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Axie Infinity is painting a giant bearish pattern — will AXS price crash another 95%?

Axie's monthly revenue has dropped over 98% from its August 2021 peak of $364.4 million.

Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022.

AXS risks one big breakdown

Dubbed the "inverted cup and handle," the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup-and-handle's neckline support.

Meanwhile, as a rule of technical analysis, an inverted cup and handle breakout leads the price to the level at length equal to the maximum distance between the structure's top and support.

AXS's price rally during the second half of 2021, followed by its complete wipeout in 2022, makes a crescent shape trend, which looks like an inverted cup. Furthermore, the recent 50% price rebound from the June 18's local bottom of $11.82 forms an inverted handle, as shown below.

AXS/USD three-day price chart featuring inverted cup and handle pattern. Source: TradingView

Thus, AXS's technicals appear skewed to the downside, given it breaks below the inverted handle range with a breakdown target of $1, down about 95% from today's price.

Bad press hurt Axie Infinity

The extreme bearish outlook primarily appears in the wake of a depressive trend elsewhere in the crypto market. Nonetheless, AXS also suffers due to Axie Infinity's crumbling vision of sustaining a gaming platform that pays its user to play.

Additionally, bad press including a $600 million hack earlier this year has also dampened the demand for AXS, which serves as a governance token and legal tender within the Axie Infinity ecosystem.

Related: Inflation got you down? 5 ways to accumulate crypto with little to no cost

That is visible in Axie's monthly revenue performance, which has dropped over 98% from its August 2021 peak of $364.4 million, according to data tracked by Token Terminal.

Axie Infinity monthly revenue. Source: Token Terminal

But Axie Infinity might not disappear altogether, argues Cointelegraph's Yanto Chandra in his opinion editorial, noting that the project would "reinvent itself and chart a new destiny in the fast-changing GameFi landscape."

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Inflation got you down? 5 ways to accumulate crypto with little to no cost

As high inflation destroys the purchasing power of fiat, these options offer hodlers a way to add to their portfolio without breaking the bank.

Experienced crypto traders know that bull markets are for selling and bear markets are for accumulation, but the latter can be difficult amid a backdrop of surging inflation that saps the purchasing power of fiat currencies. 

As the crypto market heads deeper into crypto winter, with prices in the gutter and developers focused on creating the next popular protocol or breakout token, some crypto fans have begun to explore new ways of increasing their stack in preparation for the next bull market.

Here’s a look at the top five ways hodlers can increase the size of their crypto portfolio without breaking the bank so that the money they earn can go toward combating the rising cost of living.

Staking

Staking is perhaps the most tested and proven way to increase the number of tokens held, as the vast majority of proof-of-stake (PoS) networks offer a steady yield for locking up coins.

In addition to helping with transaction validation and network security, staking tokens in a smart contract reduces the available circulating supply, which, in turn, can help boost the price of the underlying crypto asset.

Care should be taken as to which token is staked, however, as crypto winters are known for leading to the demise of most protocols that lack solid fundamentals or significant backing.

Projects with an established track record, healthy trading volume and an active and growing community of users are some of the keys to look at when choosing a good PoS network. Some of the top options in the current market include Ethereum, Cosmos, Fantom, Solana, Avalanche, Polygon and Polkadot.

GameFi and play-to-earn

2021 saw the emergence of GameFi and play-to-earn (P2E) protocols, which offer gamers the ability to do what they have always loved — and earn a living in the process.

While token prices for the most popular games like Axie Infinity (AXS) have plummeted, which, in turn, hurt the earning ability of players, the sector remains one of the most active in the cryptocurrency ecosystem and is likely to continue to thrive in the future.

Some games do require an upfront investment, which may price out many who are looking for no-cost ways to earn crypto. But, protocols like Yield Guild Games and Merit Circle offer these users the option to rent or borrow the required assets in exchange for a small commission that is taken out of any rewards that are earned.

