Axie Infinity (AXS) rallies 80% following migration to Ronin sidechain
May 4, 2021. Summarized by summa-bot.
Compression ratio: 20.4%. 1 min read.
AXS and SLP price surged following the project’s successful migration to the Ronin sidechain on the Ethereum network.
Several reasons for the recent price growth of AXS and SLP include the migration to the Ronin sidechain for Ethereum, increases in community adoption and a sponsorship from a well known crypto influencer that helped draw new participants to the community.
The most impactful event for AXS and SLP over the past two weeks was the full launch of Ronin phase 2 which required users of the platform to migrate their Axies, which are the in game characters, along with their AXS, SLP and ETH tokens to the Ronin sidechain in order to continue engaging with the protocol.
Now that the Axie Infinity ecosystem has transitioned to a lower fee environment and the number of daily active users continues to grow, AXS and SLP are two NFT tokens that may continue to rally higher, especially as blockchain gaming becomes a mainstream form of entertainment.