Axie Infinity DEX, Katana grew by 4,615,280% in 14 days, what next

Axie Infinity is growing exponentially in the GameFi space. The network continues to expand and its latest efforts speak for itself. In fact, the last two weeks saw Axie Infinity mark a new all-time high. What matters most is Katana’s performance.

What is Katana?

Axie Infinity launched their Ethereum linked side chain Ronin last year. Moreover, it has had a decent performance over the year. However, major activities observed on-chain, occurred mostly this month with Ethereum and AXS registering enormous inflows. At the same time, SLP mostly charted outflows.

On November 6 alone, the chain witnessed 73,683 ETH worth well over $306 million flowing in. Around the same time, over 3.1 billion AXS inflows worth $409 billion were observed as well.

ETH and AXS inflows on Ronin | Source: Dune

The reason behind this sudden rise in volumes, in November, is the effect of Katana, The Ronin DEX. This Decentralized exchange was made for the purpose of easy swapping of tokens within the Axie Infinity ecosystem.

At the moment, the dex supports exchange between AXS, Small Love Potion (SLP), USDC, and WrappedETH (WETH) only.

In addition to this, users can also deposit into liquidity pools and be rewarded with fees and RON tokens.

The RON tokens are designed to supplement the liquidity pools since they will be paid as rewards. The token will also be used to power the Ronin chain as a method of gas fees payment and network security.

Since its launch on November 4, the DEX has been the talk of the town. Perhaps, which is why it is no surprise that in less than two weeks, it has managed to grow by 4,615,280% in total value locked (TVL). From $26k on day one to $1.2 billion on day 14, the DEX has picked up a lot of volumes.

Now, of course, adoption is important when it comes to new upgrades to the network. In fact, even more when it comes to such significant updates. Alas, the growth of the AXS token in the spot market has not been as great as one would expect. But, it remains up to the average of AXS.

This proves that a network update does not necessarily facilitate a user base growth. However, looking at Katana’s growth, it appears that it could soon become a formidable competitor in the DEX space.

Where to Invest?

Subscribe to our newsletter

Aaryamann is a full-time journalist at AMBCrypto. He is a recent journalism graduate, currently investing his time in the crypto-space. He has a keen interest in DeFi, the ever-expanding possibilities of blockchain technology, as well as the political impact they would have.

Source

Related Posts

Onyx creates a community based high-quality play to earn fight game on BSC

Onyx creates a community based high-quality play to earn fight game on BSC

NYC, USA, 24th Nov 2021, ZEXPRWIRE, Onyx, an NFT gaming platform has unveiled its game that features several playable characters to wearable armors and usable inventory. It intends to make the playable character customizable with several battle classes that would allow players to navigate through the game’s mission to acquire experience points and levels. While…

Frutti Dino is forming a global governance ecosystem for NFT Games

Frutti Dino is forming a global governance ecosystem for NFT Games

Monoverse, a new blockchain-based game developer comprising of business and game developers from the significant 3N Korean game companies (NCSOFT, NEXON, and Netmarble) and full-stack developers and experts from major Korean startups and Bithumb, is promoting collaboration with major Korean game companies and leading companies from different industries to expand the global NFT game ecosystem.…

Binance Details Issues With Dogecoin Wallets in Response to Elon Musk

Binance Details Issues With Dogecoin Wallets in Response to Elon Musk

Binance has been experiencing problems with Dogecoin withdrawals for over ten days now. The root cause is a technical issue that resent old transactions to Binance users, besides DOGE holders being unable to withdraw the currency. CryptoPotato reported that the 1.14.5 upgrade on the Dogecoin network led to issues on the Binance exchange. Some failed (stuck) transactions…

Axie Infinity Plot of Land Sells for $2.3 Million Worth of ETH

Axie Infinity Plot of Land Sells for $2.3 Million Worth of ETH

The NFT market and metaverse have once again been thrown into a state of euphoria as a single plot of digital land on the most popular NFT game in the crypto space, Axie Infinity, sold for 550 ETH. $2.3M for Axie Infinity Plot The plot of land in question is one of the Genesis plots…

Musk chides Binance CEO on dogecoin glitch

Musk chides Binance CEO on dogecoin glitch

Loading… Cryptocurrency representations are seen in front of the Dogecoin logo in this illustration picture taken April 20, 2021. ― Reuters pic NEW YORK, Nov 23 — Tesla founder Elon Musk today delivered a stinging rebuke to Binance Chief Executive Changpeng Zhao on Twitter after the cryptocurrency exchange limited withdrawals of meme-based digital currency dogecoin.…