Crypto side gigs

The past decade saw the rise of the gig economy as ride-sharing apps and food delivery services exploded in popularity and workers shunned the traditional 9–5 workday routine.

As remote working and the nomad lifestyle have grown in prominence, the decentralized nature of cryptocurrencies has opened the door to a multitude of opportunities for people to help contribute to the ecosystem while also earning crypto in the process.

Despite the onset of crypto winter, which has led to some of the biggest companies in the industry laying off large percentages of their workforce, new jobs in the sector are posted daily as projects launch and established companies bridge over from the legacy system.

From part-time gigs and contract jobs to bounty assignments and community outreach, there are a variety of side gig opportunities for hodlers to earn crypto while their day job pays the bills.

Related: Don't wait around for recovery, keep on building, says Web3 exec

Airdrop hunting

Cryptocurrency airdrops have become a mainstay in the crypto community as they offer one of the best ways to maximize marketing efforts and bring new users into the community.

As flash-in-the-pan projects that quickly rose and fell during the bull market begin to fold and fade into the rearview mirror, new projects representing the next generation of blockchain protocols are beginning to launch and need to attract users to their ecosystems.

While tokens for these projects typically start out with little to no value, individuals with patience can sometimes be rewarded with a nice payday down the road once bullish momentum returns to the market.

Another option is for crypto degens to explore airdrops that have already taken place with the goal of finding ones that they qualified for but have yet to claim. Some more recent examples include the Optimism (OP) and Evmos (EVMOS) airdrops, which came at the tail end of the bull market and might have gotten lost in the chaos of the past few months.

Once claimed, users have the option of selling these tokens for a stablecoin or other preferred crypto, or they can hold these tokens with the hope that they will see nice gains once crypto spring rolls around.

Spreading the crypto gospel (for referral bonuses)

One of the oldest ways for crypto enthusiasts to earn a few Satoshis on the side is by earning referral bonuses when they refer users to cryptocurrency exchanges or newly launched decentralized finance protocols that are looking to attract users and liquidity.

While the crypto contagion sparked by the collapses of Terra (LUNA) — now called Terra Classic (LUNC) — and Three Arrows Captial has led to firms like Coinbase needing to tighten their belts and discontinue referral bonuses, there are still ample opportunities for evangelists to spread the word and earn a reward.

This can also aid in the process of attracting no-coiners to the crypto community as those with extra motivation search outside the available pool of traders in pursuit of higher bonuses.

It’s important to note that those interested in earning extra crypto through referrals should do the proper due diligence in vetting a platform before directing others there, as folks are likely to look unkindly on someone who refers them to a scam or rug pull.

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Time to accumulate? 5 sectors to watch during crypto winter

Crypto prices have dropped to multiyear lows, raising the question of which assets from which subsectors are ready for accumulation.

It’s weird to think that anyone could look forward to downturns in the crypto market, but that is precisely the position held by many developers and project creators who enjoy the low-pressure environment that exists during a bear market. 

As the saying goes, bear markets are for building, and now is one of the best times to survey the landscape to see which sectors of the market are most active in designing the platforms that will soar to new heights in the next bull cycle.

Here’s a look at five sectors of the blockchain ecosystem that may present some of the best opportunities for accumulation while prices are low and demand is non-existent.

Layer-1 protocols

Layer-1 (L1) protocols like Bitcoin (BTC) and Ethereum (ETH) form the foundation that much of the cryptocurrency ecosystem is built upon and enable most of the other sectors of the market to exist.

That being said, currently, there are not many options available for launching other protocols on the Bitcoin network and Ethereum has well-known limitations in terms of scalability, which can lead to high transaction costs and slow processing times.

Due to these factors, there remains a significant opportunity for other L1 protocols to establish themselves and carve out a good slice of market share. The total revenue generated by a protocol is one metric that can be used to determine which networks see the most usage.

