Author: Xiyu, ChainCatcher

Editor: Marco, ChainCatcher

Since the beginning of 2024, out of the 6 projects launched on Binance Launchpool, 4 of them are related to gaming. They are the virtual companion game Sleepless AI, Layer3 gaming public chain, the metaverse farming game Pixels, and the Protal platform focusing on cross-chain gaming.

Binance's consecutive launch of gaming assets has brought the long-dormant GameFi track back to life. Among the 4 gaming projects launched, two of the assets are more or less related to gaming-specific chains. Xai represents the Layer3 gaming-specific chain, while Pixels is the first ecosystem project launched on Binance's gaming side chain, Ronin. On February 5th, Binance officially launched the native token RON of Ronin.

Not only Binance, but several gaming projects are also building their own GameFi-specific chains. On February 15th, the ApeCoin community announced the development of ApeChain based on the Arbitrum developer stack. On February 22nd, the TreasureDAO community, known as the Web3 Nintendo, voted to develop Treasure Chain based on the Arbitrum ecosystem and plans to launch the mainnet in Q3 of this year.

The combination of "new GameFi public chain and high-quality on-chain gaming assets" and "new public chain + new game" is becoming the new alpha of the crypto community. So, how is the development of gaming public chains and their ecosystems represented in the crypto market?

EVM-Compatible Gaming-Specific Chain Ronin Network (RON)

Ronin Network, or Ronin for short, is an EVM-compatible chain designed specifically for gaming applications, built by Sky Mavis, the team behind the Axie Infinity game. The platform aims to solve issues such as Ethereum congestion, high gas fees, and slow transaction speeds, providing players with a smoother and seamless gaming experience.

However, in March 2022, Ronin Network suffered a hacker attack, with 5 validator private keys being stolen. The hacker used the stolen private keys to forge withdrawals, resulting in a loss of over $600 million, making it one of the largest hacking incidents in the history of the cryptocurrency field and the most serious security incident in the field of blockchain gaming.

After this attack, Ronin Network fell into a slump, and the RON token price plummeted from a high of $3.4 to a long-term fluctuation around $0.2.

Recently, with the popularity of the on-chain ecosystem application Pixels metaverse game and the launch of RON trading pairs on Binance, Ronin has regained attention.

However, on February 23rd, Ronin Network encountered another security incident. A user reported on Twitter that approximately $10 million worth of RON (about 3 million tokens) was stolen by hackers and transferred through the mixer Tornado Cash.

Shortly after, Ronin co-founder Psycheout responded, stating that both Ronin and the cross-chain bridge had no issues, and that it was just a case of a whale wallet being hacked. Surprisingly, the hacked whale turned out to be Jihoz, co-founder of Axie Infinity and Ronin Network. He explained that the attack was limited to his personal accounts and was unrelated to the validation or operation of the Ronin chain. This incident did not affect the price trend of the RON token.

In the past year, Ronin has been continuously improving its infrastructure. In order to enhance network security and stability, reduce centralization risks, and ensure the security of user assets, in April of last year, Ronin upgraded its network consensus mechanism from PoA (Proof of Authority) to DPOS, increasing the number of network validator nodes from 9 to 22, making it more decentralized than before.

In addition, Ronin has launched RON staking and initiated staking rewards. It also announced the first batch of game studio partners based on Ronin, including Directive Games, Tribes Studio, Bali Games, Bowled.io, and SkyVu.

Subsequently, Ronin attracted high-quality and mature blockchain gaming projects such as Pixels to join its ecosystem. Every month, on average, a blockchain game announces its migration to the Ronin ecosystem. First, the P2E blockchain game Pixels announced its migration from Polygon to the Ronin network in October, followed by the South Korean game production company ACT Games announcing the migration of all its games to the Ronin Network in November, and the card battle blockchain game Apeiron migrating to the Ronin network in December.

In January of this year, Ronin launched the Mavis Store, an in-game item online store where players can purchase on-chain and off-chain items, supporting payments in RON, AXS, SLP, WETH, and USDC, and donating 0.5% of the revenue to the Ronin Treasury.

