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Axie Infinity will cut 50 jobs in a bid to grow.This layoff is part of a grand restructuring centered at growth.Sky Mavis plans to develop another game title moving forward.Sky Mavis, the creator behind the Axie Infinity game, has decided to undergo a headcount reduction. This decision will impact 21% of its workforce, which accounts for 50 employees in a team of 250 individuals. This new development comes as the firm looks forward to growth and expansion in the coming year.
Axie Infinity Growth Pursuit in 2025
According to Trung Nguyen, the CEO and co-founder of Sky Mavis, the layoff is not due to any financial constraint on the company or its budget. Rather, he tagged it a “strategic move that allows for a sharper focus and positions Sky Mavis for hypergrowth in 2025 and beyond.”
It marks the developer’s shift in priorities. Sky Mavis is currently focused on expanding the Ronin Network and wallet service, Mavis Marketplace, Axie Infinity, and developing a new Axie Infinity game. These upgrades are part of the game maker’s plan to improve its services and boost its market position, especially after the massive hack two years ago.
In 2022, the Axie Infinity Ronin Bridge suffered a major hack, which left it with a loss of $625 million in cryptocurrencies. This included 173,600 Ethereum ETH $3 414 24h volatility: 0.3% Market cap: $411.09 B Vol. 24h: $31.70 B and 25.5 million USDC USDC $1.00 24h volatility: 0.0% Market cap: $38.96 B Vol. 24h: $6.94 B . Upon investigation, it turned out that Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes were compromised. The attacker got hold of four Ronin Validators and another validator by Axie DAO.
A few weeks following the hack, the United States Treasury Department linked the breach to North Korean hacker Lazarus Group.
This unexpected incident has kept Sky Mavis from seeking expansion and growth in its business. Nguyen claims the company looks forward to a wave of innovation and adoption for utility-driven Web3 projects.
Crypto Policies to Improve in US with Trump
Sky Mavis CEO based this projection on the growing popularity of crypto policies. It is worth noting that Donald Trump‘s victory in the just-concluded US presidential elections has brought a glimpse of hope to the crypto industry.
Based on his campaign manifesto and open-mindedness towards blockchain technology and the digital asset ecosystem, the US is expected to become more conducive for crypto businesses.
Trump plans to make the US the “crypto capital of the planet”. Furthermore, he went as far as proposing building a national Bitcoin reserve for the country. This signals his intention to embed cryptocurrencies into the country’s financial framework. The news has excited investors as they look forward to having a crypto haven in the US.
Triggered by this outlook and other market catalysts, the crypto market has seen significant rallies. Flagship cryptocurrency Bitcoin BTC $98 327 24h volatility: 0.1% Market cap: $1.95 T Vol. 24h: $59.16 B has hit All-time-high (ATH) multiple times. The firstborn digital currency is currently trading at $98,040.33. Other digital assets, including Ethereum (ETH), have registered mild gains as of writing. At the time of this writing, the price of AXS, the native token of Axie Infinity, dropped 3.08% to $8.37 following the news.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
