AXS and SLP increase by 13% and 90% with the introduction of the decentralized exchange and the new token

The go-live of Katana DEX, Ronin’s decentralized exchange that will serve the entire Axie Infinity gaming ecosystem, immediately rocked AXS and SLP, with cumulative intraday ratings of 13% and 90%, respectively.

AXS came very close to a new all-time high, trading at $ 163.75, less than $ 1.00 below its current high of $ 164.15. At the time of this writing, the AXS / USDT pair is worth $ 153.36.

AXS and SLP increase by 13% and 90% with the introduction of the decentralized exchange and the new token
AXS and SLP increase by 13% and 90% with the introduction of the decentralized exchange and the new token

Daily chart of the AXS / USDT pair. Source: trade view.

The SLP hit its highest level since September at $ 0.1303, but still far from its all-time high of $ 0.4191. The SLP is currently trading at $ 0.1266.

Daily chart of the SLP / USDT pair. Source: trade view.

The trading volume of both tokens has also grown significantly in the last 24 hours, with the AXS increasing by 230% and the SLP by 662%. The data comes from CoinMarketCap.

Katana DEX

This new dynamic in Axie Infinity tokens is explained by the introduction of Katana DEX and Ronin (RON), the sidechain’s native token that hosts the most successful game in the cryptocurrency market.

Today we are taking a step towards a more prosperous future for our nation – ยจ

Katana, the Ronin Dex DEX is online!

Now you can provide liquidity and exchange tokens. RON rewards will go live later this week for AXS / ETH and SLP / ETH groups.

Full article: axie.substack.com/p/katana

Ronin was created as a parallel network by the Axie Infinity developers so that Axie Infinity players can avoid the high transaction fees of the Ethereum network. Previously, players only used the ronin as a wallet to receive rewards earned in the game and to store the NFTs of the Axies, the fantastic creatures that inhabit the game universe.

As of now, Ronin’s new DEX allows users to trade all of the cryptocurrencies that make up the Axie Infinity ecosystem without transferring them to other exchanges. At the moment Katana trades with AXS or SLP, Stablecoin USDC and or wETH (a synthetic version of Ether).

According to the developers at Axie Infinity, Katana is designed to:

“It will make our products (like Axie) easier and cheaper to use;

Reduce our dependence on other parties and become the largest exchange in our ecosystem;

Increase the liquidity of assets in our ecosystem. This makes it easy to exchange the tokens you earn while playing Axie! “

Katana will also enable players to become liquidity providers for the asset pairs traded on the platform by introducing decentralized finance (DeFi) functions into the gaming environment. Liquidity providers are rewarded with a portion of the trading fees charged by DEX and receive the latest token in the Axie Infinity ecosystem, the RON.

RON

RON is the native token of the Ronin sidechain and is used to: Pay gas fees, maintain network security, and trade assets. According to the developers, the main goal of RON is to keep the Ronin network as the common property of the community built around the success of Axie Infinity.

In order to increase the liquidity of the new DEX, 10% of the entire RON supply is distributed to liquidity providers who deposit the pairs SLP / ETH and AXS / ETH in the respective Katana pools. New DEX liquidity providers will be rewarded with RON later this week. In addition, liquidity providers are entitled to 0.25% of every transaction executed in the pool to which they belong.

The developers warned users that RON will not be available for trading on exchanges at this time. Only Katana’s liquidity providers can get them.

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