downtrend cycle with a bounce toward an uptrend cycle. Seeing where the RSI is now, a drop lower toward $7 could be the initial outcome before the upswing gets underway later this year. 

#AXS #axieinfinity #koinmilyoner #gaming #Launchpad

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