Axie Infinity: Is There Still A Future After The $625 Million Ronin Hack?
The token that had a big breakthrough in 2021 in the play to earn community. The token spike was so high, as usual I became jealous I didn’t buy some AXS before the spike. This was one of the reasons I became interested in splinterlands, felt if Axie infinity can become that successful and spike then Hive can do the same. Hive is a great platform with one of the best blockchain that allow feeless transactions, so yeah, I rather go with Hive and wait for the value to spike.
Back to Axie infinity, it’s a play to earn platform on the Ethereum blockchain, with governance token AXS and in game reward token SLP(Smooth Love Potion). The game was above $100 in 2021 but the price today is ranging around $30. Players have reduced exponentially due to the ronin hack. Few weeks ago, the biggest crypto hack in the history of crypto hack occurred that made away with over $600 million worth of crypto.
In March 2021, a bridge which allows people to connect or bridge between Axie infinity and other blockchain was compromised that led to the company’s loss of over $600 Million worth of Ethereum. Wow!! That’s a lot of money, worth more than the total market cap of Hive. This hack and loss is enough to cripple a company and organization, that is more than half a billion dollars.
But unfortunately when things like this happen, investors get scared and will always try to protect their asset and capital by pulling out. This is the reason the price is plunging so hard and players are reducing, it’s an unforeseen event that is putting the company at loss. Nobody wants to keep their asset in a place where their asset might be at risk.
While I have always loved the AXS token because of its utility and previous demand, I am stuck in the dilemma of talking advantage of the opportunity by buying some AXS. When it peaked above $100( can’t remember sorry) i think it’s $163 if I am not mistaking, I was wishing I bought some, could this be a second chance to finally fulfill my dream. But the $625 Million question is, is there any future with Axie infinity anymore since the company is focused on trying to recover its loss.
Funds were raised through the help of CZ Binance and Sam Bankman Fried to help put the company back on its feet but trust me $625 Million is a lot of money to recover. Some funds were claimed to have been recovered but its going to take some time before Axie infinity becomes the success it used to be.
Even if the company will get back on its feet it will take a while, so if you have some cash you don’t mind risking, then take a shot but remember, this is not a financial advise by the way. I will be on the look out observing to see if it’s going to dip more so I can get it cheaper. Like I said, this is going to be a risk, Axie infinity may recover or not, but time will tell.
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They told me if I killed myself now it would save the lives of countless others.
Saying the longer I wait to kill myself the more people will suffer.
They are reckless and should have shown the proper media what they had before taking me hostage for 5 years. I know there are many in prison that dont deserve to be there because of this. Your stay in prison will not be fun @battleaxe and friends. People are going to want you dead when they find out what you did. I hope you die a slow painful death. You sick mother fuckers.
https://peakd.com/gangstalking/@acousticpulses/electronic-terrorism-and-gaslighting--if-you-downvote-this-post-you-are-part-of-the-problem
Its a terrorist act on American soil while some say its not real or Im a mental case. Many know its real. This is an ignored detrimental to humanity domestic and foreign threat. Ask informed soldiers in the American military what their oath is and tell them about the day you asked me why. Nobody has I guess. Maybe someone told ill informed soldiers they cant protect America from military leaders in control with ill intent. How do we protect locked up soldiers from telling the truth?
From what I’ve noticed, there’s always either a major boom in the project after a hack or it drifts to nothing.
It’s all dependent on how the team handles it!
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True, this is why I will be on the look out for updates and try to dollar cost average little by little based on how positive the update goes.
Absolutely! Just keep an eye on the team’s updates. If they seem concerned and willing to do anything to make it right, then it could be a good bet!
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I have the same thoughts with Splinterlands. The issue I am having right now with Splinterlands is even though deck building is fun, since the battle is automated, the fun you get on it is very limited and it's more grinding than playing.
Comparing it with other non-nft card games like magic the gathering, there's a way to outplay the opponent but in Splinterlands, most of the "outplay" is based on RNG and not on skills.
It was kinda complicated for me, I still don’t understand what deck building is.
That is true for most, if not all, blockchain games in my opinion. I think the industry is still in its early days.
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This is so right, with time it will be better understood.
It’s hit or miss in my opinion, it could be thriving again if they put in good marketing… I hope for the players it turns out for the best!
I hope so, that’s why I will only DCA whenever I get a positive news
True. I never got involved but I know a few people who support their families exclusively with Axie so I hope they don't get screwed over this.
