Monday, November 29

Axie Infinity Releases New DeFi Token and Protocol, See How to Participate

The success of Axie Infinity was too small for Ethereum, after the release of their own blockchain, titled Ronin, now it’s time to release their DeFi protocol, Katana.

A Katana it will be an Automated Market Maker (AMM), ie a decentralized exchange that works similarly to other DeFi projects like Uniswap and PancakeSwap.

Through Katana, users will be able to earn part of the trading fees by providing liquidity to available pairs and can now profit on their tokens SLPs, AXSs as well as WETHs.

Katana, Axie Infinity’s new DeFi protocol

Through Katana, users will be able to trade multiple ERC20 tokens, as well as provide liquidity to the decentralized exchange and earn trading fees, as well as stake their tokens to earn RON, the new native token of the Ronin blockchain.

“Today, we take another step towards a more prosperous future for our nation. Katana, Ronin’s decentralized exchange, is working! Now you can provide liquidity and trade tokens. RON rewards will be activated for the AXS/ETH and SLP/ETH pools later this week.”

This new implementation of Axie Infinity aims not only to avoid the high fees of Ethereum, as was done before, but also to value the SLP (Small Love Potion) tokens, since their holders can have financial return by making stakes with them.

Swap from SLP and WETH to Katana. Source: Axie Infinity

Information about the use of the Katana can already be seen on the Ronin Analytics. At the moment there are 26 million dollars in liquidity, but it is worth remembering that we are in the first hours after launch and this number is expected to grow a lot.

How to use Katana Swap

Now converting between SLP and AXS to ETH will be even easier. After connecting their Ronin wallet, users can choose which currencies they want to trade, all in a decentralized way.

At its launch, three pairs will be available: AXS/ETH, SLP/ETH, ETH/USDC. According to information from the project, the RON/ETH pair will also be launched in the near future.

How to earn RON, the Ronin token?

Liquidity providers will earn fees of 0.3% for each swap (exchange) carried out in the protocol. For this, it is necessary to connect to the Ronin wallet, approve the protocol to use its tokens to provide liquidity and then click on stake.

To earn the RON token, you will need to provide liquidity to Katana, Ronin’s DeFi protocol. You will be able to stake between the three pairs available at launch.

To provide liquidity to Katana, it is worth remembering that you will need to use the Ronin blockchain and work with WETH (Wrapped Ethereum), as was done previously for purchases on the Axie Infinity marketplace.

With the news, at the moment the Axie Infinity (AXS) token is showing an increase of 11% in the last 24 hours. The Small Love Potion (SLP) token is up 36% in the same period.

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