The ETH Game Axie Infinity launched the Ronin sidechain for ethereum with its own decentralized exchange called Katana. In today’s Ethereum news, we are reading more about the latest developments.
The ETH game Axie Infinity launched Ronin as a sidechain that now has its own decentralized exchange Katana that allows users to swap tokens without bridging to ETH and has a new ecosystem token of its own called RON. Ethereum-based game Axie Infinity surged in popularity over the summer following the launch of Ronin, a custom sidechain that enables speedy, low-cost transactions and now has an added utility with the rollout of its own decentralized exchange with the game’s token surging in value as well.
Launched early this morning, Katana is a DEX that runs on Ronin and makes it easier for Axie Infinity players to swap the tokens on the sidechain. This means that the players don’t have to bridge the tokens to Etheruem first which also brings fees and other problems in the process. With the initial version of Katana, players can swap Axie Infinity’s Smooth Love Potion reward token and the AXS governance tokens along with the Wrapped Ethereum and the USDC dollar-pegged stablecoin. Because it is a decentralized exchange, all transactions take place on the user-backed liquidity pool that has no centralized authority or middlemen.
Sky Mavis, the Axie Infinity developers, launched a new RON ecosystem token that will be used for all Ronin transactions. Right now, users are allowed 100 free Ronin transactions per day but the network will move to use RON for all Ronin fees. Also, users are able to stake the tokes into SLP/ETH pools on Katana and bring more liquidity and earn rewards.
“Today, we take one step closer to a more prosperous future for our nation
Katana, the Ronin Dex, is live!
You can now deposit liquidity and swap tokens. RON rewards will be activated for the AXS/ETH & SLP/ETH pools later this week.
— Axie Infinity November 4, 2021”
Axie’s SLP token pumped quite a bit since Katana’s launch this morning and it is up 78% to a price of $0.12 per token. SLP is key to the monster battling game’s play-to-earn model so the users can earn token rewards for competing against other players online. The AXS governance token is also up by 10% over the past day to a current price above $150. Axie Infinity is quickly becoming the most prominent blockchain game on the market.