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- Axie Infinity witnessed a fall in total daily users even before the recent hacking event on Ronin bridge, which inflicted a damage of $600 Million.
- Axie Infinity Is a Play to Earn game where players are able to receive rewards in AXS, the native token for Axie Infinity, playable characters in game are dubbed Axies, which can also be used as NFTs.
- As of this writing, AXS, the indigenous token of Axie Infinity, was trading at a market value of $64.09, bearish by 2.12% in past 24 hours.
Users Getting Weary Of Axie Infinity
Axie saw its active users soar to its peak back in November 2022, but slipped down the hill by the end of March, as per a recent information by Sky Mavis, about a day before hacking event took place which inflicted a damage of $600 Million.
This drop started back in December, when Axie got its upgrade back in March 23, the time around the attack of ETH and USD Coin worth $600 Million from Ronin Bridge, a sidechain allowing swifter in-game transactions.
December witnessed a swift sell-off in the in-game Smooth Love utility token, pushing the price down. A data journalist stated that, regular earnings are down, similar to folks’ interest in game.
The ones who bought at highs, started getting afraid and naturally they became skeptical. Lee further added that, gamers are eyeing to game’s “Origin” patch which is digging towards improvement, reinvigorate, and an elevated depth of Axie.
Axie Infinity developer, Sky Mavis, and Ronin have established grounds for reimbursement of users as soon as possible following the bridge hack, but no extra details were unveiled regarding how this event is going to happen.
This also elevated concerns that players will shift over to other games, adding numbers in reduction.
On April 4, a hacker mobilized 1,400 ETH into Ethereum Tornado Cash cup, a facility which obscures association among origin as well as destiny of cryptocurrency transactions.
What Might Be The Reason?
There are multiple reasons to consider this fall in active users of Axie.
First of all, the booming metaverse and entry of many P2E games in industry have caused users’ interest to shift at that side of shore.
Another reason to consider is that Axie’s native token AXS, which was once trading at above $165, is now swinging below $70.
As of this writing, Axie Infinity was trading at a market value of $64.09, bearish by 2.12% in the previous 24 hours.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