Currently, the Ronin network ecosystem has integrated gaming aggregation platform Mavis Hub, NFT trading market Mavis Market, and other supporting products focused on blockchain gaming, as well as DeFi applications such as the DEX platform Katana, lending products MetaLend that support gaming asset collateral, Launchpad platform Impossible Finance, and infrastructure wallet Ronin Wallet, oracle Pyth Network, cross-chain bridge Bridge, and more.

According to official data, as of February 29th, the total NFT asset transaction volume on the Ronin network has exceeded $4.1 billion, with approximately 15.33 million addresses, and a transaction gas fee of only $0.0012.

The native token RON is priced at $2.88, with a circulating market value of $860 million, ranking 112th in the crypto market, and a growth of over 160% in the past 3 months.

Ronin Ecosystem Gaming Representative

1. P2E Gaming Pioneer Axie Infinity

Axie Infinity is the largest crypto digital pet breeding game on Ronin, and it pioneered the Play-to-Earn (P2E) model. Players can raise, breed, and trade NFT-based creatures called "Axies," and can form teams of these creatures for battles.

To date, based on the Axie creatures, Axie Infinity has spawned multiple games including Axie Classic (the original version), Origins (supporting free entry for players), HomeLand (a land construction game), Raylights (a farming game for landholders), Defenders of Lunacian Land (a survival game for Axies), and Project T prototype (an early prototype of the Axie game).

Last July, Axie Infinity introduced the AXP (Axie Experience Points) on-chain upgrade mechanism to promote the development and upgrading of Axie pets.

Players earn AXP points by playing the Origins version, and these points are non-transferable and are tied to each Axie, which can be used to upgrade and evolve the parts or levels of the Axie pet character.

The introduction of AXP and the Axie upgrade feature has transformed Axies from passive role assets to dynamic NFTs that can be improved and personalized over time through gameplay, marking a shift towards NFTs that support on-chain upgradability for wider applications such as character development in games.

At the end of November last year, Axie announced the launch of an official merchandise and online store, selling badges with the project logo, shirts, hats, accessories, Squishmallow-style plush toys, and $300 worth of figurines, supporting payments in both cryptocurrencies and fiat currencies.

At the same time, commercial edition permissions for 4877 NFTs from the Mystic and Origin series were opened, allowing Axie NFT owners to use their NFT characters as mascots for various businesses, including Axie-themed cafes, comics, restaurants, or toy series.

However, this did not attract much attention in the community. According to official data, the Axie Infinity treasury revenue in 2023 was only $3.4 million, with a DAU of 60,000.

On February 14th, Axie Infinity announced the launch of the 7th season of Origins, with a total prize pool of 18,900 AXS and 1,374,051 SLP, worth approximately $200,000.

As of February 29th, the governance token AXS of the game was priced at $9.46, with a 7-day increase of 21.4%, a circulating market value of $1.3 billion, and a ranking of 77th. The in-game token SLP was priced at $0.0043, with a 30-day increase of 47% and a circulating market value of $170 million.

2. Metaverse Farming Game Pixels

Pixels was originally a pixel-themed metaverse farming social game running on Polygon, and it migrated to the Ronin network in October last year. In this game, players can earn token rewards by managing farms, such as cultivating land, collecting crops, wood, stone, and other resources.

On February 8th, Pixels launched the 46th phase of the Binance new coin mining, and announced the completion of a $4.8 million financing the next day, with participation from Framework Ventures, Yield Guild Games, Sky Mavis, and others.

The native token PIXEL was listed on Binance on February 19th at an issuance price of $0.04, reaching a high of $0.69. Currently, the price has fallen to $0.49, with a circulating market value of $380 million.

On February 28th, the blockchain game Pixels announced the open casting of NFT pet pixel dogs, which can enhance the player's in-game activities and increase inventory space, and will have utility in future PVP modes.

The total issuance of this NFT pet dog is 3,000, and it is targeted at players who have completed the "Key to Success" task in the game. The casting cost is 500 PIXEL (approximately $250). As of the time of writing, the floor price of this NFT on Mavis Market is 180 RON (valued at $495).

3. Card Game Zoids Wild Arena

Zoids Wild Arena is a strategy TCG game (trading card game) developed by the well-known South Korean game company ACT Games. In this game, players can collect NFT cards of the Zoids series of mechanical creatures, build decks of 30 cards, and battle each other to compete for dominance.

