Axie Infinity will compensate all the hack victims.
Recently, Axie Infinity was in news for all the wrong reasons.
Now, it is on the path to recovery.
The creators of the popular Play-to-Earn game Axie Infinity have raised $150 million to compensate the hack victims of the Ronin bridge exploit.
Its daily user count surged to 2.4 million in the first quarter of 2022.
The funding round was led by Binance. It also saw participation from Animoca Brands, a16z, Dialectic, Paradigm and Accel.
Apart from the raised funds, the remaining amount would be reimbursed by creator Sky Mavis and Axie Infinity’s balance sheet.
According to a DappRadar report, the number of Decentralized Application, or DApp users surged 396% year-over-year to 2.4 million. This is only 5.8% below the same user activity level witnessed in Q4 2021. However, many DApps were hit by hacks and exploits.
Axie is one of the worst-hit DApps as it was hit by a $600 million hack in March 2022. It has recorded a 17% decrease in the number of unique wallets addresses or users in the past 30 days. Along with that, the number of transactions reduced by over 25%.
Bucking the trend was its volume which is $755 million, registering a growth of roughly 38% and the value of its assets grew by over 16%. Rest all the metrics were in red.
Gaming DApps accounted for over 50% of all user activity in Q1 2022. Simultaneously, nonfungible tokens, or NFTs, generated $12 billion.
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