The overall blockchain gaming industry in 2025 is indeed less lively than the previous cycle, but in this "noise-reduced" environment, it's easier to see who is truly building things. XAI is one of those teams that seem even busier when the market is quiet: they're upgrading their chain, launching new games, building bridges to Web2, and legally protecting the brand they've built over the years. Projects that continue to deliver during the calm periods are often revalued by returning capital and users in the next cycle. While the hype hasn't fully returned yet, it's worth taking a closer look now.