Pixels Soars to $2.7B Value After Ronin Migration

Pixels announced a move to Ronin Web3 blockchain for its gaming, citing a dedicated user base with 531,850 wallets active in the game.

Shortly after its Pixels token listing on the cryptocurrency market Binance, Pixels one of the most popular Web3 games in terms of the number of daily active users has come close to reaching a valuation of 30 billion dollars.

The PIXEL coin is presently trading at $0.5385, representing a gain of 1,246% from its launching price of $0.04 on Binance on February 19. At the time of writing, we gathered this information.

At the time of writing, the Pixels project market cap stood at $2.65 billion. In September of last year, Pixel announced that it would be moving its gaming blockchain from Polygon to Sky Mavis’ Ronin Web3 blockchain.

The company cited the latter’s dedicated gaming user base. According to the information provided by DappRadar, there are currently 531,850 wallets that are participating in the social community game. This figure represents a 47.9% increase over the previous thirty days.

The adventure game Pixels is a laid-back experience where players can farm, explore, own land, and flex nonfungible tokens (NFTs) within the community.

On the other hand, the Berry token, which is the protocol’s in-game token, has not been able to keep up with the growth of the Pixel token, resulting in a significantly lower value in gaming transactions.

This year, the Ronin blockchain has staged a comeback after suffering a severe hack in 2022. The value of its tokens has reclaimed the highs it had reached before the hack.

The local decentralized exchange Katana has contributed to 99% of the network’s volume, helping the total value locked on the blockchain rebound to $214 million.

On February 5, insiders built up RON before promptly selling it once the token was listed on Binance, leading to an immediate drop in its price.

Following this incident, Yi He, the co-founder of Binance and the spouse of Changpeng Zhao, the former CEO of the exchange indicated that the exchange would implement more severe internal controls to isolate the listing team from the project research teams to mitigate the risk of information breaches.

Aleksander Larsen, co-founder of Sky Mavis said that Ronin will enable the integration of Web3 games gaining traction into the Mavis Hub, the protocol’s platform for game curation akin to Steam.

Larsen anticipates that Ronin will be able to accommodate sixteen blockchain games this year.