Web3 game Pixels now valued at $2.7B after migration to Ronin

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Pixel, one of the largest Web3 games by daily active user count, has approached a valuation of $3 billion shortly after its token listing on cryptocurrency exchange Binance.

At the time of publication, the PIXEL token is currently trading at $0.5385, representing a gain of 1,246% from its listing price of $0.04 on Binance on Feb. 19. The project currently has a diluted market cap of $2.65 billion. Last September, Pixel announced its migration from Polygon to Sky Mavis’ Ronin Web3 gaming blockchain, citing the latter’s dedicated gaming user base. 

As per data from DappRadar, there are currently 531,850 wallets interacting with the social community game, representing an increase of 47.9% over the past 30 days. Pixels is a laid-back adventure game where one can farm, explore, own land, and flex nonfungible tokens (NFTs) within the community. However, Berry, the protocol’s in-game token, has not kept up with the Pixel token’s surge, resulting in a much lower value in terms of gaming transactions. 

After a devastating hack in 2022, the Ronin blockchain has made a comeback this year with its token value reclaiming pre-hack highs. Meanwhile, 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 Feb. 5, the Ronin (RON) token was also listed on Binance but quickly declined after an accumulation of RON by insiders, who then swiftly sold after the actual token was listed, driving down its price. Yi He, co-founder of Binance and spouse of former CEO Changpeng Zhao, explained after the fiasco that the exchange would impose more stringent internal controls to separate the listing team from project research teams to prevent information leaks. 

In an interview with Cointelegraph, Aleksander Larsen, co-founder of Sky Mavis, explained that Ronin will allow Web3 games that gain traction to be integrated into the Mavis Hub, the protocol’s Steam-like platform for game curation. Larsen expects to onboard 16 blockchain games onto Ronin this year.

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