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Katana decentralized exchange unveils on the Ronin blockchain

TL;DR

TL; DR Breakdown

  • Axie Infinity is proud to present Katana DEX, its decentralized exchange based on Ronin.
  • The DEX offers users swapping options, staking funds into liquidity pools, and trading fee rewards.

Axie Infinity recently put forth news on its DEX, Katana DEX, built on Ronin. The gaming network is working towards the most prominent trading platform for its in-game products, expanding usability. Furthermore, it means reducing costs that Axie users incur resource trade from what they earn from the game.

This move put into play a rally effect on SLP and AXS tokens, the two coins native to its users. Axie Infinity rank is currently causing a stir in the gaming world as one of the best play-to-earn games. The Katana DEX unveiling has led to an Axie Infinity value surge by approximately 1.2% within the past 24 hours, reaching $150. Additionally, it boasted a market capitalization of over $9 billion and ranked at 23rd position on CoinMarketCap.

Axie users can utilize Katana to trade four digital assets, including WETH, SLP, AXS, and USDC. Ethereum‘s sidechain Ronin powers the functionality and security of Katana and Axie Infinity. As it progresses, RON, Ronin blockchain‘s native currency, will take over as the core token behind Katana’s transactions.

RON’s purpose on Katana 

Axie Infinity accepts the challenging situation its users experience when trying to trade resources acquired in the game. Katana will change this narrative, revamping resource usability. Furthermore, it wishes to get rid of third parties required in most cases to trade in-game bounties.

The four tokens mentioned earlier are the primary tokens currently on the platform. One is the SLP coin, which gamers acquire after victorious battles in the game. The Axie Infinity Shard (AXS) is the token standing for portions in the game’s universe.

Wrapped Ethereum and USDC are the foreign currencies on the Katana DEX. RON stands as the fifth and the token that eventually governs the Katana DEX. Axie Infinity warns its users to avoid any platform or parties that sell RON as it is not for sale.

Its objective is to ensure the community has a significant say in what happens on the blockchain. Additionally, it will contribute to the overall security of the blockchain while covering transaction fees in the future. Axie Infinity also states that users should rest easy as RON fees will be small to create a sustainable network. The gaming ecosystem is yet to release more details concerning the coin and its tokenomics.

Liquidity pools and staking

The Katana DEX focuses on a rewarding ecosystem for its users, incentivizing participation with proper earning. Anyone can participate in liquidity provision in the Katana liquidity pools. The platform will incentivize the process for users who decide to stake between two liquidity pools (AXS/ETH pool and SLP/ETH pool). 10% from RON’s maximum supply will go to liquidity provision rewards.

RON currently boasts a supply of one billion tokens, to later reduce to 100 million tokens after the rewards program period. Another point is that the rewards program will be running for 90 days after its activation later in the week. Axie points out this step as necessary to balance the scale for users who wish to be liquidity providers.

Both pools will take half of the total amount, with rewards depending on the user’s liquidity to the platform. To take part successfully in the AXS/ETH pool, you need to unstake previously staked coins. Furthermore, stake your tokens on the RON farming section to be eligible for rewards. Get more information on what to do on RON farming, the pools, and more from Katana’s page on Gitbook.

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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