AXSUSD20220930
Axie Infinity September 30 2022 Futures
crypto

Architected by Sky Mavis and inspired by Pokemon, Axie Infinity is a "play-to-earn" pet training game and virtual world built on the Ethereum blockchain. Players can collect, breed, battle, and trade in-game pets called Axies. All in-game assets are represented via fungible ERC-20 or non-fungible ERC-721 tokens and thus trade on secondary markets. Axie Infinity is a distributed application that is currently running on the Ethereum Network, Loom Network and Ronin Network, using bespoke smart contracts to enable users to own, transfer, battle, and breed genetically unique digital creatures. Sky Mavis has embedded economic incentives in Axie infinity by leveraging Ethereum token standards ERC-20 and ERC-721. All unique in-game assets are represented by ERC-721 NFTs that live in users' wallets. In-game currencies SLP and AXS are fungible ERC-20 tokens. Axie combines the "digital property rights" that NFTs enable with algorithmic scarcity. Axies have finite breeding caps and the algorithm will adjust upwards the cost of breeding, denominated in SLP, as the user base grows. To account for scale in adoption and transactions, Sky Mavis created a purpose-built side chain called Ronin. The full Ronin migration was executed by mid-2021. Ronin permits for higher transaction throughput and lower gas fees for users. The Sky Mavis team also built out a simplified Ronin Wallet for smoother onboarding. Despite building out Ronin for transaction scaling, the explosion in Daily Average Users (450K during July 2021) overwhelmed servers, disrupting gameplay. As of July 2021, consensus on Ronin is reached via Proof of Authority. The Sky Mavis team plans to decentralize consensus via permitting community involvement. In an AMA on June 30, 2020 the Sky Mavis CEO Trung Ngyugen explained that the team may consider Delegated Proof of Stake (dPos). Similar to Roblux or Minecraft, Axie Infinity sacrifices a high-fidelity, realistic gaming experience for a smooth, unsharded user experience. The decision to keep graphics relatively crude enables individuals with commodity hardware to run the game enjoyably. Part of Axie's explosive adoption is due to mobile use in developing nations.