Web3 Pixels Games Reaches $2.7 Billion Valuation Post Migration to Ronin

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Pixel , one of the Web3 games with the most daily active users, is now priced at $2.7 billion after its token was listed on crypto exchange Binance . The PIXEL token has currently surged 1,246% from its listing price of $0.04 to $0.5385, with a market capitalization of $2.65 billion.

Pixel Migrates to Ronin Blockchain

Pixel previously announced a migration from Polygon to Sky Mavis's Ronin blockchain last September in order to capitalize on Ronin's more dedicated gaming user base.

DappRadar data shows 531,850 wallets are now actively interacting with Pixel, up 47.9% in 30 days. However, Berry's internal gaming token has not kept up with the surge in Pixel tokens, so its value for in-game transactions is relatively low.

The Ronin blockchain, which was hacked in 2022, has now recovered with its token value returning to its highest level before the hack. Total value locked (TVL) also recovered to $214 million, with 99% coming from decentralized exchange Katana.

The Ronin token (RON) was listed on Binance on February 5, but the price quickly fell due to accumulation of RON by internal parties who then sold it after the official listing. Binance promises to improve internal controls to prevent information leaks.

Sky Mavis founder, Aleksander Larsen, said that successful Web3 games on Ronin would be integrated into Mavis Hub, a game curation platform similar to Steam. He is targeting 16 new blockchain games in Ronin this year.

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Why are Pixels Migrating to Ronin?

Pixel, a popular Web3 game, decided to migrate from the Polygon blockchain to Sky Mavis' Ronin in September 2023. 

Overall, the Pixel to Ronin migration was driven by a desire to access a larger community of gamers, leverage the Sky Mavis ecosystem, and benefit from the speed, cost, and security offered by Ronin.

There are several main reasons behind this decision, namely:

1. A More Dedicated Gaming User Base

Ronin was designed specifically for Web3 games, so it has a user base that is more focused on playing and interacting within the gaming ecosystem. Pixel hopes that with the migration to Ronin, they can tap into a larger, more engaged community of gamers.

2. Easier Integration with the Sky Mavis Ecosystem

Ronin integrates with Mavis Hub, a Web3 game curation platform similar to Steam. If Pixel is successful in Ronin, they could potentially be integrated into Mavis Hub, opening up access to more players and a broader ecosystem.

3. Better Transaction Speed ​​and Fees

Ronin is claimed to have faster transaction speeds and lower fees than Polygon. This is important for Web3 games like the Pixel, where fast transactions and low fees are critical to a smooth gaming experience.

4. Improved Security

Despite being hacked in 2022, Ronin has made security improvements and is currently considered a relatively safe platform. This is an important consideration for Pixel to protect player assets and maintain community trust.

5. Support from Sky Mavis

Sky Mavis, the developer of Ronin, has extensive experience and resources in the Web3 gaming field. By migrating to Ronin, Pixel can potentially get technical and marketing support from Sky Mavis, which can help them grow and develop.

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Also Read:

How to Get Free Tokens from Airdrop Ronin (RON)

PIXEL Price Analysis: Breakthrough or Momentary Trend in the GameFi World?

AVAX Price Weakens Ahead of Release of 9.5 Million Tokens

DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.