- AXS recovers above $65, while Katana DEX remains closed.
- Sky Mavis presented all body part cards in preparation for the new game launch.
- Axie Origin offers reworked art and new 3D features.
Axie Infinity is ready to unleash its Origin update, and has prepared a week-long process to show its new features. As intended, the Axie team was ready by the end of March, unrolling the new feature cards and power balances.
The actual launch day where Axie Origin Alpha will be available to play is April 7, delaying the promised start by about a week. Players will have some time to get to know the new game before the next active season.
How the Ronin Exploit Reflected on AXS, SLP, RON
The Origin update was marred by the exploit of the Ronin-ETH bridge, meaning the new season will start with $630M worth of assets essentially locked within the Ronin side of the Axie game. However, the game can continue and renew its earnings potential.
Sky Mavis has promised user funds would be safe, though with no outline on how the funds would be returned or reimbursed.
The Katana exchange remains closed, as the wrapped ETH (WETH) in its decentralized pairs is not backed by the same amount of ETH in the bridge smart contract. This means all liquidity providers are currently locked out of their holdings, whether WETH, SLP, AXS, or RON. Players that were incentivized to supply liquidity to Katana DEX are now absorbing the losses, with no solution proposed.
It may be still possible to release the AXS and SLP from the exchange, with the potential to trade on the open market. But the USDC and ETH wrapped on Ronin have no way to be returned back to Ethereum, unless the hacker re-deposits the funds. Almost all addresses of the hacker have been known, and leading exchanges have promised to track the fund origins and try to stop the ETH and USDC from being resold.
At the same time, centralized exchanges still trade the assets near their usual levels. AXS moved to around $65.95, RON recovered to $1.83. SLP moved up to $0.021, though trading sank from a recent peak of $1.5B in 24 hours down to $350M.