Pixel, a popular Web3 game with a large number of daily active users, has achieved a valuation of $3 billion shortly after its token listing on the cryptocurrency exchange Binance.
As of now, the PIXEL token is trading at $0.5385, which is a significant increase of 1,246% from its initial listing price of $0.04 on Binance on February 19. The project currently has a diluted market cap of $2.65 billion. In September of last year, Pixel announced its migration from Polygon to Sky Mavis’ Ronin Web3 gaming blockchain, citing the latter’s dedicated gaming user base.
According to data from DappRadar, there are currently 531,850 wallets interacting with the social community game, representing a 47.9% increase in the past 30 days. Pixels is a laid-back adventure game where players can farm, explore, own land, and showcase nonfungible tokens (NFTs) within the community. However, Berry, the in-game token of the protocol, has not experienced the same surge in value as the Pixel token, resulting in lower gaming transaction value.
After experiencing a devastating hack in 2022, the Ronin blockchain has made a strong comeback this year, with its token value reaching pre-hack highs. Additionally, the blockchain’s total value locked has recovered to $214 million, with 99% of its volume contributed by the native decentralized exchange Katana.
On February 5, the Ronin (RON) token was also listed on Binance but faced a rapid decline due to insiders accumulating RON and then quickly selling after the token’s listing, causing its price to drop. Yi He, co-founder of Binance and spouse of former CEO Changpeng Zhao, explained in the aftermath of the incident that the exchange would implement stricter internal controls to separate the listing team from project research teams in order to prevent information leaks.
In an interview with Cointelegraph, Aleksander Larsen, co-founder of Sky Mavis, stated that Ronin will allow successful Web3 games to be integrated into the Mavis Hub, the protocol’s platform for game curation, similar to Steam. Larsen expects to onboard 16 blockchain games onto Ronin this year.
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