Cumulative total revenue for the top L1 chains over the past 180 days. Source: Token Terminal

According to data from Token Terminal, the top five L1 protocols in terms of total revenue over the past 180 days, excluding Bitcoin and Ethereum, are BNB Smart Chain (BNB), Avalanche (AVAX), Helium (HNT), Fantom (FTM) and Solana (SOL).

Layer-2 protocols

As mentioned above, the Ethereum network has limitations in terms of scalability that won’t be solved during the upcoming Merge, leaving an opening for layer-2 protocols to fill the need by helping to reduce the activity that occurs directly on the Ethereum blockchain.

According to L2Beat, which tracks the stats on the top Ethereum L2s, Arbitrum is ranked number one in terms of total value locked (TVL), followed by Optimism and dYdX.

Top 8 L2 networks by total value locked. Source: L2Beat

One network that was curiously left off the list provided by L2Beat, but remains the most highly adopted L2 in terms of active wallets and protocols launched is Polygon (MATIC), which currently has a TVL of $1.59 billion, according to data from DefiLlama.

As for the Bitcoin network, the main L2 solution that is currently seeing increased inflows is the Lightning network, but there is no token involved with the protocol. Instead, users can opt to run a node if they want to support the network as well as earn passive income.

Gaming

The gaming sector of the cryptocurrency ecosystem has proven to be one of the more resilient in terms of keeping users engaged during the current crypto winter.

The emergence of play-to-earn games like Axie Infinity (AXS) helped shine a spotlight on the possibilities of blockchain-based gaming during the bull cycle of 2021 and has led to an offshoot of numerous “-to-earn” type protocols such as move-to-earn and learn-to-earn.

Data from DappRadar shows that some of the top games in terms of active users include Alien Worlds, Splinterlands and Farmers World, all of which operate on the WAX network while Axie Infinity is the top game in terms of the value of assets held in its smart contract.

Top six games in terms of currently active users. Source: DappRadar

There are also a host of other games that are still in development but nevertheless attracting a lot of attention, including Illuvium and Aavegotchi, as well as tokens that represent gaming ecosystems such as Enjin Coin (ENJ), Gala (GALA) and Ultra (UOS).

Social platforms

One sector of the cryptocurrency landscape that has yet to really get established in a notable way but represents a good opportunity to help increase adoption is social engagement platforms similar to Twitter, Facebook or Reddit.

Previous front runners in the social media landscape include Steem and its community-driven offshoot Hive, but neither protocol has really achieved widespread adoption to date.

While no other protocols currently in operation have managed to crack the code that attracts a lot of users who stay engaged long-term, events in the wider world including the ongoing drama around Elon Musk’s purchase of Twitter show that social media remains in need of an openly accessible community-focused platform.

Related: 34% of gamers want to use crypto in the Metaverse, despite the backlash

Metaverse and NFT launchpads

A final sector worth keeping an eye on due to its widespread appeal with mainstream society including efforts that are already underway to integrate it into daily life is the Metaverse.

To help simplify matters, th Metaverse is a virtual reality representation of all the data and interactions that occur on the internet, built on top of blockchain technology.

While the concept of the Metaverse is still in its infancy, it’s a popular topic of conversation around the crypto sphere and is already attracting large investments from some of the most well-known and recognizable brands in the world.

In addition to the Metaverse, platforms that specialize in the creation and launch of nonfungible tokens (NFTs) are also worth paying attention to as the NFT sector has been shown to be popular with the general public.

Some of the most developed and adopted Metaverse and NFT platforms currently in operation include The Sandbox (SAND), which recently partnered with Playboy to launch a MetaMansion social game on the platform, as well as Decentraland (MANA) and ApeCoin (APE).

Want more information about trading and investing in crypto markets?

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Play-to-Earn vs. Move-to-Earn explained

The key differences between play-to-earn and move-to-earn explained. Are you ready to earn money while you play and move?

