Pixels’ Valuation Soars to $2.7B with Ronin Migration

Pixel, a popular Web3 game with a large number of daily active users, has seen its valuation reach $3 billion after its token listing on Binance, a popular cryptocurrency exchange. The price of PIXELs, the game’s tokens, has skyrocketed by 1,246% since its listing on Binance at a price of $0.04 on February 19. As a result, PIXELs are now trading at $0.5385, and the project has a diluted market cap of $2.65 billion.

Pixel had previously migrated from the Polygon blockchain to Sky Mavis’ Ronin Web3 gaming blockchain in an effort to leverage the latter’s dedicated gaming user base. This move seems to have paid off, as the game currently has 531,850 wallets interacting with the social community, a 47.9% increase over the past 30 days.

Pixels is an adventure game that allows players to farm, explore, own land, and hold nonfungible tokens (NFTs). The in-game token, Berry, has not experienced the same surge in value as the Pixel token, leading to lower gaming transactions.

After a hacking incident in 2022, the Ronin blockchain has made a strong comeback this year, with its token value reaching pre-hack highs. The blockchain’s total value locked has also recovered to $214 million, primarily driven by the native decentralized exchange Katana.

The Ronin (RON) token was listed on Binance on February 5 but experienced a decline due to insiders accumulating RON and selling it once the token was listed, causing its price to drop. As a response to this situation, Binance co-founder Yi He announced that the exchange would implement stricter internal controls to prevent information leaks.

In an interview, Aleksander Larsen, co-founder of Sky Mavis, stated that Ronin will allow successful Web3 games to be integrated into the Mavis Hub, a platform for game curation similar to Steam. Larsen expects to onboard 16 blockchain games to Ronin throughout this year.

Erminie Beller

Erminie Beller

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