Axie Infinity (AXS) surges 17% because of this development

The price of Axie Infinity (AXS) surged on Friday, June 24, and rose to hit a high of $17.46 down from trading at about $14.5.

Although the general crypto market is currently experiencing some form of a comeback with the global crypto market cap rising by about 3% to $942.35B at the time of writing.

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While major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are struggling with rises below 6%, Axie Infinity (AXS) is setting the stage for the crypto comeback with a rise of over 17%.

What led to Axie Infinity (AXS) price surge?

The main reason behind today’s Axie Infinity price surge is the much-publicized announcement by Ronin Network to reopen the Ronin Bridge and the reimbursement of those who lost funds during the Ronin Bridge hack in March.

According to Sky Mavis, the owner of Axie Infinity and Ronin Network, users who lost funds during the $620 million Ronin bridge hack in March and the company will start the refund process soon after restarting the Ronin Bridge.

According to Ronin Network, the Ronin Bridge will be reopened on June 28.

Ronin has already approved the external audit that was done by blockchain security firm Certik.

In addition to reopening the Ronin Bridge, Ronin Network has also urged all its validators to update their software for a Ronin hard fork.

Ronin has already released guidelines on the steps for upgrading validating nodes and non-validating nodes.

After the reopening of the Ronin Bridge, users will be able to withdraw one Ethereum (ETH) for each one they held in March, additionally, the 56,000 ETH tokens lost by the Axie Infinity DAO will go on to be uncollateralized.