Axie Infinity creator Sky Mavis lays off 50 employees as part of broader efforts to adapt post-hack and market shifts.

Sky Mavis, the developer of the blockchain-based game Axie Infinity, said it will lay off 21% of its staff — or roughly 50 employees — as part of efforts to streamline operations and focus on core products, TechInAsia has learned.

The firm’s co-founder Nguyen Thanh Trung emphasized in an X post that the decision was not driven by financial pressures, reassuring that the decision is a “strategic move that allows for a sharper focus and positioning Sky Mavis for hypergrowth in 2025 and beyond.”

“The decision to part ways with talented team members was not made lightly and does not reflect their contributions to Sky Mavis. […] In order to better focus on these products and have the agility needed to open Ronin in Q1, we have made the tough decision to let go of 21% of our workforce.

Nguyen Thanh Trung

Trung also shared that Sky Mavis would not pursue new directions, stating, “rather than trying to build products for all users, we are doubling down on what makes Sky Mavis truly exceptional.” As a result, the game developer will focus on the Ronin wallet and expanding the Ronin Network “for more builders.” Following the news, the price of the Axie Infinity (AXS) token plunged 3.78%.

Founded in 2018, Sky Mavis operates a play-to-earn model where players purchase monsters as well as earn non-fungible tokens and in-game currency. In 2022, North Korea-affiliated hackers launched a multi-level social engineering attack on the company, leading to a $600 million loss. In response, Sky Mavis shifted to a free-to-play model.

From TikTok trends to crypto wallets, the “Chill Guy” meme has become an internet phenomenon, turning a laid-back cartoon dog into the face of a million-dollar market cap crypto.

Since its November 15 launch, the Chill Guy meme coin ($CHILLGUY) ballooned from a $10 million market cap to over $461 million, driven by the widespread popularity of the Chill Guy character—a relaxed anthropomorphic dog in a grey sweater, blue jeans, and red sneakers.

The Solana-based meme coin has increased in value by 50% over the last 24 hours alone, trading just shy of $0.50, per CoinGecko data. The token’s rise reflects the ongoing craze around meme coins, which continue to defy market norms with their volatile yet lucrative returns.

CHILLGUY features an anthropomorphic brown dog sporting a grey sweater, rolled-up jeans, and red sneakers, captivating audiences with its laid-back demeanor and has become a cultural phenomenon. 

Frequently paired with humorous captions on platforms like TikTok, the character embodies a carefree attitude, resonating particularly with Gen Z audiences.

However, the coin’s ascent has not been without controversy. Behind the meme coin’s success lies growing tension as the meme’s creator, Philip Banks, pushes back against what he calls unauthorized exploitation of his work.

“Just putting it out there, Chill Guy has been copyrighted. Like, legally. I’ll be issuing takedowns on for-profit related things over the next few days,” Banks tweeted last week. 

While Banks clarified that casual use by brands or individuals isn’t his target—“I just ask for credit. Or Xboxes.”—he noted unauthorized merchandise and shitcoins are crossing the line.

Despite these concerns, early adopters of CHILLGUY have seen massive returns, with one trader turning a $1,000 investment into over $1 million within days.

It isn’t the first time meme coins have demonstrated their ability to convert internet phenomena into financial windfalls. 

Recently, the Peanut the Squirrel (PNUT) token—inspired by the viral story of Peanut, a pet squirrel euthanized by New York authorities—reached a $1 billion market cap within two weeks, while the First Convicted Raccoon (FRED) coin climbed 383% in a day.

Edited by Sebastian Sinclair