Axie Infinity Game to Build DAO for Governance

Axie Infinity acquired a domain with the potential for forming an upcoming DAO for governance.

The Axie Infinity game has added another compound to its play to earn structure – a DAO, or Decentralized Autonomous Organization. A DAO is a tool for token and coin owners to vote on the direction of a project, while also sharing in the profits. 

Axie Infinity stated its intentions after acquiring the domain. 

For now, the DAO has not shared the details of participation and consists of game building team members. The new site belongs to the Axie game, though it has been confused with a phishing attempt. 

Ronin Network Struggles to Keep Value

Ronin Network is currently mostly gathering liquidity through the Katana exchange, and still holds in about $620M. The Katana exchange reports $42.8M in daily volumes, most derived from decentralized pairs and an incentive not to sell the Axie game assets, but lock them in along with Wrapped ETH (WETH) to generate more RON tokens.

However, the liquidity value in pairings still hinges on the market price of the assets. All tokens related to the Axie Infinity game have seen some price weakening lately. RON, the native token of the Ronin network, sank toward $2.57 after failing to go over $3 again. 

AXS, the voting token of the game, fell to $57.64, and Smooth Love Potion (SLP) slid to $0.024 after holding above $0.03 for a few days.

Axie Infinity Displaced by New Game Arrivals

Axie Infinity was the play to earn game that shaped the potential trajectory for new games. Now, Axie gameplay only reached the ranking of the 13th most active distributed app, based on data from DappRadar.

The relatively low SLP prices and the dropping price of AXS may be discouraging players, along with the low value of new Axies. But the game team has not given up on developments, planning the Origins update by mid-year, with redesigned characters and battles.

The current advantage of AXS is that it can be staked on Binance, the Katana exchange, and more recently, the Nexo service. 

Despite setbacks, the Axie native marketplace is highly active, with more than 50,000 users registered by DappRadar.

Previous Post

Ethlas Promises $10K Daily Rounds After NFT, Token Launch

Next Post

What is a DAO: How Decentralized Projects Run Governance and Distribute Profits

Related Posts