The activation of Katana DEX, Ronin’s decentralized exchange that will serve the entire Axie Infinity gaming ecosystem, caused AXS and SLP to skyrocket immediately, accumulating intraday valuations of 13% and 90%, respectively.
AXS came very close to posting a new all-time high and traded at $ 163.75, less than $ 1.00 below its current high ($ 164.15). At the time of writing, the AXS / USDT pair is worth $ 153.36.
Daily chart of the AXS / USDT pair. Source: Trading View.
The SLP reached $ 0.1303, its highest value since September, but still far from its all-time high of $ 0.4191. Currently, the SLP is trading at $ 0.1266.
Daily chart of the SLP / USDT pair. Source: Trading View.
The trading volume of both tokens has also grown considerably in the last 24 hours, with the AXS increasing by 230% and SLP by 662%, according to CoinMarketCap data.
Katana DEX
This new boost of Axie Infinity tokens is explained by the launch of Katana DEX and Ronin (RON), the native sidechain token that hosts the most successful game in the cryptocurrency market.
Today, we take one step closer to a more prosperous future for our nation ✨
Katana, the Ronin Dex, is live!
You can now deposit liquidity and swap tokens. RON rewards will be activated for the AXS / ETH & SLP / ETH pools later this week.
Full article 👇https: //t.co/4vD5PLp4F5 pic.twitter.com/QXmEs5YfOj
– Axie Infinity🦇🔊 (@AxieInfinity) November 4, 2021
Today we take a step towards a more prosperous future for our nation ✨
Katana, Ronin Dex’s DEX is online!
Now you can provide liquidity and exchange tokens. RON rewards will go live for AXS / ETH and SLP / ETH pools later this week.
Ronin was created by the Axie Infinity developers as a parallel network so that Axie Infinity players could avoid the high transaction fees of the Ethereum network. Previously, players used the Ronin network only as a wallet to receive the rewards earned in the game and to store the NFTs of their Axies, the fantastic creatures that inhabit the game universe.
From now on, users can use Ronin’s new DEX to exchange all the cryptocurrencies that make up the Axie Infinity ecosystem without having to transfer them to other exchanges. For now, Katana trades AXS, or SLP, the USDC stablecoin and wETH (a synthetic version of ether).
According to the developers of Axie Infinity, Katana was created to:
“It will make using our products (like Axie) easier and cheaper;
Reduce our dependence on other parties, becoming the largest exchange in our ecosystem;
Increase the liquidity of assets in our ecosystem. This will make it easier to exchange the tokens you earn playing Axie! “
Katana will also allow players to become liquidity providers for the asset pairs traded on the platform, introducing decentralized finance (DeFi) capabilities into the gaming ecosystem. Liquidity providers will be rewarded with a portion of the trading commissions charged by the DEX and will receive the newest token in the Axie Infinity ecosystem, RON.
RON
RON is the native token of the Ronin sidechain and will be used to: pay gas fees, ensure network security and in asset trading. According to the developers, RON’s primary goal is to maintain the Ronin network as a shared property of the community built around the success of Axie Infinity.
To boost the liquidity of the new DEX, 10% of the total RON supply will be distributed to liquidity providers who deposit the SLP / ETH and AXS / WETH pairs in the respective Katana pools. New DEX liquidity providers will start to be rewarded with RON later this week. What’s more, liquidity providers will be entitled to 0.25% of each operation carried out in the pool to which they belong.
The developers warned users that RON will not be available on exchanges at the moment. Only Katana’s liquidity providers will be able to receive it.