Axie Infinity Relaunches Ronin Bridge Following Audits, but Here is The Issue

Axie Infinity has declared the official re-open of the Ronin Bridge, allowing funds to transfer from and to the Ronin network. Moreover, users utilize this same bridge to fund Axie Infinity accounts.

Meanwhile, the team temporarily suspended the Ronin bridge following hackers’ exploit, leading to a massive loss amounting to above $600 million. The official release confirmed the restoration following three audits (two external and one internal audit.

Some of the significant changes comprise backing funds at a ratio of 1:1, plus introducing a circuit breaker functionality. The latter would offer a backup plan & heightened security whenever the platform detects a massive suspicious withdrawal.

Axie Infinity customers are yet to forget the exploit that accounted for the highest cryptocurrency losses in 2022. Nonetheless, the bridge relaunch plus the new features should offer a much-needed guarantee for investors on fund safety. Nevertheless, this announcement will unlikely affect AXS price movements.

AXS saw its trading volumes increasing within the past two months, with investors selling their holdings amid a market slump. The alternative token dipped towards the $11.82 low on June 18.

AXS has never traded at these prices since the beginning of the July bullish run last year. While publishing this post, the alternative token changed hands near $15.05, following declines from the $18.53 weekly high.

AXS welcomed this week with bearish tendencies following last week’s surge. Sell-offs around the 50 Relative Strength Index curbed the asset’s upside. Meanwhile, the Money Flow Index shows that AXS buyers have been gaining strength since mid-June. That came after accumulation, following the massive slum in June’s first two weeks.

On-Chain Metrics

It’s still unclear whether the alt will seem more decline or AXS is near its bottom. On-chain metrics, similar to outflows and inflows, affirm that Axie Infinity holders sent their stash to exchanges.

June 29’s final 24hrs saw exchange inflows hitting 59,470 highs. Nevertheless, exchange outflows peaked near 295,450 at this publication. That meant inflows surpassed outflows and confirmed selling strength.

Moreover, supply by leading address and whales suggested a substantial fall. The supply distribution affirms this outcome, offering a clear picture of the selling and buying momentum source. Addresses holding 100K to 1M AXS soared to 9.88% on June 29 from June 26’s 9.78%. This flow offered some bullish strength.

Editorial credit: photo_gonzo / shutterstock.com

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