What is Katana Dex of Axie Infinity?

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Katana, the Ronin decentralized exchange (DEX) of Sky Mavis, developer of play-to-earn (non fungible token) NFT game Axie Infinity, has currency reached 132k users and a total value locked (TVL) of $1.38B according to DappRadar, an information and insights provider for decentralized apps. 

“Astonishing figures for the newcomer. Exciting times ahead!” DappRadar wrote in a tweet

What is Katana?

Katana, launched last Thursday, November 4, is a decentralized exchange for Ronin which now allows users to trade between Axie Infinity Shards (AXS), Smooth Love Potion (SLP), USD Coin (USDC), and Wrapped Ethereum (WETH) without using other wallets, saving users from spending too much on gas fees. It will also allow swapping of these assets into liquidity pools which can be rewarded with both a share of the trading fees and RON tokens, ecosystem token of the Ronin blockchain.

Katana’s Assets

Katana being the inhouse DEX for Sky Mavis’ sidechain Ronin will have these assets available for exchange:

  • Smooth Love Potion (SLP):  one of Axie Infinity’s in-game tokens with no fixed supply as it is earned by playing and also a necessity for breeding Axies. 
  • Axie Infinity Shards (AXS):  the governance token of Axie Infinity and an asset in the community. There are only 270 million AXS that will exist in circulation, and they will ultimately enable holders to participate in both the success and direction of the community.
  • Wrapped Ethereum (WETH):  the ERC20 equivalent of Ethereum, one of the most widely used cryptocurrencies in the world.
  • USD Coin (USDC):  a stablecoin, which is constantly in a 1:1 ratio with US Dollar

What is RON?

Launched alongside Katana is RON, the ecosystem token for the Ronin chain, to be used soon to pay gas fees and secure the network for both Axie Infinity and future games/products hosted on the chain. RON’s primary purpose is to ensure that Ronin will always be a blockchain owned by our community.

There are 1,000,000,000 RON tokens. The supply after 90 days of RON farming will be 100,000,000.

Currently, all Ronin users are given 100 free transactions per day.

Launch Pools

Katana has liquidity rewards for 2 pools; 10% of the RON supply will be rewarded to liquidity providers in these pools over the next 90 days.

  • AXS/ETH – 50% of RON rewards. If you’re currently staking AXS you’ll need to un-stake your AXS to participate in this pool.
  • SLP/ETH – 50% of RON rewards

Once you deposit liquidity an LP token will be created based on how much liquidity you add. That token will then have to be staked in the ‘farm’ tab, so that you can qualify for $RON rewards.

You can stake your LP token immediately, but rewards will not be activated until later this week. This gives everyone a fair chance to participate in the launch reward program.

Rewards are issued as Wrapped Ronin Tokens (WRON) as the staking contract only accepts ERC 20 tokens.

The WRON rewards for LP-stakers will be claimable at a later date. This will also coincide with the launch of the RON/ETH pool for swapping RON tokens.

Liquidity Provider Fees

Liquidity providers will receive 0.25% of each trade that taps into the pool. 0.05% of each swap will be sent to the Ronin treasury.

This article is published on BitPinas: What is Katana Dex of Axie Infinity?

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