Moreover, the rise in the token price today and over the weekend also follows the introduction of staking rewards on the protocol last week.Īt the time of writing, Axie Infinity’s staking dashboard showed that a total of 12.5m AXS tokens had been staked, worth some USD 1.94bn at current prices, and earning an estimated annual percentage rate (APR) of 187%. The airdrop, worth some USD 60m at the time and almost USD 120m today, was sent to all users who played Axie Infinity before October 26, 2020, the announcement said, while further explaining that the number of tokens received by each player depended on the activity level of the user.
The development thus represents a first step towards bridging the worlds of play-to-earn blockchain games and decentralized finance ( DeFi).Īccording to Zirlin, the DEX will be built on Ronin, an Ethereum (ETH) side-chain purpose-built for Axie Infinity, making it easy for users to trade and spend tokens without using a bridge.Īside from the DEX development, excitement about the price of the AXS token also took off this weekend after the team late last week announced that it had distributed AXS 800,000 as an airdrop to early adopters.
In the interview, Zirlin explained that the purpose of the DEX is to facilitate trading of tokens used within the game economy, including the governance token AXS and the Smooth Love Potion (SLP) token, which is earned by playing the game. The latest news about the upcoming Axie Infinity DEX was shared by Jeff Zirlin, co-founder & growth lead at Sky Mavis, the company that developed Axie Infinity, on the podcast The Scoop on Friday.
The latest news also came after the protocol last week made an airdrop to early users and introduced staking rewards for AXS holders.Īt 12:38 UTC, AXS, ranked 21st by market capitalization, traded at USD 150.85, up a whopping 38% in a day and 137% in a week. Blockchain-powered game Axie Infinity’s governance token AXS once again surged to an all-time high in the market today after the team behind the game announced the development of a new decentralized exchange ( DEX) last Friday.
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