Players can also engage in 1v1 matches, each using their pre-built decks, and take turns using various strategies to reduce the opponent's commands to zero life points to win.

In November last year, ACT Games announced the migration of all its games to the Ronin network, with Zoids Wild Arena being the first game to migrate to Ronin.

4. Card Battle Game Apeiron

Apeiron is a card battle and deity simulation game where players take on the role of deities and engage in real-time battles using a card-based combat system.

In December last year, Apeiron announced its migration to the Ronin network and released the public beta version of Apeiron Arena on the Epic Game Store on February 28th. Players can participate in competitive gaming to earn ANIMA airdrop points, which can be used to enhance and upgrade player character NFTs or stake in the game reward pool.

Currently, Apeiron has not yet issued its own token.

5. Multiplayer Shooter Game The Machines Arena

The Machines Arena is a 4v4 multiplayer online shooter game where players take on the roles of virtual heroes and engage in battles on futuristic battlefields, offering both single-player and multiplayer modes where players battle as tanks or support heroes.

The developer of The Machines Arena, Directive Games, is a game development team based in Hong Kong, China, focusing on the development of AR games.

Currently, the game is in the testing phase, and players need to apply to participate.

Layer3 Gaming-Specific Chain XAI

Xai is a Layer3 network customized for Web3 games, built by Offchain Labs based on the Arbitrum Nitro technology stack. It focuses on reducing gas costs, enhancing network stability, and was also the 43rd phase project of Binance Launchpool.

On February 28th, Xai announced that its token staking system v1 is now live and has opened the redemption of esXAI to XAI. The value of staked XAI tokens on the launch day exceeded $30 million.

The Xai network uses a dual-token economic mechanism of XAI and esXAI to maintain the balance of the ecosystem.

esXAI is non-transferable and obtained through a 1:1 lockup of XAI, mainly used to obtain more benefits through staking, such as increasing staking levels by locking esXAI, and increasing the frequency of XAI rewards.

XAI is the gas payment and node reward token in the Xai network and the main token in its gaming ecosystem, used as the payment asset for games and in-game items. The total issuance of XAI tokens is 2.5 billion, and as of February 29th, the price was $1.3, with a 14-day increase of 25% and a circulating market value of $368 million.

In addition, on February 18th, Xai stated that it is studying the formulation of a DAO proposal to allocate 100 million to 200 million ARB from Arbitrum for game development.

In June last year, Xai announced a collaboration with the well-known game team ExPopulus to develop two games, the card game Final Form and the metaverse LAMOverse.

Currently, the Xai ecosystem has deployed role-playing game Tarochi, Final Form, LAMOverse, and origami-themed game Kashi, as well as products such as Camelot DEX, Rarible NFT market, and the Web3 development toolkit Thirdweb.

On-Chain Game Representatives

1. RPG Game Tarochi

Tarochi is the first RPG game launched on Xai, developed based on the Paima platform engine. The gameplay is similar to Pokémon, where players can explore, complete tasks, battle, and capture monsters.

On February 11th, Tarochi released the Genesis Trainer NFT, which can be used to accelerate game progress and gain early access to new products. The total issuance of this NFT is 10,000, and it sold out within 31 hours.

As of February 29th, the Genesis Trainer NFT showed a trading volume of 60 ETH on the OpenSea platform, with a floor price of 0.0113 ETH.

2. Card Collection Game Final Form

Final Form is a card collection game developed by ExPopulus, where players can participate in battles and win rewards by collecting character cards. The game is planned to be released in April 2024.

3. Metaverse Game LAMOverse

LAMOverse is also developed by ExPopulus, offering players a fully immersive and evolving universe where they can enter with virtual identities, battle opponents, and earn rewards. The game is set to be released in the fourth quarter of 2024.

4. Action Game Carnivale

Carnivale is also developed by ExPopulus and is an open-world action game. The story is set in a future century where the main struggle of humanity has become the impact and control of information, and people need to fight for it. The game is still in development.

