Play-to-earn (P2E) gaming was one of the busiest sectors in the cryptocurrency market in 2021 and based on the recent moves by Yuga Labs and Bored Ape Yacht Club, the blockchain gaming industry could continue to be a winner in 2022.
Axie Infinity was the first game to truly capture mainstream attention and showcase the possibilities offered by the P2E model, and it continues to lead the way in 2022 as the protocol prepares for its next big release.
Data from Cointelegraph Markets Pro and TradingView shows that the price of AXS increased by 56.5% in the last ten days, as an increase in its 24-hour trading volume has pushed AXS to a daily high of $69.82 on March 24. .
VORTECS™ data from Cointelegraph Markets Pro began spotting a bullish outlook for AXS on March 14, prior to the recent price rally.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements, and online activity. Twitter.
As seen in the chart above, the VORTECS™ Score for AXS rose into the green zone on March 14 and reached a high of 78 around 24 hours before the price started to rise 52.32% over the next nine days.
Three reasons for the AXS price increase are the upcoming release of Axie Infinity: Origin, the steady increase in active AXS users and stakers, and the growing popularity of the Ronin sidechain, which allows Axie Infinity to be played.
Axie Infinity: Origin
The biggest event that is helping to boost AXS’s future prospects is the upcoming release of Axie Infinity: Origin, which is expected to take place in the coming weeks. Origin, which is expected to take place in the coming weeks.
To clarify, we’re still aiming to get Origin out by end of the month.
It’s cutting close but our engineers are working non-stop to polish and fix bugs.
Shipping a very complex and quality product is hard. Engineers out there may empathize with this. We’re pushing!
— Philip La (@philipla) March 22, 2022
According to a recent report from Delphi Digital, Origin is a “completely reimagined version of the popular Axie Battles game that everyone knows.”
Origin will include new gameplay mechanics designed to enhance the overall player experience, such as free starter Axies to help attract new players to the game, a reimagined storyline that adds depth to the player experience, and the addition of active cards for body parts of the eyes and ears.
The update will also introduce new items to the game, such as runes and charms, which will act as power-ups for Axies and will require players to burn the platform’s native SLP token.
Active users and AXS stakers increase
The AXS price rise has also been fueled by the steady increase in Axie Infinity’s user base, which now reaches an all-time high of 207,209 total users, according to data from Dune Analytics.
Although the pace of new user additions to the ecosystem has slowed along with activity in the cryptocurrency ecosystem in general, the increase is still significant and indicates continued adoption.
Non-stakers have also been incentivized to hold AXS with a current 73% staking reward offered through the Axie Infinity platform.
As shown in the chart above, almost a third of the circulating supply of AXS is currently locked into the protocol earning a total daily reward of 50,516 AXS.
Constant growth of the Ronin network
A third factor bringing additional momentum to Axie Infinity is the growth taking place on the Ronin network, an Ethereum (ETH) sidechain that was built for Axie Infinity by Sky Mavis and is becoming the go-to scaling solution. Default NFT for blockchain game.
Axie Infinity is currently the only game running on Ronin, but that hasn’t stopped the network from consistently ranking in the top 3 in terms of total value locked compared to other Ethereum bridges, with almost $3.4B in value today. locked in Ronin.
That will change soon, though, as Ronin will see the introduction of third-party developers, including “over 1,000 apps from teams that want to build on top of Ronin,” according to Delphi Digital.
This has the potential to lead to an influx of new users to the Ronin ecosystem, which could also benefit Axie Infinity, as new users may be interested in the highest performing project on the network.
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