P2E vs. M2E Games

The key differences between P2E and M2E are the rewarding system and the revenue model. 

As you can tell, there are some differences between the P2E model and the M2E model. Both of them are so much more than virtual gaming, that’s for sure. 

P2E is expected to transform from a trend to a mature concept. The gaming industry is exciting, but it should not be forgotten that relaxation and community engagement should remain central. Real gamers care more about the game and the graphics than about the revenue model.

M2E is also gaining momentum in the scene. For users who struggle to get enough exercise, a revenue model could be just the motivation they need. However, the move-to-earn concept is still at the beginning of its journey, so we will have to wait and see what the future brings.

What are the examples of move-to-earn (M2E) games?

Examples of move-to-earn games are STEPN, Sweatcoin and MetaGym.

As the move-to-earn industry is getting bigger and hotter, it’s time to make you familiar with some of the M2E games. The most well-known example of M2E is probably the Solana-based move-to-earn project STEPN (GMT). 

STEPN is a Web3 lifestyle app with integrated SocialFi and GameFi functions. The project is born to make users healthier and wealthier by putting each foot in front of the other. Founders are really aiming to be the number one M2E project in the Metaverse space and even won the Solana Ignition Hackathon in 2021. 

If users want to start using STEPN, they need to invest in a pair of STEPN sneakers by buying an NFT. When you accomplish the first step, it’s important to move and track your steps with GPS. The earned in-game valuta can be exchanged for crypto later on. 

The second project is kinda similar to the first one: Sweatcoin. Users earn their coins by running, walking and most of all: sweating. Every 1000 steps you take will get you a reward in SWEAT, the platform’s native currency. 

With their slogan, “It pays to walk,” they want to decrease the billions of dollars of cost in healthcare by making people healthier. Users can exchange the rewards they earned for products, make a donation or convert them into a currency of their choice. 

The last example of the M2E projects is MetaGym. MetaGym is easy to join with the possibility to earn money while moving your body through an app and even a smart-watch application. Users get to utilize GameFi, FitFi and SleepFi functions while making themselves sweat to earn MetaGym Coin (MGCN), the platform’s own token. 

MetaGym wants to help the world become a healthier place, but they’re not afraid to give you the chance to earn some money while doing it. Users earn cryptocurrencies while completing tasks like finishing cardio or strength training or getting some satisfying sleep.

What are move-to-earn (M2E) crypto games?

Move-to-earn combines moving, gaming and earning crypto on the blockchain.

Move-to-earn boomed during the height of the COVID-19 pandemic. People were mostly at home, sitting and spending their time behind the screen. Since it’s essential to move frequently for your health, M2E got really popular. It’s a new way to reward users for getting up and starting to move while using technology. Every move you make, you will earn cryptocurrency. 

Maybe over the years, this M2E trend will transform into FitnessFi instead of GameFi, because of this concept’s potential and people’s willingness to be healthy and stay active due to the health problems created by the recent pandemic.

What are the examples of play-to-earn (P2E) games?

Axie Infinity, Aavegotchi and The Sandbox are examples of play-to-earn games.

One of the most known examples of crypto games is Axie Infinity which is based on the Ethereum blockchain. It’s a combination of video gaming and blockchain gameplay elements. On some days when the economy was thriving, the NFT marketplace was a booming business. Millions of dollars were being traded and Axies, the magical creatures, were being sold for thousands of dollars each. 

Aavegotchi is another example of a P2E game. It describes itself as an open-source community-owned NFT gaming protocol. Users can go on adventures as pixelated ghosts, which is reminiscent of the Tamagotchi games. You can earn tokens with minigames, trade Aavegotchis or start with rarity farming. 

Another game in the P2E industry is The Sandbox. This platform offers its users a unique game experience that gives them a sneak peek of what the Metaverse probably will look like. Users can play, create, build and own the future. While enjoying the immersive experience, users can monetize the game by creating, investing and earning in-game assets.

