Axie Infinity, and Its Mission to Be Decentralized

· Axie Infinity is one of the top play-to-earn games
· The game announced a gradual move towards decentralization by September 2023
· Axie Infinity is here for the long run


What is Axie Infinity?

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Axie Infinity is definitely one of the most popular play-to-earn games around. It can be described as a Pokemon-type game infused with crypto and NFT technology. The gameplay of Axie Infinity consists of raising and battling mythical creatures called Axies. Players can also breed Axies and sell them as NFTs. Although it runs on the Ethereum blockchain, a separate sidechain called Ronin was developed by Sky Mavis in order to facilitate faster transactions and provide lower fees to the players.



The rise of Axie Infinity

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The main token of the game is Axie Infinity Shards (AXS). It is available on all popular crypto exchanges and you need to have 3 AXS tokens to start playing the game. The second token of the game is called Small Love Potion or SLP. Players earn SLP by spending time in the game and beating opponents in battle.

Since its launch in 2018, the game has witnessed massive popularity. Currently, the game has around 2.8 million daily active players and is on track to hit 3 million daily players pretty soon. The massive total sales volume of nearly $4 billion is a testament to the popularity of the game.



Roadmap to decentralization

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Axie Infinity has announced that it will gradually evolve into a decentralized organization (DAO) that is led by the community. This process will be accomplished by the distribution of AXS among stakers and players. Due to this, the ownership of its creator Sky Mavis will become less concentrated and the game will move towards becoming a decentralized entity in the true sense.

The holders of AXS will determine which governance framework should be used. They also have a say in how much should be voted on. It must be understood that not all decisions will be up for debate. For instance, token supply is iron-clad in smart contracts.

According to the Axie whitepaper regarding the decentralization process, the following things have the potential to be voted on:

· Should Axie Infinity Limited continue to pay Sky Mavis to develop Axie Infinity?
· Should Axie Infinity use the marketplace created by Sky Mavis?
· How should the Community Treasury be used to reward AXS holders and the broader Axie community?
· Should the Community Treasury funds be attached to any yield farming/staking services such as Yearn.finance or Rari.Capital?

The decentralized game is expected to be released as version 3 in September of 2023.


Future projections for Axie Infinity

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The vision statement of the team behind the game states,

"We believe in a future where work and play become one. We believe in empowering our players and giving them economic opportunities. Most of all, we have a dream that battling and collecting cute creatures can change the world. Welcome to our revolution."

The number of daily active users continues to grow and the game is seeing an increase in transactions on the network. Even though we can not predict the future price of the AXS token with certainty but in the long run the game will continue to attract new users. The metaverse is still in its early phases and Axie Infinity has a definite edge as one of the early entrants in the play-to-earn genre.


Conclusion

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On March 29, Ronin made an announcement through their blog post regarding a massive hack that drained the bridge contract of the blockchain. The owner has said that they will reimburse the victims who lost their tokens due to this $600 million hack. They have also acknowledged that this is their top priority and a number of different steps are being taken to address the attack. They have stressed that,

“Sky Mavis is here for the long term and will continue to build.”

Although this hack is a massive setback to the reputation of the project, the stellar history, and rapid growth trajectory indicate that Axie will bounce back and continue to be one of the top play-to-earn games. Being developed by gaming enthusiasts has helped the game in its success. With the new roadmap leading towards decentralization, Axie Infinity will surely be a force to be reckoned with in the future.



Author: Gate.io Researcher: Chuk. U
Disclaimer:
* This article represents only the views of the observers and does not constitute any investment suggestions.
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