Decentralised cryptocurrency exchanges are gaining traction within the crypto space as centralised exchanges become more regulated
Axie Infinity, one of the leading gaming blockchains in the world, has revealed that it will be launching a decentralised exchange (DEX). This latest development comes as a surprise to some within the crypto space as Axie Infinity has become popular as a gaming platform.
The team announced this on The Scoop podcast over the weekend. The co-founder of Sky Mavis, the team behind Axie Infinity, Jeff Zirlin, told Frank Chaparro that they are already working on the decentralised cryptocurrency exchange.
According to Zirlin, the DEX will facilitate the trading of tokens used within the Axie Infinity ecosystem. He stated that the broad idea behind Axie Infinity is to introduce the world to blockchain technology in a relatable and nostalgic way.
Zirlin compared Axie Infinity to Pokemon and Tamagotchi as they are things gamers grew up with, collecting and breeding them. Axie Infinity has gained massive usage within the cryptocurrency space as it allows users to buy, sell and breed creatures dubbed ‘axies’.
Axie Infinity is currently one of the most exciting cryptocurrency projects in the world. Its user base grew from roughly 38,000 in April to over 1.7 million by August. While its trading volume has dropped from $220 million to around $130 million in recent weeks, it is still ahead of the hundreds of thousands of dollars it recorded earlier this year.
The decentralised exchange will be designed to ensure that users continue playing the game. This will be achieved by removing certain challenges for players who had to move their tokens off the platform before they could trade them. Zirlin added that the DEX will be developed on Ronin, an Ethereum-linked sidechain designed specifically for Axie Infinity.
The co-founder said the desire to build the DEX is because their users want to acquire and use their tokens from the platform without having to use a bridge all the time.