Axie Infinity fans are flocking to swap and pool tokens on Katana
In just 24 hours, the new Axie Infinity Katana DEX has made a swift entry into DappRadar Top DeFi Dapps charts. The swapping service currently ranks second among DeFi dapps across all protocols and seventh in the general dapp ranking.
The Axie Infinity community is actively swapping on the new DEX, which was a much-awaited addition to the game’s portfolio of products. In 24 hours, Katana DEX has attracted more than 82.000 users, generating upwards of $404 million in trading volume.
Even more impressive, Katana has managed to surpass big names in the DeFi sector like Raydium, 1inch, Uniswap V3, ApeSwap, and SushiSwap. This is a remarkable success, even if expected, considering the enormous community Axie Infinity has created. At the moment, only BSC-based PancakeSwap has managed to outperform Katana.
What’s happening on Katana?
Clearly, the new Ronin-based Katana DEX is attracting waves of attention from Axie fans. This is not surprising considering the fact that before Katana, players had to swap their in-game tokens like AXS and SLP on third-party exchanges with high gas fees. Now, Katana offers an integrated Ronin swap service. Additionally, Sky Mavis has launched a grace period for players. For a limited time, each Ronin wallet gets100 fee-free transactions on Ronin per day.
Aside from swapping services, the new DEX also offers liquidity farming pools. There players can lock up their tokens and earn rewards for providing liquidity. At the time of writing, the most popular pair for liquidity farming on Katana is AXS/WETH. This isn’t a surprise as AXS is the main governance and rewards token in the game. The pool has already attracted more than $276 million in locked liquidity. The SLP/WETH pool follows closely behind with $264 in liquidity.
Interestingly, all liquidity pool rewards come in Wrapped Ronin Tokens (WRON) as the staking contract only accepts ERC-20 tokens. WRON rewards for these pools will be activated later this week. Currently, players cannot claim WRON rewards. However, this functionality will become available at a later date when the exchange starts supporting the RON/ETH pool.
DappRadar will continue monitoring Katana as the DEX introduces further liquidity pools and functionalities. Interest in the service is spiking rapidly. The trend observed in the past 24 hours will most likely continue in the foreseeable future. If you want to learn more about Axie Infinity, its AXS token, and the Katana DEX, check out the links below.