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https://twitter.com/LeoAlpha2021/status/1521615320955248640
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I thought they were launching a new version of that... but then again I don't follow it close enough so I could be wrong
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Don’t know about that, but if it’s true, let’s watch how it will turn out then
It's named Axie Origin, and it's already in beta. You can try it if you want.
https://axie.substack.com/p/axieorigin?s=r
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Thanks a lot
It's sad when things like that happen. Hopefully, the team behind Axie Infinity won't fall apart then we'd probably see a good future to it.
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I hope so, because I am about to risk and through some couple dollars into it
It wouldn't be a bad idea. We never know what happens. With Binance backing it, they wouldn't just let it fall with their investments on it hehe (just a thought anyway)
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Just gotta keep asking yourself what gives play to earn game tokens value?
If you can answer that question for any of Axie's in-game tokens, then it will have a future.
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It's all about utility
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Is this the reason the price of the token keeps declining?
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Yes it is.
Alright thank you!
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It might just be due to the general market situation.
Hacks are fucked up and all but quite commonplace on Ethereum and other forks.
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I understand the market is currently in downtrend, but given the rate at which Axie is decliny, I'm guessing the hack has had an impact.
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Yeah, the hack gave it big bear volatility, this time people are not taking off their assets because they want to take profit but they are taking their assets off because they don't trust the safety of where their asset is.
I found out about the cryptohacking that took place in Axie, I even got to have scholarships, I know we are not talking about that, but I want to mention that honestly I can not generate SLP in adventure and to get SLP has to be in PVP, very good your article, greetings and a big hug from Venezuela friend
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Thanks a lot
Getting started on Axie infinity is extremely tedious and expensive. How do you get a scholarship and are there requirements to need to fulfil to keep your scholarship?
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Getting started on Axie infinity is extremely tedious and expensive. How do you get a scholarship and are there requirements to need to fulfil to keep your scholarship?
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Personally I will let it fall some more given the market conditions the I will collect some when I feel its at its bottom. Nice food for thought
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Same thing I am thinking but watching the company’s update for better investment timing
Very true..I am hoping I don't get in out of emotion. Because axie is one of those exes for me
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Lol, you read my other post. Nice nice. I am following you buddy.
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Oh!! We follow each other already, thanks a lot for stopping by
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I did and I enjoyed it .Thank you for the posts and consistency
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For what I noticed, I think if a good marketing is put through then it could be a matter of hit or miss
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Well, time will tell, let’s hope it works out best for them
I really hope it works out
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Probably not, patching a hole like that is tough, and they raised even more debt to do it, so they'll have to keep milking traders and gamers to pay back those debts
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The process of bouncing back might be a long slow process because it is a lot of money, but time will definitely tell.
Is this their first hack? I think they've survived something like this before.
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But not something this huge, we are talking about $625 Million. Time will tell
This is an interesting post from both a cryptocurrency point of view, a gamer point of view and an investment point view...plus a SEO point of view.
Axie has been a big google search term for a while, and I would imagine it still is since the hack.
I didn't know the price had fallen so much, that's interesting since the initial press reports stated that the team intended to make everyone whole, who lost money. If that happened I would be surprised to see people dumping the token, unless the team hasn't been communicating clearly what efforts they took to fix the vulnerability which led to the hack.
From an investment point of view shedding value from 163 to 30 dollars is a phenomenal drop and you wonder about the effect of mean revision on the token price...if the team makes the investors whole again, who lost money, and if the team fixes the vulnerabilities.
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Taking risk should be on $ that you can afford to lose incase it turns out to be the other way round. Most of things presently,we can't be sure which that will turn out in a positive manner. One can invest what one can afford.
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I think that the same team behind the game is the one who has led it to the debacle. Really, I think that they have taken advantage of the investors and players to squeeze them to the maximum.
I think that AXS may have a rebound in the coming days when those responsible for the project will have to receive their profits for this month and of course, they will try to recover at the highest price. The theft seemed like a marketing trick to me and I wouldn't be surprised if soon they would score a hit "recovering" what was stolen.
He didn't trust the game and just like you, I'm sorry I missed out on the opportunity to buy last year and make a profit. I prefer to focus on @splinterlands where I am investing as much as I can.
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Using that as a marketing strategy could be a good plane but, let’s see where that will led them to
I personally have not played the game, but do have a small amount of AXS in my Nexo account, currently earning some ridiculous yield (38%).
I did learn a little bit about the token before purchasing, and appreciate the idea of play to earn tokens, coming from a family of old WoW players.
I bought it somewhere at it's low, and don't have very much of it, but plan to hold on to it in hopes of supporting its return.
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