Axie Infinity Investement; A crypto investment game and the story of AXS hack

Now it’s 2022, meaning you can earn money by producing and giving birth to virtual creatures. Interestingly, Axie Infinity started its activities in this direction in 2018. One easy way to better understand this platform is to imagine a blockchain-based game that combines Pokemon and CryptoKitties. To be more precise, we should say that Axie Infinity is actually a game based on NFT and an ecosystem built on the Ethereum blockchain. Its native currency is also an ERC20 token called Axie Infinity Shard (AXS). In this article, you will fully learn about this platform, how Axie Infinity works, AXS token, and how the notorious hack ruined the economy of the game.

 

What is the Axie Infinity Platform?

 

Following the pioneering idea and project started by CryptoKitties, Axie Infinity was also designed as an in-app asset gathering game based on Ethereum and has continued to grow since 2018. This game is based on the initial raw idea of ​​a Vietnamese startup called Sky Mavis and started its initial working mode as a motivational project and later became a popular game belonging to the Ethereum domain.

 

Axie Infinity Shard (AXS) is actually the token belonging to the Axie Infinity ecosystem. AXS is an ERC20 governance token that was launched and released in November 2020. AXS tokens can be earned by playing, or even we can buy and exchange.

 

Other tokens associated with Axie Infinity include in-game assets (such as your in-game character) in the form of ERC-721 tokens and SLPs, which are the same as Small Love Potion, which is an ERC-20 token.

How does Axie Infinity work?

In the Axie Infinity ecosystem, characters or game characters are called Axies. These are actually non-fungible tokens, or NFTs that you can own and control. All individuals can store these tokens in their personal wallets and send them to other Ethereum addresses and exchange them with other players through a blockchain-based marketplace. Apart from the Axies category, this game itself has features such as land and virtual items, which in fact have the same nature as ERC721 tokens.

Within this ecosystem, players can fight monsters in the Lunacia Empire (Axie Infinity’s empire) using different teams and combinations in the adventure mode that has a PvE (player vs. environment) mode. Also, players can use the arena mode or the battle scene in order to use the PvP mechanism (player against another player) and fight with real people who are learning the Axie environment. If you win the battle, you will receive SLP, or Small Love Potion, which is used to give birth and produce axies. It should be noted that SLP is an ERC20 token and can be traded on exchanges such as Binance.

 

 

The obstacles and problems faced by new players in entering this field and starting the learning process can be seen as the high price of Axie and the high cost or fee of gas in the Ethereum network. The production of new oxygen requires gas, which can end up in large amounts of ether. The Ronin Ethereum sidechain is specifically designed for Axie Infinity and is exclusively built to address this issue.

 

An Introduction to AXS Token

 

AXS coin or Axie Infinity Shard is a new category for the Axie Infinity space and was released in November 2020. AXS holders will be able to stake this token and earn AXS by voting and playing. These rewards come from the Axie Infinity Community Treasury and are supported by in-game purchases. Despite all these interpretations, again in January 2021, their discussed community treasury and its staking features did not reach the implementation stage.

 

The AXS supply reserve will be 270,000,000 tokens, and some of these tokens have been allocated to the public sale; Some are dedicated to the features received in exchange for playing, and others are dedicated to Sky Mavis consultants who work in the AXS project. The initial supply in the first public sale was a little less than 60,000,000 tokens. The number of tokens issued each year is expected to grow until 2026.

What are some of the use cases of AXS?

 

Axie Infinity aims to become a comprehensive game that captivates players, has a strong target community, and provides an attractive ecosystem. Axie Infinity has also thought out a plan for Pokemon and Final Fantasy fans and provides you with a fun game experience to immerse yourself in its atmosphere.

 

In February 202, we saw the activity of more than 27,000 players on the Axie Infinity platform. If this game succeeds in attracting a wider base of players, it will undoubtedly add more value to this ecosystem. As we mentioned before, the Ronin side chain along with the free-to-play version are all designed to further the development process of the entire collection.

 

Players can earn AXS and SLP tokens by playing and using various tools. These currencies can be converted and exchanged with other digital currencies. Currently, some players are making money playing Axie Infinity.

 

600 million dollar Oxy Infinity hack: Gamers and token holders as big losers

 

 

On March 23, 2021, Axie Infinity was hacked, and millions of dollars were lost to users and retailers during this hack.

 

According to the trade world’s digital currency news section, the breach of the Ronin network, on which Oxy-Infinity was launched, led to the historic theft of 620 million dollars worth of digital currency by abusing the bridge. This loss was a very bitter incident on many levels and for many Oxy users, including gamers and retailers.

 

The main reason for Axie Infinity Hack

 

It took a week to discover the hacking of the Axie Infinity game, and this shows how low the security of the Axie Infinity game is and that its developers have thought of very weak security measures for it. It is worth noting that this hack has overshadowed the reputation and popularity of Sky Mavis, the developer of Axie Infinity. The main victims of this cyber theft are hundreds of thousands of Axie gamers, and now the gamer community has severely criticized the company.

 

Axie is a very popular game that has fascinated many gamers worldwide, especially from low-income countries. Axie Infinity users will receive SLP and AXS tokens as rewards by playing this crypto game and can convert these tokens into fiat money or other digital currencies. But for some time now, the users of this game have faced the new challenge of hacking and seeing their funds destroyed.

 

ZipClash, a play-to-earn game without the hassles of Axie Infinity

ZipClash is a p2e game that rewards players with in-game tokens for completing daily tasks, upgrading planets, and operating interplanetary restaurants. In ZipClasah, players can build, upgrade and sell planets and boosters in the market as NFT (non-fungible tokens). You can download and install the game on your mobile through the ZipClash homepage.

 

ZipClash was developed with the idea of privacy in mind, making it immune to various hacks and slashes. The game is consistently on the rise, and we will add more features to the game according to the game roadmap and whitepaper.