Related: What is Vulcan Forged (PYR) and how to make money playing it?

What are play-to-earn crypto games?

Play-to-earn (P2E) crypto games are giving users the opportunity to earn in-game assets that can be exchanged for cryptocurrencies.

P2E is a new component of the GameFi ecosystem. Normally, users are gaming online while using apps or websites like Minecraft and Roblox. But, the P2E trend takes it all a little bit further. 

By using blockchain technology, it’s possible to combine gaming with the benefits of crypto. Traditional gaming allowed participants to relax, enjoy the graphics and spend some time off with friends. From now on, you can enjoy gaming with another important aspect of life: earning money. 

It’s essential to play on a blockchain to earn crypto tokens or nonfungible tokens (NFTs). Additionally, you don’t necessarily have to invest in expensive NFTs to earn crypto and be part of the in-game economies and business models. 

Related: How will GameFi and P2E blockchain gaming evolve in 2022? Report

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

P2E gaming is in a rut, but Axie Infinity (AXS) could rebound for 3 key reasons

AXS could recapture its former glory if market participants view the launch of land staking, increasing activity on the Ronin bridge and upcoming roadmap targets as bullish catalysts.

Play-to-earn gaming was one of the breakout sectors of the cryptocurrency market in 2021 and the trend was led by Axie Infinity (AXS), a mobile, blockchain-based game where users collect, breed, raise and battle nonfungible tokens (NFTs) called Axies for monetary rewards. 

As the market topped and then entered what has become a deep bear market, AXS price retraced from an all-time high near $170 to its current price at $15.20 following several setbacks, including a $600 million hack of the Ronin sidechain that hosts the game. 

AXS/USDT 1-day chart. Source: TradingView

Currently, the future of P2E gaming remains in question and advocates are watching closely to see if this former unicorn had turned the ship around. Let's take a look at some of the developments taking place within Axie Infinity and determine whether any of them are bullish for the short and long term.  

The launch of land staking

The most recent development to arise out of the Axie Infinity ecosystem is land stake parcels as a method for earning AXS tokens.

Based on the stats provided by the Ronin Chain explorer, land staking has been popular among holders and at least 87% of each of the different levels of plots have already been staked.

Axie Infinity land statistics. Source: Axie Infinity

In addition to the success of land staking, several land plots recently sold for over 130 Ether (ETH) each, which suggests that the level of interest in the game is still high.

While land owners have been excited about the new income opportunity, some community members have concerns about what effect the daily rewards of 11,194.62 AXS will have on the price of the token as the supply inflates.

The platform also offers AXS staking with a current yield of 72%, but only 38.47% of the current circulating supply is being staked, which indicates that a majority of the supply is available in the open market and could potentially be sold off.

The Ronin bridge reopens

The recent reopening of the Ronin bridge could also be another positive sign for Axie, especially considering that it had been disabled following a $600 million hack in March of this year.

According to Axie Infinity, the assets on the bridge are "fully backed 1:1," and the project added 11 new validators, circuit breakers and the two external audits were completed. All user funds that were lost have been reimbursed, making members of the community whole.

The reopening of the Ronin bridge and the launch of land staking has had a noticeable effect on the volume transacted, according to data from DappRadar.

Axie Infinity statistics. Source: DappRadar

These developments have also prompted a slight uptick in the number of daily users and transactions on the network, but these figures remain well below the 2021 highs of 744,000 users and 6.7 million transactions.

Related: Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined

The community responds positively to the current changes

Community reactions to the recent developments have been mostly positive, with many eager to re-engage with the game now that it has finally moved past a few major bumps.

According to early Axie Infinity investor and Cointelegraph contributor Alyssa Exposito, “land staking has brought about a surge of energy that the community needed after we lost a huge amount in the treasury fund.”

