Axie Infinity’s AXS Token up 100% After Launching Staking Rewards Feature

Axie Infinity’s ASX token has reached all-time highs of above US$135 following a huge airdrop to early supporters and the launch of a new staking service, where holders saw returns of up to 385 percent APY for staking their tokens.

The team behind Axie Infinity’s monster-battler NFT game airdropped US$60 million to early users and sales of the NFTs for the game also saw 50 percent gains.

Axie Infinity (AXS) is a blockchain-based battle game that has become insanely popular this year as gamers embrace play-to-earn (P2E) gaming models. The Axie project’s monthly users peaked in weekly volume in August at US$220 million.

Axie Infinity is Also Planning to Launch a DEX

Axie Infinity is set to release its own decentralised exchange, bridging the gaming world with DeFi. The new DEX, to be built on Ronin, an Ethereum-linked sidechain purpose-built for Axie Infinity, will facilitate users to trade tokens within the Axie ecosystem without having to move their tokens off the platform.

Investors in Axie Infinity, which received US$7.6 million in its last funding round, include the likes of billionaire entrepreneur Mark Cuban. In the three-month period since June, AXS gained a stellar 934.35 percent against the US dollar and 840.61 percent against bitcoin.