Ethereum Losing almost $2 Billlion to Axie's new RoninDex - Bodes well for Splinterlands
I don't play Axie Infinity, but the recent news about almost $2 Billion in Axie related assets being bridged from Ethereum to the new Axie-specific Ronin Dex caught my eye.
The Dex seems to be a simple affair - with only five tokens and four initial pools.....
- RON/ETH (to be launched in the future)
Two of the tokens are Axie related (AXS/ SLP), two are tradable (ETH/ USDC) and then RON is the Dex's governance token, which people are rewarded in for staking.
I guess the reason so much value has moved out of Ethereum (especially SushiSwap) just shows how much appetite there is to be able to pool and trade freely without the huge ETHEREUM gas fees.
This Bodes Well for Splinterlands.....
The fact that so much money has moved to this new DEX in such a short space of time just goes to show that demand for in-game tokens related to gmified NFTs is buoyant, as is demand for being able to trade on a DEX which doesn't have silly ETH fees.
And Splinterlands already has the above low-fee trading mechanisms set up, just across two chains -Binance Smart Chain and Hive-Engine and four similar pairs to the above...
- DEC - HIVE
- DEC - SPS
- DEC - BUSD
- SPS - BNB
There's also the DEC-ETH pool of course but I'm talking about cheap options here!
The only disadvantage with Splinterlands is that I can't, hand on heart, call these pools on Binance Smart Chain and Hive-Engine truly decentralised, that's because they are not truly decentralised, but as an 'in the meantime' thing having these tokens on BSC and Hive-Engine is a start.
And in the meantime the level of activity on the new Axie-Dex shows the strength of demand for game-tokens and to my mind Splinterlands is right up there in an extremely competitive market position.
We just need a truly decentralised DEX for Splinterlands...
Maybe in the long run Splinterlands could think about launching its own genuinely decentralised DEX too...?
Come to think of it, maybe this is going to be part of the lands release...?
That would be awesome!
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Ronin's DEX was an absolute game-changer for me. Being able to switch between SLP and WETH without bridging back to layer 1 has allowed me to participate in a lot more activity on the marketplace over there. Also great for my scholars who can now earn SLP and trade it for WETH without fees, speeding up the progress towards them buying their own axies to "graduate."
I'm not familiar with the game mechanics, but I guess anything that makes it more functional to play is good!
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Let me tell you, Ronin right now is zero fees, while ETH....
Yoh bro. I am mining Ethereum as of the moment and I'm new in all of this but is it possible that eth would go up in value? I have only mined for 2 weeks I guess although I haven't cashed out due to panic of the dip. Just wondering what your thoughts on this is. Great post by the way and cheers
I don't know a great deal about mining ETH I'm afraid, it's not my token of choice!
I see, thank you for answering my query honestly. Cheers mate
That would be awesome indeed and I'm pretty sure, they working on it in the background. Maybe there'll be a partnership with 1UP on the dex.