Sky Mavis Launches Katana, a Native Dex for Its Ronin Sidechain
Sky Mavis Introduces Katana, a Native Dex for Ronin’s Sidechainmavis in the sky.
Sky Mavis, the business behind Axie Infinity, has announced the launch of Katana, the first decentralized exchange for Ronin, its custom-built Ethereum sidechain. All of the tokens utilized in Sky Mavis’ products, including SLP and AXS, the Axie Infinity ecosystem’s native tokens, will be available in Katana. Users will be able to receive prizes for providing liquidity with this new offering.
Axie Infinity’s Katana DEX Launched
Sky Mavis, the creator of the groundbreaking play-to-earn blockchain game Axie Infinity, has created Katana, a new decentralized exchange built on top of Ronin. Sky Mavis’ own Ethereum sidechain, Ronin, was created in response to customer complaints about the hefty fees they had to pay for transacting on Ethereum’s Layer 1 network (L1). Sky Mavis’ Katana makes it easier to handle Axie Infinity and gives a new way for users to earn yield.
Katana, like most decentralized exchanges, will have liquidity pools to assist other users in the exchange of their tokens on the same Ronin sidechain. The addition of USDC as a supported token is one of the exchange’s most intriguing suggestions, making it easier for Axie players to park their gains in stablecoins to prevent volatility.
Sky Mavis Introduces Ron Token, Prices React
Ronin’s finances are likewise affected by Katana. Ronin transactions were previously free, with each user having a daily quota of 100 free transactions. However, in the future, the Ronin sidechain’s native token, ron, will be required to pay for transactions as gas. Ron will also be available as a reward for staking liquidity in Katana, with this being the primary motivator. Sky Mavis claimed that they would be providing additional details on Ron in the near future.
AXS/ETH and SLP/ETH will be the first liquidity pools to be available in Katana, and each will share half of the incentives given.
The debut of the Katana decentralized exchange increased the value of the Axie ecosystem’s two currencies, AXS and SLP. On November 3, AXS was hovering around $140, then on November 4 (EDT), the token hit a high of nearly $160. SLP, the Axie platform’s “wage” token, soared from $0.06 to $0.11 in a single day, nearly doubling its value.