Exposito also mentioned the Axie creator program that enables community members to build out games on the software development kit (SDK) as something that is exciting users of the platform, “Especially with the integration of RON as a means to engage and transact on the network."

Exposito highlighted the ecosystem's effort to get community members more involved with governance and building on the protocol as the developments that the community is most excited about.

Exposito said,

“I think once people begin to see and take notice of how the project enables and helps fund other creators to build on top of it, it’ll gain more traction on the possibilities of blockchain gaming.”

The main concerns discussed by members of the Axie community revolve around the circulating supply of AXS, how staking rewards affect the circulating supply and price, and the various token lockups and vesting schedules that could lead to large sales and price dumps in the future.

Generally, the protocol has taken the necessary steps to recover from the Ronin hack and it seems to be keeping up to date with the major milestones outlined on its roadmap. Aside from what the project can do internally, its fate is largely tied to the fate of the P2E sector as a whole.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Cryptoys Raises $23 Million to Mix NFTs, Gaming, and Virtual Toys

Cryptoys Raises  Million to Mix NFTs, Gaming, and Virtual ToysCryptoys, an NFT-based startup, announced it has raised $23 million in a Series A funding round led by a16z. The company, which seeks to mix NFTs with the world of gaming and virtual toys, will create what it calls a “cryptoyverse,” in which it will also implement play-to-earn features and issue its own tokens. Cryptoys […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Billionaire Mark Cuban Analyzes One of His Largest Crypto Investments, Outlines How Play-To-Earn Economies Can Recover

Billionaire Mark Cuban Analyzes One of His Largest Crypto Investments, Outlines How Play-To-Earn Economies Can Recover

Billionaire and Shark Tank star Mark Cuban is weighing in on how blockchain-based play-to-earn (P2E) games can revamp their economy. In a new interview with Bankless, Cuban, who’s an investor in Axie Infinity (AXIE), says that the game needs to find a business model that generates enough revenue so that it can create sustainable incentives […]

The post Billionaire Mark Cuban Analyzes One of His Largest Crypto Investments, Outlines How Play-To-Earn Economies Can Recover appeared first on The Daily Hodl.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Legal battle avoided after YGG and Merit Circle DAO agree to a deal

The passing of an investment proposal brought into question a legal agreement between the organizations and the Merit Circle DAO agreed to a counterproposal that would ensure a settlement.

A potential legal battle has been prevented between the Merit Circle decentralized autonomous organization’s (DAO) backing company Merit Circle Ltd and Yield Guild Games (YGG) after the organizations reached a deal after the DAO originally voted to remove YGG.

Merit Circle Ltd is a company that created the Merit Circle DAO to help gamers interested in play-to-earn games by lending items from its treasury to be used for gameplay as well as delivering educational content.

Originally, the DAO passed a proposal that would cancel YGG’s Simple Agreement for Future Tokens (SAFT) and refund it only with its initial 175,000 USD Coin (USDC) seed contribution.

Despite some acrimony, YGG has still walked away with ten times its initial investment.

The improvement proposal, called MIP-13, passed on May 28 alleging YGG provided a “lack of value” to the DAO and the guild was actually a “top competitor” to Merit Circle, not a partner. The proposal would “trim the fat” from the DAO to “ensure only those who want to see Merit Circle succeed remain”.

But, the passing of MIP-13 may not have honored a legal agreement between Merit Circle and YGG which would see YGG receive tokens in return for its financial contribution toward Merit Circle.

YGG said in response to the proposal that it wasn’t clear what legal authority the DAO has to nullify a contract Merit Circle Ltd signed on its behalf and that no condition existed for Merit Circle to cancel the contract “regardless of how this has been presented by them to the community.”

Merit Circle agreed upon a counterproposal with YGG to honor the legal agreement. It was posted and unanimously passed on June 9 and the DAO bought out YGG’s fund allocation.

This netted the guild 1,750,000 USDC, a ten times return on its original seed investment.

