More than 114,000 transactions in only 30 days
In the first full month running their entire economy on the Ronin sidechain, Axie Infinity has seen its sales activity increase 508%. In the past 30 days DappRadar has registered 114,368 NFT transactions.
The 114,368 sold NFTs in the past 30 days have been responsible for a total volume of $30,63 million. That’s an increase of 291 percent month-over-month. In May only Meebits, CryptoPunks and NBA Top Shot generated more volume, while no other project showed comparable growth.
Ronin allows all Axie Infinity users to trade, buy or sell NFTs without paying any gas fees for these sales. Using their own sidechain Sky Mavis, the developers behind Axie Infinity, want to make their game as accessible as possible. Recently they’ve also introduced a fiat on-ramp, circumventing the need for external exchanges.
When we look at Axie Infinity as a marketplace, the project only has OpenSea, CryptoPunks, and NBA Top Shot in front of them in terms of volume. OpenSea grew its volume 44% to $135,48 million in the past 30 days, while both CryptoPunks and NBA Top Shot saw their volumes drop.
With their $30,86 million in volume, Axie Infinity has surpassed the NFT marketplace Rarible, which saw its volume drop 43,5% to $20,28 million.
What is Ronin?
Ronin is an Ethereum sidechain developed by Sky Mavis to support Axie Infinity. The sidechain is compatible with everything Ethereum has to offer, but instead it runs with the support of validators. Therefore users don’t need to pay any gas fees when using the sidechain.
Ronin currently supports Smooth Love Potions, the AXS governance token and Wrapped Ether. Using the Axie Infinity dashboard, users can move their ETH over from the Ethereum blockchain to Ronin. Here it becomes Wrapped Ether, or WETH. This version of ETH has the exact some value and can always be moved back from Ronin to the Ethereum mainnet.
Smooth Love Potions, or SLP tokens, are the in-game currency for Axie Infinity. Players earn these by winning battles, and they can then spend them to breed new Axie creatures. Because Axies are wanted NFTs, demand for SLP is quite high. Read more about the SLP token here. In addition Axie Infinity has the AXS token, which is a governance token for their ecosystem. Learn more here.