- Despite the bridge exploit, Ronin network still used for transfers to exchanges.
- Axie Infinity looks to reinvent itself, as weekly earnings have fallen to all-time lows.
- Metaverse land sales still turn a profit on the NFT market.
The effects of the Ronin hack are still felt, with funds flowing into the Tornado mixer. Only $5.8M of the funds were intercepted, but the mixed ETH and USDC tokens may not be easily tracked.
The state of Ronin does not directly affect Axie Infinity, though Sky Mavis will feel the pressure to reimburse depositors. Currently, Ronin-based deposits are already being accepted on exchanges, freeing the previous liquidity providers on the Katana exchange.
Is Axie Still a Hot Game
Despite running a last Season 21 for Axie Infinity, there are more and more opinions the original game is now past its prime. Axie Origin development continues, but the P2E ratio remains unfavorable.
AXS had another deep crash to stand at $30.73, with deepening concerns of an even worse bear market. At this point, even staking is not sufficient to offset the losses. RON, the native asset of Ronin, fell to $0.94. RON will begin to be used more actively to pay for transaction fees.
SLP is at $0.012, not making the game meaningful for small-scale players with low value Axies. Comments on social media see SLP as one of the problems, as well as the need to grind at the game to achieve results.
A comparison of peak Axie gameplay results shows that while in the summer of 2021, $400 in two weeks was doable, currently players can receive as little as $5 in value for the same period.
What may save Axie are sub-games built on the platform, with fresh or rebooted tokenomics, to avoid the strip-mining of P2E rewards.
The game is still generating interest on its metaverse land plots, which may produce value in the future.
For now, reselling rare or valuable plots may be a source of income. Axie Infinity still remains a game with significant social media hype, and may reinvent itself in the future. But its proposition of ensuring a predictable monthly income is now mostly in the past.