Pixel, a popular Web3 game, has reached a valuation of $3 billion following the listing of its token on cryptocurrency exchange Binance. As of now, the PIXEL token is trading at $0.5385, which represents an impressive gain of 1,246% from its initial listing price of $0.04 on Binance in February. The project currently has a diluted market capitalization of $2.65 billion. Last September, Pixel announced its migration from Polygon to Sky Mavis’ Ronin Web3 gaming blockchain, citing the latter’s strong gaming user base.
According to data from DappRadar, there are currently 531,850 wallets engaging with the social community game, which marks a significant increase of 47.9% over the past 30 days. Pixels is a relaxed adventure game where players can farm, explore, own land, and showcase nonfungible tokens (NFTs) within the community. However, Berry, the protocol’s in-game token, has not experienced the same surge as the Pixel token, resulting in a much lower value in terms of gaming transactions.
After experiencing a devastating hack in 2022, the Ronin blockchain has made a remarkable comeback this year, with its token value reaching pre-hack highs. Additionally, the blockchain’s total value locked has also recovered to $214 million, with 99% of its volume contributed by the native decentralized exchange Katana.
On February 5, the Ronin (RON) token was listed on Binance but quickly faced a decline due to insiders accumulating RON and then swiftly selling after the token was listed, causing its price to drop. Following this incident, Yi He, the co-founder of Binance and spouse of former CEO Changpeng Zhao, stated 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, explained that Ronin will allow successful Web3 games to be integrated into the Mavis Hub, which is 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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