Why Axie Infinity’s core development is thrilling and agonizing for AXS

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  • Axie infin­i­ty topped oth­er projects in terms of core devel­op­ment over the past year
  • While the AXS price remained depress­es, its net­work health was also faced with challenges

Of every sin­gle project in the cryp­to ecosys­tem, Axie Infin­i­ty [AXS] attract­ed the high­est num­ber of core devel­op­ers in the last 365 days, Token Ter­mi­nal data unfold­ed. Accord­ing to the blockchain finan­cial met­ric plat­form, AXS’ had a 1000% upturn in the aspect men­tioned above.


Read Axie Infinity’s [AXS] Price Pre­dic­tion 2023–2024


Notwith­stand­ing, the devel­op­er involve­ment with the project had unwind­ed in more recent times. Infor­ma­tion from Token Ter­mi­nal dis­closed that the 30-day core devel­op­ment with­in the AXS ecosys­tem dimmed 21.4%. This indi­cat­ed that Axie Infin­i­ty had slowed down its bid to improve func­tion­al­i­ty and retain users.

One year back is one year down

As a mat­ter of fact, Axie Infin­i­ty was one of the few projects that ush­ered in the NFT boom in 2021. Yet, it had sub­dued from being one of the biggest ben­e­fi­cia­ries. In as much as the cryp­to and NFT mar­ket was faced with chal­lenges, the escapades of AXS dis­played glar­ing dis­ap­point­ment espe­cial­ly with the token price.

Anoth­er aspect of the AXS envi­rons that has been murked with dark­ness is its net­work growth. Accord­ing to San­ti­ment, the excel­lent effort to keep up devel­op­er inter­est could not match up with its net­work growth being extreme­ly underwhelming. 

At the time of writ­ing, the AXS net­work growth had sub­dued to a val­ue of 54. This explained the lack of new address cre­ation. Hence, putting the Axie Infin­i­ty net­work health at risk since it was los­ing stability.

Axie Infinity network growth and realized cap

Source: San­ti­ment

Def­i­nite­ly, net­work health chal­lenges could dri­ve price slumps. How­ev­er, there had been oth­er divi­sions that had kept AXS on the thresh­old of jeopardy. 

As high­light­ed by the image above, the 365-day real­ized cap had been on a free fall since Novem­ber. With its val­ue down at 6.28 bil­lion, it meant that the total acqui­si­tion cost was way above the sup­ply flow. There­fore, leav­ing long-term AXS hold­ers with unease rather than confidence.

Exchange activity brings the balance

On the premise of its exchange sup­ply, AXS put up an aver­age per­for­mance. This was due to the trend dis­played by the sup­ply held by the top address­es across exchanges.

Accord­ing to on-chain data, the exchange sup­ply by these opu­lent investors devi­at­ed from increas­ing. How­ev­er, 3.92 mil­lion of this sup­ply could help sav­age what is left of the AXS network.

With regards to active with­drawals, San­ti­ment showed that hold­ers were not exit­ing their posi­tions. While this may be con­sid­ered a pos­i­tive reac­tion, the fact that the AXS val­ue was 92.87% down from its all-time high negates the opti­mism notion.

Cur­rent­ly, the AXS con­di­tion revealed con­flict and what hap­pens next remains a mys­tery for the once high­ly-regard­ed project. 

Axie Infinty active withdrawals and exchange supply

Source: San­ti­ment



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