AXS and RON prices are beginning to trend upward as anticipation grows for the debut of Axie Infinity: Origin.
Play-to-earn (P2E) gaming was one of the hottest areas in the cryptocurrency market, and judging by Yuga Labs and Bored Ape Yacht Club’s recent initiatives, the gaming business may continue to be a winner in 2022.
Axie Infinity was the first game to garner worldwide attention and demonstrate the potential of P2E, and it is continuing to do so in 2022 as the protocol prepares for its next significant launch.
According to data from Cointelegraph Markets Pro and TradingView, the price of AXS has gained 56.5 percent over the last ten days as a result of an increase in its 24-hour trading volume. On March 24, AXS reached a daily high of $69.82.
On March 14, prior to the latest price increase, VORTECSTM data from Cointelegraph Markets Pro detected a favorable prognosis for AXS.
Exclusive to Cointelegraph, the VORTECSTM Score is an algorithmic assessment of past and present market circumstances based on a variety of data factors such as market mood, trading volume, recent price fluctuations, and Twitter activity.
As illustrated in the chart above, the VORTECSTM Score for AXS turned positive on March 14 and reached a high of 78 roughly 24 hours later, before the price began a 52.32 percent advance over the next nine days.
The approaching debut of Axie Infinity: Origin, the constant growth of active users and AXS stakers, and the growing popularity of the Ronin sidechain, which enables Axie Infinity gameplay, are three reasons for the rising price of AXS.
Axie Infinity: Origin
The most major initiative underway that is helping to strengthen AXS’s forward outlook is the impending launch of Axie Infinity: Origin in the coming weeks.
To clarify, we're still aiming to get Origin out by end of the month.
It's cutting close but our engineers are working non-stop to polish and fix bugs.
Shipping a very complex and quality product is hard. Engineers out there may empathize with this. We're pushing!
— Philip La (@philipla) March 22, 2022
According to a recent Delphi Digital study, Origin is a “fully reinvented version of the well-known Axie Battles game.”
Origin will include new game features aimed at enhancing the overall player experience, including free starter Axies to entice new players, a reworked backstory that adds depth to the player experience, and active cards for the eye and ear body parts.
Additionally, the update will bring new in-game objects such as runes and charms that will serve as Axies boosters and will require players to burn the platform’s native SLP token.
Active users and AXS stakers are on the rise
The soaring price of AXS has also been aided by the continually growing Axie Infinity userbase, which has now surpassed 207,209 total users, according to Dune Analytics statistics.
While the rate of new users joining the ecosystem has decreased in tandem with the overall bitcoin ecosystem’s activity, the increase is still significant and signals continued adoption.
Non-gamers have also been enticed to invest in AXS through the Axie Infinity platform, which now offers a 73 percent staking yield.
As illustrated in the chart above, over one-third of the AXS circulating supply is currently staked on the protocol, resulting in a total daily payout of 50,516 AXS.
Continuous expansion of the Ronin network
A third element propelling Axie Infinity forward is the growth of the Ronin network, an Ethereum (ETH) sidechain designed specifically for Axie Infinity by Sky Mavis. The Ronin network is set to become the preferred NFT scaling option for crypto games.
While Axie Infinity is the only game currently running on Ronin, the network has continuously ranked in the top three in terms of total value locked when compared to other Ethereum bridges, with almost $3.4 billion in value locked on Ronin.
That will soon change, as third-party developers will be introduced to Ronin, including “over 1,000 applications from teams wishing to build on Ronin,” according to Delphi Digital.
This may result in an inflow of new users to the Ronin ecosystem, which may boost Axie Infinity when new users check out the network’s top-performing project.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.