Layer2 Gaming Public Chain Immutable of the ZK Series

Immutable, also known as Immutable X, was originally built using StarkEx technology and is a Layer2 zkRollup chain focused on NFTs and GameFi, with fast transaction confirmation, zero gas fees, and high scalability. In March last year, Immutable shifted to a partnership with Polygon to develop the zkEVM network and announced the launch of the Immutable zkEVM mainnet on January 30, which will be open to the public.

Currently, the Immutable ecosystem consists of two major Layer2 networks, Immutable X and Immutable zkEVM. The main difference between the two is that Immutable X does not support smart contracts. Additionally, it provides developers with related infrastructure for developing NFTs and games, such as NFT market development templates, NFT Mint tools, and APIs for optimizing NFT liquidity.

In December last year, Framework Ventures also announced a strategic investment in the Immutable ecosystem, with the specific amount undisclosed.

According to Immutable's "2024 Annual Plan" released on February 2, there are over 200 games already live on the Immutable network, with over 100 built on Immutable zkEVM, and many games set to be launched in 2024.

After the start of 2024, several games announced their entry into the Immutable ecosystem. On January 24, blockchain game developer Endless Clouds announced that its two games, Treeverse and Capsule Heroes, would join the Immutable zkEVM ecosystem. On February 3, RPG NFT game Pixelmon announced that it would be built on Immutable zkEVM and launch a battle arena.

According to the official website, the Immutable ecosystem has integrated over 150 games and has a marketplace for NFT and game assets with 20+ offerings, including well-known card games like Gods Unchained (GODS), role-playing game Guild of Guardians, and combat game Illuvium (ILV).

As of March 1, the native token of Immutable was priced at $3.22, with a 30-day increase of over 60% and a circulating market value of $4.47 billion, ranking 24th.

Representative On-Chain Games

1. Card Game Gods Unchained

Gods Unchained (GODS) is a strategy card game (TCG) developed by the Immutable X team. The gameplay is similar to Blizzard's card game "Hearthstone," where players choose a character from six different deity characters and build various tactical decks based on their existing card groups to reduce the opponent's life points to zero.

On February 29, the Gods Unchained game released its early access version on Google Play and the Apple App Store.

GODS is the token for the Gods Unchained game, with a total supply of 500 million. It can be used to upgrade card levels and participate in community governance voting. As of March 1, the price was $0.37, with a circulating market value of $100 million and a 7-day increase of 35%.

2. Combat Game Illuvium

Illuvium (ILV) is a collection and role-playing (RPG) game created by the brothers Kieran and Aaron, founders of Synthetix. In the game, players need to collect NFT creatures called Illuvials, form a team composed of Illuvials, and compete in different modes.

The Illuvium ecosystem mainly consists of three games: Illuvium Overworld, Illuvium Arena, and Illuvium Zero3. Illuvium Arena is an automatic combat game mode where players can compete in various modes, such as survival competition. Illuvium Overworld is an open-world adventure where players explore alien landscapes, capture beasts called Illuvials, and collect resources to enhance Illuvials' skills. Illuvium Zero is a city-building game focused on strategy and city management, allowing players to build and manage digital complexes for profit from resources.

On February 14, Illuvium announced plans to launch Illuvium: Overworld version of the Illuvial Hunting game in Q2 2024, also known as the Illuvial hunting adventure game, to enhance players' open-world gaming experience.

The game token ILV can be used for community governance voting, decision protocol revenue, and profit distribution. With a total supply of 10 million, it is currently priced at $118, with a 7-day increase of over 25% and a market value of $740 million.

3. Card Battle Chain-Modified Game Shardbound

Shardbound was originally a PVP card battle strategy game launched by Spiritwalk Games and developed by game studio Bazooka Tango. In March last year, it announced a collaboration with Immutable Studio to launch a blockchain game version, with a registration count of over 80,000.

4. Fighting Shooter Game MetalCore

MetalCore is a fighting game with a theme of mecha warriors developed by Studio369. Players will engage in battles in a vast sandbox map by controlling combat mechs, aircraft, tanks, and other vehicles to compete for resources and loot. It is planned to launch a public test before Q2 of this year. The game completed a $15 million token and NFT sale financing in March 2022, with the private placement led by BITKRAFT Ventures and Delphi Digital, with participation from Immutable, Animoca, Yield Guild Games (YGG), Merit Circle, Avocado, and others.

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