Blockchain game that has been the talk of the crypto GameFi sector, Axie Infinity, has crossed a new ATH of $155 today following its recent three figure value hit a few days back.. Also, the interactive game has over 2 billion dollars worth of its native token (AXS) locked on its platform.
Axie Infinity is an Ethereum based online game that was launched last year. Over the months since launch, it has witnessed wide adoption and laudable success in terms of adoption. The game has for a while been the talk of the GameFi industry because of the impressive growth of the project.
To play the blockchain game, users have to buy axie characters as Non-Fungible tokens (NFTs). It allows users to collect, breed, raise and trade token based axies. A requirement of 3 axies is needed for a player to play against other players. Axie Infinity serves as the native token of the Axie ecosystem as well as the in-game currency. The greater the adoption and utility of the token, the greater the price.
Total Staked Value Closing on $2 billion
However, there are opportunities to stake the Axie Infinity token for users who are not interested in playing the game. According to the website, the current APR on staking AXS is 189%. And more than 12.4 million units of AXS tokens have been staked on the platform. The total stake is currently valued at $1.82 billion dollars; a little way from hitting $2 billion.
The demand for AXS doesn’t seem to be declining at all. The implication of staking is that it reduces supply and increases demand. With the current staked value, over 20% of the total supply of AXS is staked on its platform. This will most likely increase the price of the native token in the long run.
What do you think about this story? Share your comments below
Latest Episode on Inside Blockchain
Crypto News Update
How To Open a Huobi Account and Make Your First Trade.
Huobi is a crypto exchange where users can buy, sell and borrow cryptocurrencies, creating a complete ecosystem for knowledgeable crypto...
Gala FIlms: Web3 meets Films
Gala Film Nodes are services provided by the Gala team where anyone can purchase a Node to grant access to...
List of African Countries That Have and Will Launch CBDC
African countries are exploring the virtual form of their currency which can improve their approach to exchanges and cash flow...
A comparison of Aptos and Sui
Last year, functional Layer 1s had great fundamentals that facilitated ecosystem pumps. The pumps were associated with L1s that had...
A detailed insight into Nomad bridge protocol exploit
The Nomad bridge was recently exploited for over $190m. While the complete story of the hack keeps unfolding gradually, we...