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Axie Infinity: This is how AXS is recovering after $600m exploit



How is Axie recovering after the infamous $600m exploit?
Source: Pixabay

Play-to-earn (P2E) game Axie Infinity is seeing a turnaround in fortunes after its latest performance in the NFT market. The project has been attracting new customers with many developments on the platform. Axie Infinity grabbed the spotlight three months during the famous $600 million Ronin hack. It seems Axie is headed on the right path after that shock.

Back in the game?

Metaverse game Axie Infinity has seen a 200% increase in NFT sales volume in the past week. Sales have racked up to $1.33 million in volume in over 118,000 transactions over this course. The sudden increase in Axie is attributed to the release of upgrades on the project along with the resurgence of the Ronin network.

Axie Infinity recently released the July development update highlighting key events for the month. Axie also released the land staking option on 4 July which has accelerated Axie Land NFT sales in the process.

This land staking allows ‘land owners’ with Axie NFTs to earn AXS token rewards. Official data suggests more than 90% of the total 16,794 circulating supply has been staked. Co-founder Jeff Zirlin was quick to acknowledge these impressions in his latest tweet.

Axie has also planned the imminent launch of their latest game called Origin. The update states that Axie has “entered into Phase 2” and is on the right track for the launch. Much to the surprise, Axie is also looking to give away 49,157 AXS as prizes during the first Origin alpha season.

Where is AXS?

Axie’s native token AXS has floundered despite a recent recovery in the market. Traders’ optimism has been relatively high in July. However, AXS has not been able to reap the benefits of a renewed surge in crypto asset prices.

Ranked #42 in the crypto rankings as per CoinMarketCap, AXS was trading at $14.08 at press time. It was 2.27% down over the past seven days.

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Kanav is a journalist at AMBCrypto. He has a Masters in Media and International Conflict and is interested in areas of digital society, crypto developments in the political sphere and the socio-cultural impact of a crypto-society.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.