On June 14, both Merit Circle and YGG stated they were amicable on the outcome, saying the solution “still satisfies the will of the Merit Circle community, but was also acceptable to YGG.”

They added that as the original proposal clashed with the prior legal agreement Merit Circle made with YGG, it likely would have led to legal action.

Both parties stated they recognized the “danger a precedent like this could set for the Merit Circle DAO and the industry as a whole if agreements are not upheld and investors are not respected.”

Related: Number of DAOs increases 8x along with spike in votes and proposals

“Whilst the legal question is one that could probably be argued at length,” the organizations said, “both parties agreed it was better to settle.”

“This would spare both parties from a costly, time-consuming, legal process with uncertain outcomes. None of the parties had to settle, but both parties chose the constructive path to help Merit Circle move forward.”

Merit Circle and YGG said whilst the solution terminates the formal relationship between them, each will continue to “give their all to growing the blockchain gaming ecosystem” and that Merit Circle would still have “continued support” from YGG.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Blockchain-based move-to-earn app Stepn under DDoS attacks after upgrade

Apart from trying to get rid of cheating and bots, Stepn is also working to limit its platform’s availability for users in mainland China.

Solana-based move-to-earn application Stepn has reported multiple denial-of-service (DDoS) attacks in the aftermath of the platform proceeding with a major anti-cheating upgrade.

Stepn took to Twitter on June 5 to report that the platform has suffered a number of DDoS attacks causing recovery maintenance and associated improper performance.

According to the statement, Stepn was expecting to secure and recover the servers in up to 12 hours but has not posted an update for 20 hours by the time of writing.

“Our engineers are working hard to fix the problems. We will announce here once recovery is complete. Thank you so much for everyone’s patience,” Stepn wrote.

The attacks came shortly after Stepn introduced its anti-cheating system referred to as “Stepn’s Model for Anti-Cheating,” or SMAC, on June 3. The system aims to eliminate fake users from the platform as well as to prevent fraudulent motion data on the Stepn app in an attempt to gain unfair profit from the platform.

“SMAC system specifically targets the movement simulation by amending real walking/running data, thanks to our machine learning algorithm,” the anti-cheating system’s description reads.

Stepn reported on major platform issues soon after proceeding with the upgrade, with SMAC mistakenly identifying some genuine users as bots. Other problems included network issues caused by a “25 million DDOS attack” as well as the temporary inability to track any bots on the platform.

“We are deeply sorry for the inconvenience caused to users. The anti-cheating update may seem small, but it is actually an important cornerstone of Stepn's long-term development,” Stepn said.

Despite the platform's DDoS issues, Stepn’s native token, the Green Satoshi Token (GST), has not seen any critical decline over the past several days. On the contrary, the GST is up around 10% over the past 24 hours, trading at $1.04 at the time of writing. The token’s market capitalization amounts to $624 million, according to data from CoinGecko.

Green Satoshi Token seven-day price chart. Source: CoinGecko

Related: People want to be paid crypto to exercise in the Metaverse: Survey

Launched in December 2021, Stepn is a major move-to-earn mobile nonfungible token (NFT) game allowing users to earn tokens by walking, jogging or running outdoors with an NFT sneaker. The game has a dual token system, including the GST token and the Governance Token (GMT).

The news comes as Stepn prepares to limit its platform’s availability for users in mainland China by mid-July.

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism

Study: India Leads the World in NFT Gaming, Fewer P2E Players in Western Countries

Study: India Leads the World in NFT Gaming, Fewer P2E Players in Western CountriesIndia is the global leader in non-fungible token (NFT) gaming, while the number of play-to-earn (P2E) players in developed countries like the U.S. and France is significantly lower than in much of the rest of the world, the latest data from Finder has shown. More People Plan to Play in the Future According to Finder’s […]

XRP price preps for ‘powerful move’ above $2.90 as sentiment metrics signal optimism