Axie Infinity (AXS) plans to launch a decentralized exchange (DEX). The play-to-earn game also completed a $60 million airdrop and launched AXS staking.
Axie Infinity to launch DEX
Jeff Zirlin, co-founder of Axie Infinity (AXS), announced a decentralized exchange (DEX) project exclusively on The Scoop podcast. The platform aims to facilitate the exchange of tokens used in the gaming ecosystem.
While the project has seen its user base grow from about 38,000 active users in April to about 1.7 million users in August, interest has waned slightly in recent weeks. The protocol’s revenue fell from $17 million daily in early August to $5.5 million at the end of September.
DEX could boost the game’s growth by removing some of the friction that exists for players who must move their tokens off the platform to redeem them. Jeff Zirlin stated:
“People want to acquire and use their tokens in one place without having to constantly use a bridge.”
DEX will be built on Ronin, an Ethereum (ETH) sidechain, specifically designed for Axie Infinity.
Airdrop and staking launch
The AXS price hit an all-time high of around $118 after the distribution of an airdrop for historical players and the launch of staking for the AXS token.
Indeed, Axie Infinity announced the launch of native token staking on September 30. This announcement has excited community members, and to date, holders have already staked nearly 11.6 million AXS in just 3 days or approximately $1.27 billion.
Axie Infinity is currently offering a 200% APR, the rewards come from a dedicated pool of 78.3 million AXS tokens held by the team.
In another important development, Axie conducted an airdrop that rewarded users who committed to the protocol before October 26, 2020. According to the team, 10,000 wallets were selected based on a snapshot taken on October 26 to receive a share of the 800,000 AXS airdrop based on activity level.
Following the announcements, the AXS price rose from $60.5 to $118.7 in 7 days, an increase of nearly 84%. The token is trading at $108 at the time of writing.