Axie Infinity’s AXS hits record high after staking, airdrop news
The token “AXS” of the NFT game “Axie Infinity” rose 41% in 24 hours on the night of the 4th, reaching a record high of around $154. The price of each token had more than doubled before dropping to $140 (current levels).
Axie Infinity’s latest announcement on introducing staking features and release of community distribution of tokens has likely driven up the token’s price. The company announced that it would airdrop $60 million worth of tokens to early holders, along with launching its staking feature.
Since the news, over 12 million AXS tokens have been staked as users ran to participate as validators. Popular gaming platform Yield Guild Games recently announced on Twitter that it has staked all its AXS holdings worth $16.45 million to support the growth of their respective ecosystems.
Denis Vinokourov, head of research at Synergia Capital, told Coindesk:
“Staking yields on AXS remained exceptionally lucrative (189% APR), even with 12.4 million AXS staked already and growing, leading to a real risk of a supply crunch for AXS. This could result in exponential, albeit likely unsustainable, upside, and in the end leading to erratic and choppy price action.”
Axie Infinity has grown explosively in the past year with a market capitalization of about $ 9.3 billion.
Traffic is high in countries where the income earned from playing Axie exceeds the country’s average income. According to Similarweb, the Philippines, Brazil, and Venezuela are the top three countries in terms of traffic.
Sky Mavis, the Vietnamese startup that developed and operates Axie Infinity, recently announced that it will launch a new decentralized exchange (DEX) in a podcast with The Block. DEX will be built on the Ethereum blockchain-linked sidechain “Ronin”, exclusively designed for Axie Infinity.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow