Axie Infinity is launching a decentralized exchange
October 1, 2021, 1:55PM EDT
1 min read
Axie Infinity, one of the most popular blockchain gaming startups, is bridging the nascent gaming world with the market for decentralized finance with the launch of a new decentralized exchange.
The new product, announced exclusively on The Scoop podcast, will facilitate the trading of tokens used within its ecosystem. Axie Infinity, launched by Sky Maven, allows users to buy, sell, and breed creatures called "axies."
The ConsenSys-backed project has become the zeitgeist of the crypto market in the Philippines where players are playing the game to earn crypto that supplements their existing income.
While the project has seen its user-base grow from some 38,000 active users in April to around 1.7 million active users in August, interest has waned in recent weeks. Weekly volume declined from $220M from peak to around $130M.
The DEX could help keep users playing the game because it will remove certain frictions that exist for players who have to move their tokens off the platform to trade them. The DEX will be built on Ronin, an Ethereum-linked sidechain purpose-built for Axie Infinity.
"People want to acquire and use their tokens from the same place without having to use a bridge constantly," growth lead Jeff Zirlin told The Block in a message.
Axie Infinity recently completed a $7.6 million funding round that drew in investors like billionaire entrepreneur Mark Cuban.