Irreversible tokens were one of the most popular sectors in the cryptocurrency market from the beginning of the year to March, but like the nature of the crypto sector, NFTs fell dramatically in April when hype and sky-high fees on Ethereum (ETH) faded by the network preventing buyers and sellers from interact with protocols.
The high commission issue eventually led to some projects such as Axie Infinity (AXS) and Smooth Love Potion (SLP) being moved to other networks or adopting level 2 solutions as a way to reduce costs. This move, together with the sharp fall in ETH petrol prices in the last two weeks, may be one of the reasons for the strong growth in AXS and SLP in the last week.
4 hour chart AXS / USDT. Source: TradingView
Data from TradingView shows that the price of AXS rose 83% from a low of $ 6 on April 25 to a high of $ 11 on April 29, while the price of SLP rose more than 1000% from a low of $ 0.035 on April 25. April to a new level. May 2 – a record high of $ 0.396.
4 hour SLP / USDT chart. Source: CoinGecko
Many of the reasons for AXS and SLP’s recent price increases include the move to the Ronin side chain for Ethereum, the growing popularity of the community and the sponsorship of a well-known crypto influencer that helped attract new members of the community.
Switching to Ronin’s side chain reduces fees
The most important development for AXS and SLP in the last two weeks has been the complete launch of Ronin Phase 2, which required platform users to transfer playable Axies characters, along with AXS, SLP and ETH tokens to the Ronin side series to continue interact with the protocol. …
Ronin is an Ethereum side chain that was originally announced in June 2020 and is designed specifically for the Axie Infinity community to support scalability and smoother gaming for a large number of users.
Full migration to Ronin completed on April 28, followed by a 1000% increase in SLP costs.
Encryption effect Highlights from Axie
The second blow to the Axie community was the announcement on May 3 that the digital landowner and cryptocurrency group Flying Falcon had donated money to the sponsorship program, created by the open gaming community, Yield Guild Games.
The move helped draw attention to the fact that Axie Infinity is more than just a collector’s item, but rather a growing community that is able to support its members and provide a steady return on investment.
The driving force behind the AXS code and the Axie Infinity ecosystem has been building for several months awaiting the transition to the Ronin side series.
Market conditions have been favorable for AXS for some time, according to data from Cointelegraph Markets Pro.
Exclusive to Cointelegraph, VORTECS ™ is a mathematical comparison of historical and current market conditions taken from a range of data points, including market sentiment, trading volume, recent price movements and Twitter activity.