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Tuesday, May 24, 2022

Axie Infinity Reaches A New High

Axie Infinity, a battle game that is based on blockchain, has turned into the latest protocol to use a wallet fattening airdrop. Needless to say, this has definitely surprised its entire userbase, for the site did rise in prominence over this year- with quite a large section of users embracing the play-to-earn gaming model that this protocol uses.

This has come to the news because airdrops have turned into the ecosystem equivalent of stimulus checks to the cryptocurrency sector. The increasing popularity of this feature can be attested to quite a few popular protocols like dYdX and UniSwap that have rewarded most of their early users with token airdrops. 

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According to data that was received from TradingView and Cointelegraph Markets Pro, it has been witnessed that ever since coming back from a low of $47.92 on the 21st of September, the price of Axie Infinity has gone off the bend- rising 145% higher to establish a major high at a price of $118 as the trading volume over the course of 24 hours surged from a sum of $421 million to around $1.95 billion.

As usual, there are quite a few reasons for this surge in the price of this protocol over the last couple of weeks that also includes the introduction of a staking feature for the token.

Axie Infinity launches staking

Ever since the growth of decentralized finance 10 years ago, most crypto holders have decided to put their tokens to earn a yield through staking or liquidity. Needless to say, the team of Axie Infinity has also recently announced their launch of staking capabilities on the 30th of September. This has been done to improve the overall tokenomics of the entire protocol community.

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Another reason why there was such a massive increase in the activity and price of the Axie Infinity token was the community airdrop that took place this week- rewarding users who were heavily engaged with the protocol that took place before the 26th of October, 2020.

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