Ronin team behind Axie Infinity AXS has $1.8 billion in net assets
In the first two weeks since Axie Infinity AXS launched Katana, the team behind Axie Infinity AXS has $1.8 billion in net assets bridged from Ethereum ETH to Ronin RON, according to a recent DappRadar report.
The first decentralized exchange DEX running fully on Ronin has reached a new high, surpassing 1.1 million daily active addresses, according to the data acquisition and analysis company that keeps tabs on thousands of dapps across multiple platforms.
According to DappRadar's data, Axie became known as the spearhead of play-to earn movement and attracts more than 2 million daily active players.
The deployment of Katana has increased the liquidity of all assets in the ecosystem, as the DEX currently allows users to swap between four tokens, featuring three liquidity pools, two of which allow users to farm Ronin's native and governance token, RON.
Despite Ronin Bridge being fully functioning since May, the launch of Katana unleashed the value flow.
Over the last 30 days the bridge has recorded over $7,5 billion in volume and has surfaced as the most commonly used solution to move assets out ofEthereum, outpacing Avalanche and Polygon bridges, amongst others.
Over 57% of the total assets that are connected fromEthereum were represented by AXS and ETH during this timeframe.
Ronin shows the industry how interoperability can be executed successfully, and ether gas prices shooting through the roof to impact a category as popular as gaming has highlighted how important this is, Modesta Masoit, Finance Director at DappRadar, commented on the findings of the report.
The sidechain broke through 1,1 million daily active addresses and reached a new milestone, according to journalist Colin Wu, citing Nansen's data.
Since Katana launched, Ronin has received more than 182,600 net ETH, equating to approximately $836,38 million in net value.
The report noted that prior to Katana's launch, the main use of ETH within Ronin was to purchase Axie NFTs, as well as the main use of ETH within Ronin in the form of ETH.
The report revealed a similar story with net flow of AXS. DappRadar noted that $363,7 million worth of AXS is locked in Katana to farm RON, accounting for almost 33% of the recorded net flow since the DEX launch.
In the case of the game's main currency, Smooth Love Potion SLP, which can be obtained by completing adventure tasks or winning PvP battles, Ronin recorded $78,44 million net loss, as roughly 887 million SLP moved toEthereum.
The report said that the price of SLP appreciated by 90% since Katana s deployment and that players use SLP to earn rewards by converting the token on centralized exchanges CEXes.
From November 3 to November 6, the AXS supply within Sushiswap decreased 82%, affecting the token's liquidity that went from $5,5 million worth of AXS to just $320,000, according to DappRadar, which revealed how Katana drained AXS liquidity from the Ethereum DEX.
Maximalists may be screaming about security, but everyday users are screaming about gas fees. When rewards are on the table, it is certain thatEthereum loyalty can waver when rewards are on the table, and we can't assume that players bridging their assets into Ronin trust the network.