# Sky Mavis

> Sky Mavis is a Vietnamese technology-focused game studio, best known for developing Axie Infinity, a play-to-earn NFT game featuring digital pets.

- Canonical URL: https://iq.wiki/wiki/sky-mavis
- Categories: Organizations
- Tags: Developer
- Created: 2023-06-02T22:42:36.143Z
- Last updated: 2023-07-06T03:34:16.028Z
- Source: IQ.wiki — the world's largest blockchain and crypto encyclopedia (https://iq.wiki)

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**Sky Mavis** is a technology-focused game studio. It is a Vietnamese developer, that develops online video games to create virtual worlds with player owned-economies, marketplaces for trustless trading of unique digital assets, enables the gameplay characters to reach millions of players worldwide.[\[1\]](#cite-id-p3dn2vjcrpi)  
  
Sky Mavis was co-founded in 2019 by CEO- [Trung Nguyen](https://iq.wiki/wiki/trung-nguyen), COO- Aleksander Leonard Larsen, CTO- Viet Anh Ho, Art Director- Tu Doan, Growth Lead- Jeffrey Zirlin. It developed [Axie Infinity](https://iq.wiki/wiki/axie-infinity), which is a digital pet universe game and players battle[\[2\]](#cite-id-0hmoa76pmdb7) and had built Ronin Network specifically for [blockchain](https://iq.wiki/wiki/blockchain) gaming.  
  
# ![image](https://ipfs.everipedia.org/ipfs/QmPhE87z3JR4CxQBkMX6f7UZLuPpBKke9RUD5Gxswjsa2e)  
  
# Axie Infinity  
  
Sky Mavis developed [Axie Infinity](https://iq.wiki/wiki/axie-infinity) (founded in 2018), a play-to-earn[P2E] [Non-Fungible Token (NFT)](https://iq.wiki/wiki/non-fungible-token-nft-1) game developed by Sky Mavis, where players use cryptocurrencies to breed, trade, and battle digital pets called 'Axies' and earn crypto in the process.[\[9\]](#cite-id-xa9b8ic43v)  
![image](https://ipfs.everipedia.org/ipfs/QmUnVc6ENFVKUA3jQTVckpVZ7vayNGQrpfW4guVZJju8SP)It features two native [cryptocurrencies](https://iq.wiki/wiki/cryptocurrency): [Axie Infinity](https://iq.wiki/wiki/axie-infinity) Shards (AXS), which can be bought and sold on exchanges like [Coinbase](https://iq.wiki/wiki/coinbase-nft), and Small Love Potion (SLP), which is awarded to players for spending time in the game.[\[8\]](#cite-id-0hoa6ln0m0hl) Maximum supply of AXS is 270.00M AXS coins.[\[10\]](#cite-id-o95a115xn6)  
  
# Services  
  
Sky Mavis is specialized in games, [blockchain](https://iq.wiki/wiki/blockchain), [Ethereum](https://iq.wiki/wiki/ethereum) and [NFT](https://iq.wiki/wiki/nft-worlds). To indulge into its digital nation, Sky Mavis has a bag of products and guide available for the players.  
  
## Blockchain  
  
Sky Mavis uses gamified blockchain, that could allow the user to create games with personalized avatar NFTs purchased with tokens, issued to users on the platform who play or watch the game. It has been building many games using Ronin blockchain.[\[3\]](#cite-id-05in1byg6haa)  
  
## ![image](https://ipfs.everipedia.org/ipfs/QmYAqLtxULuPpagrvqxn2LDqRuB1vccNKXsY2A2cL6dXkZ)Game  
  
Allows the players to battle and collect Axies while earning crypto.  
  
## Applications  
  
### Marketplace  
  
Allows the players to sell or buy the collectibles to anyone and anywhere.  
  
### Mavis Hub  
  
It is a launchpad for blockchain games. Build-a-guild, fundraise, grow.  
  
### Ronin Wallet  
  
It is a place to hold digital items and currencies earned by the players.  
  
## Ronin Infrastructure  
  
### Ronin Network  
  
Ronin Network or RON is an Ethereum-linked sidechain made specifically for [blockchain](https://iq.wiki/wiki/blockchain) gaming built by Sky Mavis, a company that developed [Axie Infinity](https://iq.wiki/wiki/axie-infinity). Ronin is an EVM-based[Ethereum Virtual Machine] blockchain developed for play-to-earn[P2E] games.  
![image](https://ipfs.everipedia.org/ipfs/QmZn1DVkxK6YEQeHdPu9GmZYE5c6Lpc8WW9x2zL9ShavPn)  
  
### Katana  
  
Katana is Ronin's native decentralized exchange. It allows anyone to trade tokens like [AXS](https://iq.wiki/wiki/axie-infinity), SLP, RON, [USDC](https://iq.wiki/wiki/usdc), and WETH from their Ronin wallet anytime, anywhere. This enables players to buy and sell in-game currencies. It swaps easily between different tokens within Ronin ecosystem.  
  
### Bridge  
  
Helps to move/transfer assets from Ethereum to Ronin and vice versa.  
  
### Ronin Explorer  
  
It is an analytics platform, where it tracks transaction activity on Ronin.  
  
### Purchase  
  
Allows to purchase crypto on Ronin with fiat currencies.  
  
### Staking  
  
Allows user to choose and help the validators and eventually earns crypto when chosen validators are selected. It also locks up [AXS tokens](https://iq.wiki/wiki/axie-infinity) and earns rewards.  
  
## Tools Used  
  
Developer portal is available to improve and invest.[\[7\]](#cite-id-7zttkd85x2n)  
  
# The Hack  
  
On the 23rd March 2022, Sky Mavis’ Ronin validator nodes and Axie [DAO](https://iq.wiki/wiki/dao) validator nodes were compromised resulting in 173,600 [Ethereum](https://iq.wiki/wiki/ethereum) and 25.5 million [USDC](https://iq.wiki/wiki/usdc) drained from the Ronin bridge. It was considered to be the largest crypto heist to date, totaling a stolen amount of $625 million at the current market value then.[\[11\]](#cite-id-wacf2lqtdea)  
  
# Funding  
  
| Funding Type | Funding Round Closing | Amount Raised |  
| ------------ | --------------------- | ------------- |  
| Series C | April 6, 2022 | $150,000,000 |  
| Series B | October 4, 2021 | $152,000,000 |  
| Series A | May 11, 2021 | $7,500,000 |  
| Seed | November 7, 2019 | $1,500,000 |  
| Seed | August 2, 2019 |  |  
  
The total amount raised within 5 rounds of funding is about $311,000,000.[\[6\]](#cite-id-lblcqhchxz) The funds were meant to help reimburse the victims of the $625 million hack on the Ronin chain.