However, the growth of the AXS token in the spot market is not as great as expected, but is still average. Of course, reception is important when it comes to new upgrades in the network. TVL by DEX Katana | The source: DeFi Lama Probably because it increased 4,615,280% of Total Locked Value (TVL) from $ 26,000 on day one to $ 1.2 billion on day 14 in less than 2 weeks. Since its introduction on November 4th, this DEX has gradually moved into the focus of the market.
The token is also used to aid the ronin chain as a method of paying gas fees and securing the network. RON tokens are intended to complement the liquidity pool as they are paid out as rewards. In addition, users can also deposit into liquidity pools and be rewarded with fees and RON tokens. This decentralized exchange was born with the aim of simplifying the token swap process in the Axie Infinity ecosystem.Ĭurrently DEX only supports exchanges between AXS, SLP, USDC and WETH. The reason for the volume increase in November is the effect of Katana, DEX on Ronin. Inflows in ETH and AXS on Ronin | The source: dune At the same time, there have been over 3.1 billion inflows from AXS valued at $ 409 billion. On November 6th alone, the chain received 73,683 ETH worth over $ 306 million. During the same period, SLP mainly recorded outflows. However, most of the major on-chain activity took place during that month, with Ethereum and AXS seeing massive inflows.
Most famous, however, is the performance of the decentralized exchange (DEX) katana.ĪXS 4-Hour Price Chart | Source: Tradingview What is katana? Axie Infinity launched the Ethereum-linked Ronin sidechain last year and it has done well this year. In fact, the AXS price has hit a new all-time high in the past two weeks. The network continues to expand and their recent efforts speak for themselves. Axie Infinity is growing exponentially in the GameFi space.
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