One week post-launch of the AXS Staking, Axie Infinity’s active wallet interactions got a major boost! The dominant play-to-earn attracted 92% more user wallets. AXS was initially just a governance token but with the staking option available, users can now earn passive income as well from these tokens.
As of press time, users have staked a total of 16.6 Million AXS, which is equivalent to almost $2 Billion with today’s price. Meanwhile, the price action is also on the upside. AXS was trailing along $75 per token before the rollout but now the price is $122 and at some point peaked at over $150.
More About Axie Infinity’s AXS Staking Stats
Axie Infinity runs a two-token currency system. SLP is the in-game currency, while AXS as a governance token gives those who do not play the game a chance to be a part of the ecosystem. With the staking option in place, AXS is stepping out of the shadows and taking center stage in Axie Infinity activities.
Currently, the APR or Annual Percentage Rate has stabilized to 141%. This metric is re-calculated in real-time following the market’s move in terms of the funds added and removed from the pool. To illustrate, a 141% APR means that your money essentially grows by .77% every two days, which is impressive.
According to DappRadar, following the launch of AXS staking, Axie Infinity saw more than 184.470 transactions processed by the platform. The twist here is that these transactions only refer to interactions on the marketplace and in-game, not staking. However, the buzz and media coverage generated by the staking announcement is drawing in new players to play.
Overall, How is Axie Infinity Doing?
With how things are going, Axie Infinity is in good shape to maintain its dominance as the biggest P2E success story in the space. Additionally, the new investment revalues SkyMavis at close to $3 Billion. To put things into perspective, the gaming studio is now about half the value of Square Enix (makers of Final Fantasy) or Ubisoft (Assassin’s Creed). And they did it with a single game that isn’t even in beta yet.
Additionally, the Axie NFT marketplace generated over $1B in revenue over the last quarter. This places them ahead of the total sales volume of Take Two Interactive (NBA2K, Grand Theft Auto). Then, in the same ballpark as the entirety of Electronic Arts (FIFA, Battlefield, Apex Legends).
Axie Infinity’s secret? Simple: SHARE.
The primary reason behind the success of Sky Mavs is that the entirety of the revenue doesn’t go to Sky Mavis. 96% of it is going back to the players. As it turns out, the most effective ambassadors are players earning money from the game.
So it will take a lot to dethrone or even threaten the dominant lead of Axie Infinity.