DEX attracts 175.000 unique active wallets on Ronin sidechain
Katana DEX, the new Ronin sidechain DeFi solution introduced by Axie Infinity creators Sky Mavis, has officially been open for a full week. In that time, the DEX managed to attract more than 175.000 unique active wallets and upwards of $2 billion in trading volume and added liquidity.
Attracting 175.000 user wallets in their debut week is quite the accomplishment. Importantly, this places Katana at the very top of DappRadar DeFi Rankings, with only PancakeSwap producing better results. The first Ronin DEX has managed to surpass the performance of DeFi leaders like Solana’s Raydium and Ethereum-based Uniswap V3.
In the past 24 hours alone, Katana DEX registered more than 33.000 unique active wallets, generating upwards of $180 million in volume. This is no small feat for an exchange that launched only seven days ago.
Katana DEX is the new DeFi hit
While Katana DEX rose to the top of the charts in no time, this shouldn’t really come as a surprise. The Axie Infinity ecosystem boasts one of the largest communities in the crypto space. Additionally, players were vigorously waiting for the moment when they would be able to completely break free from the Ethereum blockchain.
With Katana, Axie fans can now easily swap and trade their in-game tokens AXS and SLP. Before the Ronin-based DEX launched, these transactions had to happen on Ethereum-based platforms, which required users to pay exorbitant gas fees for simple swaps. On Ronin and with the help of Katana, this limitation is no longer an obstacle.
What’s more, the Sky Mavis team has launched a grace period for all Katana users. Currently, users get 100 gas-free transactions daily. This is a stark contrast with Ethereum-based DEX services. There users generally have to pay gas fees in the hundreds of dollars for each transaction.
Users anticipate the RON token launch
Another factor at play that is spurring users to swap and trade on Katana DEX is the upcoming launch of the official RON token. RON will serve as the native token for the Ronin sidechain. Currently, Katana DEX offers users the chance to stake WETH and SLP or AXS in liquidity pools, and then farm their LP tokens for RON.
The token has not officially dropped yet. However, this is a great opportunity for players to stack RON coins in advance. Once the RON governance and utility token is officially introduced, it will be used to cover gas fees on the Ronin sidechain. Consequently, the more you’re able to farm now, the more transactions you’ll be able to cover in the future.
DappRadar will continue monitoring Axie Infinity and Katana DEX as the Ronin ecosystem continues to grow. You can easily do that too, as Ronin is now officially part of DappRadar rankings. To learn more about Katana DEX, Axie Infinity, and the Ronin sidechain, check out the links below. If you want to learn the latest news surrounding Axie Infinity, follow DappRadar on Twitter and join our Discord community.