Axie Infinity posts solid gains as crypto gambling interest grows

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The general downturn in the cryptocurrency market in 2022 has caused a significant drop in user engagement within the play-to-earn (P2E) ecosystem, according to a report by Santiment. However, there has been an increase in interest in crypto games recently, especially in early 2023.

Year-to-date, DappRadar reports that the most popular peer-to-peer (P2P) gaming platform, Axie Infinity, saw a 59% increase in unique active wallets (UAWs). A similar finding from Santiment reveals that total sales increased by 214%. Meanwhile, daily transactions grew by more than 100% in the first half of this year.

AXS rallies behind increased on-chain activity

As a result, demand for its native tokens, Smooth Love Potion [SLP] and Axie’s infinity shards [AXS], coupled with the increase in the number of actively engaged daily active wallets, SLP and AXS rallied. Specifically, AXS soared to print a new high in the first quarter of 2023 last week, a welcome relief from the turmoil of 2022.

AXS is currently trading at $9.38 at the time of writing, up 13.94% in the last 24 hours, according to CoinMarketCap. Its market capitalization also reached $948,558,367, an increase of 13.96% from the previous trading day. AXS has an average daily trading volume of $134,862,264, with 101,105,780 AXS outstanding.

AXS’ situation at the time of this writing may need to improve, despite Axie Infinity’s recent integration of a Google Cloud validator. This validator will start confirming transactions in the Ronin network.

Regardless of recent performance, Axie Infinity’s on-chain status may require rejuvenation in several areas before it can build on current progress.

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