Axie Infinity was priced at $70 a week ago. Despite the fact that there was a convergence of support levels just beneath $70 on lower timeframes at the time, the price smashed through. This was not a one-off occurrence. As selling pressure has been rather strong, the price of AXS has been slowly declining, at times plummeting like a rock from resistance levels to the next support. Axie Infinity’s Ronin chain now includes a governance token, which is a key step in decentralizing the network.
A few days ago the developers of Axie Infinity released the RIN token that is to be used as the governance token of the RONIN blockchain. The blockchain is gaining popularity over the course of time and is the side chain of the Ethereum Network. It is quite important to know that Ronin has been one of the reasons for the recent boost in the usage of Axie Infinity (AXS).
The RON token will be used for a number of purposes. For owning and staking RON, Ronin block validators will be paid. Furthermore, gas fees will be paid in RON from now on, and accounts will be able to make more than 100 transactions every day. Axie NFT holders will also receive a set number of free transactions. On Katana, Ronin’s decentralized exchange, there is also a RON/ETH liquidity pool.
There has been a lot of movement on the Ronin blockchain. The Ronin wallet connects more than 300,000 active addresses to the network on a daily basis, with a peak of over one million in November. Furthermore, in November, Ronin performed 6.6 times more transactions than Ethereum. Last year, the Ronin network handled 15% of overall NFT capacity, according to Nansen.
A RON token ecosystem fund has also been established to assist in the recruitment of new developers and gaming teams to the network.
While Ronin is now concentrating on Axie Infinity, the Sky Mavis team appears to be interested in being the preferred chain for other game developers, commenting in the announcement that “Ronin has a unique opportunity to promote this new sector.”
Price Movement – AXS
At the time of writing, AXS is being traded at the price of almost $53.39. The price has almost increased by almost 7.48%. The volume has decreased by almost 31.05% in the past 24 hours. It has a market dominance of about 0.18%.
