.intotheblock takes us on a deep dive into what is happening with Axie Infinity after last week's $600 million Ronin Bridge exploit 🤭 👇
In this case, the AXS token experienced significant on-chain volume after the exploit was recognized, but this was due to the transfers made by the foundation to set up the new multisig wallet. Since these tokens are currently not being sold, and being maintained as AXS, substantial selling pressure on the Ethereum on-chain markets is not yet being caused.
Consequently, the AXS token price has not been drastically affected by the recent exploit news, with 92% of the token holders currently making a profit.’s Global In/Out of the Money indicator identifies any address with a balance of tokens, the average price at which those tokens were purchased and compares its current price. If the current price is greater than average cost, address is “In the Money.” If the current price is less than average cost, address is “Out of the Money.
In 2022, this is the second significant bridge-related exploit after the wormhole bridge exploit — this represents an increase in risk for DeFi users. Axie Infinity experienced great adoption and success in the DeFi space, it is one of the favorite “play-to-earn” games for users. The next steps forward in relation to how Sky Mavis handles the bridge exploit will be crucial to this continued success.
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