Axie Infinity AXS Token Increased 70% After Staking Service Launch

Axie Infinity AXS token increased more than 70% after the staking services were launched on the platform with the chance to earn the traders interest rates of up to 385% so let’s read more in our latest cryptocurrency news today.

Over the past few days, the development team for the monster-NFT game Axie Infinity airdropped $60 million to the early adopters and added staking features with annual percentages yields of up to 385%. AXS holders reaped some of the returns a few months early and the governance token is now up 38% in the past day with 70% over the past week. The increase started a day ago and continued until this morning so the price for a single Axie Infinity AXS token hit $119. The sales of the NFTs also increased these past few weeks by over 50% in the past day while they did decline by 10% in the past week.

The holders staked $1.17 billion in AXS and the interest rate increases often when fewer people stake AXS tokens. Since it reduced to 226% as of the time of writing. Axie Infinity popularized a mechanic called “play to earn” where the players could earn AXS tokens and valuable NFTs by winning battles and completing quests. Although it now costs well over $1000 to purchase enough critters to play, the game is popular in emerging economics were flipping the right NFTs means you can earn some money to pay the rent. Research from Messari also shows that the market cap for Axie is set at $29.9 billion which will make it the fifth-biggest video game after Nintendo, Roblox, and Blizzard. What’ also attractive for the players is that the AXS governance token holders can stake their coins to vote on the future of the game’s development. This is similar to having stakes in a corporate company but the biggest bagholders are those that decide what happens.

Some people got hundreds of thousands of AXS in teh airdrop and one trader even tweeted that they recieved $183,314 tokens in the airdrop:

“Biggest airdrop we ever got. Thank you @AxieInfinity.”

As recently reported, SKy Mavis announced that it launched the long-awaited staking capability that allows AXS holders to lock the governance token in the network in exchange for gradual rewards. The governance tokens are a type of crypto token that grants its holders certain rights and privileges so, during the first month, Axie plans to give out 2 million AxS worth of staking rewards or about $150 million worth of the token’s current value.

By: Stefan
Title: Axie Infinity AXS Token Increased 70% After Staking Service Launch
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Published Date: Sun, 03 Oct 2021 09:48:01 +0000