Axie Infinity’s Sky Mavis Reduces Employee Headcount by 21%

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As a seasoned researcher with a keen interest in the crypto sphere, I’ve witnessed my fair share of ups and downs, hacks, and hype cycles. The recent decision by Sky Mavis to reduce its workforce by 21%, while challenging for those impacted, seems to be a calculated move towards growth and expansion in 2025, as stated by CEO Trung Nguyen.

Sky Mavis, the innovative company responsible for creating Axie Infinity, has chosen to streamline its workforce. This move will affect approximately 21% or 50 employees out of a team of 250. This recent change is part of the company’s strategic plans for growth and expansion in the upcoming year.

Axie Infinity Growth Pursuit in 2025

As per Trung Nguyen, CEO and co-founder of Sky Mavis, the recent layoffs are not due to any financial issues the company is facing. Instead, he described it as a strategic decision aimed at achieving a more focused approach, thereby setting Sky Mavis up for rapid growth in 2025 and beyond.

As a crypto investor, I’ve noticed that Sky Mavis is prioritizing expansion these days. Their current focus lies on expanding the Ronin Network and enhancing their wallet service, Mavis Marketplace, as well as improving Axie Infinity and developing a new game within it. These advancements are all part of Sky Mavis’ strategic plan to enhance their services and strengthen their market position, particularly following the massive hack that occurred two years back.

In the year 2022, the Axie Infinity Ronin Bridge experienced a significant cyber attack, resulting in a staggering loss of approximately $625 million in cryptocurrencies. This substantial loss encompassed 173,600 Ethereum (ETH), valued around $3,411 each, and a further 25.5 million USDC, worth one U.S. dollar per unit. The 24-hour volatility for ETH was 0.3%, while its market cap stood at $410.39 billion and had a 24-hour trading volume of $31.76 billion. For USDC, the 24-hour volatility was 0.1%, its market cap was $38.96 billion, and its 24-hour trading volume was $7.25 billion. Further investigation revealed that Sky Mavis’s Ronin validator nodes and Axie DAO validator nodes had been breached. The attacker managed to gain control over four Ronin Validators and another validator belonging to Axie DAO.

A couple of weeks after the cyber-attack, the U.S. Treasury Department traced the intrusion back to the North Korean hacking group known as Lazarus Group.

As a crypto investor, I’ve found myself in a position where an unforeseen event has momentarily halted Sky Mavis’s pursuit of expansion and growth in their business. However, Nguyen, the company’s representative, assures us that they are eagerly anticipating a surge of innovation and adoption for Web3 projects with practical applications.

Crypto Policies to Improve in US with Trump 

The CEO of Sky Mavis built this prediction on the increasing acceptance of cryptocurrencies. It’s significant to mention that the recent victory of Donald Trump in the U.S. presidential election has sparked optimism within the crypto sector.

According to his political platform and receptiveness towards blockchain technology and digital assets, it’s anticipated that the U.S. will become increasingly friendly for cryptocurrency enterprises.

Trump intends to transform the United States into the “leading nation in cryptocurrency.” He’s even suggested establishing a national Bitcoin reserve for our country, indicating his ambition to incorporate digital currencies within our financial system. This announcement has sparked enthusiasm among investors, who are eager about the prospect of the US becoming a haven for cryptocurrencies.

Due to this perspective and various market factors, the cryptocurrency market has experienced substantial surges. The pioneering cryptocurrency, Bitcoin (BTC), has reached new peak values on multiple occasions, currently standing at $98,345. This volatility within the past 24 hours is minimal at 0.2%. Its total market capitalization amounts to a staggering $1.95 trillion, with a trading volume of $59.35 billion over the same period. Other digital assets, such as Ethereum (ETH), have seen modest gains. Meanwhile, the price of AXS, the native token of Axie Infinity, has dropped by 3.08% to $8.37 following recent news reports.

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2024-11-25 12:00