Explained: Axie Infinity AXS Token

AXS Token
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Learn about the AXS token

Inspired by popular games like Pokémon and Tamagotchi, Axie Infinity allows players to collect, breed, raise, battle, and trade token-based creatures known as Axies. Each Axie is a non-fungible token (NFT) with different attributes and strengths. These Axies can be entered into 3v3 battles, with the winning team earning more experience points that are used to level up an Axie’s stats. 

These Axies can breed together to produce new and unique offspring, which can be used or sold on the Axie marketplace. This marketplace allows players to trade Axies, game items and virtual land.

The Axie Infinity ecosystem also has its own unique governance token, known as Axie Infinity Shards (AXS). These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.

In the first ten weeks of 2021 the price of AXS increased 521% from $0.51 to $3.17.

Starting in 2021 players will be able to stake their AXS to earn weekly rewards. These rewards will initially start out high to incentivize user growth and gradually decline as Axie Infinity reaches maturity. AXS staking rewards will be escrowed for 1 year from when they are claimed and can be vested once the escrow period has concluded. As the AXS yield is reduced the stakers can, through governance, vote in additional rewards from the DAO reserve pool.

AXS is available to trade on Binance, Uniswap, and 1Inch. Exchanges usually offer several pairing options, giving token owners the chance to choose a pairing based on currencies they already possess. Below are the top 5 trading pairs for AXS.

Source: CoinMarketCap

Axie Infinity is a fascinating project that has captivated a strong audience and successfully built on the play to earn model. It will be fascinating to observe how the next few months evolve as the community get to grips with the AXS token and staking functions. 

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