The decentralized finance (DeFi) world saw another week of increased on-chain and developer activity even when the overall market cap took a slight dip amid overall market retrace. The creators of the popular play-to-earn nonfungible token (NFT) game Axie Infinity raised $150 million to reimburse hack victims of the Ronin bridge exploit.
The decantralized application, o daily user count surged to 2.4 million in the first quarter of 2022, while SushiSwap (SUSHI) and Synthetix (SNX) were booted out of Grayscale’s popular Decentralized Finance Fund. The widely-popular DeFi protocol Yearn.finance announced its support for the newly-passed ERC-4626 tokenized vault standard.
The price momentum of the majority of DeFi tokens remained in red over the past week, as the overall crypto market registered a retrace from new highs last week.
Axie Infinity creator raises $150M led by Binance to reimburse stolen funds
Sky Mavis, the creator of the popular play-to-earn nonfungible token game Axie Infinity has raised $150 million in a new funding round led by Binance.
The fundraiser is aimed at reimbursing lost funds from the recent exploit on Axie Infinity’s Ronin Bridge, which resulted in the loss of over $600 million. The funding round also saw participation from Animoca Brands, Andreessen Horowitz, Dialectic, Paradigm and Accel.
Apart from the $150 million raised funds, the remaining amount would be reimbursed from Sky Mavis and Axie Infinity’s balance sheet.
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