Axie Infinity Plunged to 16-Month Lows, Lively Gamers Drained Massively


u.right now

21 October 2022 22:09, UTC


Studying time: ~2 m

AXS, the primary utility token of the favored play-to-earn (P2E) on-line sport Axie Infinity, has been seeing a downward spiral for some time now. The worth of the token has simply dropped to a 16-month low degree of $9.08 on the time of writing, per CoinMarketCap (CMC) knowledge.

In line with CMC, the final time that AXS touched the $9 mark was on July 7, 2021. Moreover, the 58th largest crypto asset — with a market cap of roughly $880 million — has additionally misplaced many energetic gamers on its non-fungible token (NFT)-based on-line online game.

In line with stay knowledge offered by ActivePlayer, the variety of Axie Infinity common month-to-month gamers has, equally, dropped to 22-month lows. The web online game — developed by the Vietnamese agency Sky Mavis — had round 701,000 common energetic gamers up to now 30 days.

Why this immense drop?

Per ActivePlayer knowledge, the variety of energetic gamers began dropping because the $625 million Ronin Bridge hack — an Ethereum sidechain for Axie Infinity — in March this yr.

Furthermore, based on a U.As we speak report, the Ronin Bridge hack was tagged as the biggest decentralized finance (DeFi) exploit in historical past — beating the $611 million Poly Community theft from final yr.

The Ronin Bridge exploit was linked to Lazarus Group, a North Korean group of cyber criminals, per a U.As we speak report.

Whereas the downward motion for AXS continues, Axie Infinity plans to launch greater than 100 million AXS tokens — “owned by insiders and early buyers” — on Oct. 24, based on Altcoin Every day.

Axie Infinity: Nearly 8% of the whole $AXS provide, owned by insiders and early buyers, might be unlocked on Oct. 24 👀📉

— Altcoin Every day (@AltcoinDailyio) October 20, 2022

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