Axie Infinity Doubles In a Week, Sees Strong Growth Across the Board
Axie Infinity Shards (AXS), the governance token for the blockchain-powered Axie Infinity game, is among the hottest cryptoasets among the top 100 per market capitalization over the past seven days, appreciating nearly double the percentage of the next in line – but also seeing massive green percentages across the board.
Axie Infinity is a digital pet universe where players battle, raise, and trade fantasy creatures called Axies. Per the team behind the game, it has a fully player-owned economy while its assets exist as tokens.
Following a rally that started at the end of last month, picking up the pace at the beginning of this, AXS had hit its all-time high just yesterday, on July 7, reaching USD 16.64, per CoinGecko. It dropped 20% since then, however.
At 14:07 UTC, AXS is trading at USD 13.15, and while it’s down 10% in the past 24 hours, thus being red like the majority of its peers in the top 100 – it beats these pears by far per the weekly rise.
Overall, AXS is up 229% in the past month.
“The Axie nation is growing exponentially,” the team said in their June development update posted last Friday, seeing 2.3m unique visitors to Axieinfinity.com in the previous 30 days. They also said they have more than 250,000 daily active players.
According to the Axie World website, the month of July so far has seen USD 17m in revenue, compared to USD 12.23m in the entire June, which was the record month at the time.
Per DappRadar, monthly volume on their marketplace jumped nearly 353% to almost USD 221m. In comparison, the second-placed NBA Top Shot is up 22% in the same period of time, to USD 38m.
In the past week, Axie Infinity’s volume is up 148% to USD 116m, and in the last day alone 32% to USD 24m.
When it comes to the raw on-chain activity of the tracked smart contracts on Ethereum (ETH) and Ethereum sidechain Ronin, DappRadar shows 94,950 unique wallet addresses interacting with their smart contracts in the past 30 days (up 259%) and 313,130 transactions to these smart contracts (up 348.7%).
Axie Infinity’s report also provided a list of updates done during June, specifically in preparation for their Battles V2, which they described as “a massive upgrade to the Axie experience [that] will include starter Axies, a revamped and faster-paced battle system,” and many other additions.
They are also continuing their work on their Ronin technology, with a whitepaper in the works, while they already surpassed USD 100m deposited on Ronin, the team said. There is also “a rough launch plan” for the Ronin decentralized exchange.
Their fiat gateway Ramp processed over USD 4m in ETH purchases over the previous 30 days, the report added.
Jeffrey Jiho Zirlin, Co-Founder and Growth Lead at Axie Infinity, wrote that the seen growth came from “breeding fees” in an NFT volume on their marketplace.
Some commenters argue that AXS is leading a bull market rebirth “because AXS is the first major token to make a new ATH and it’s doing this because of real adoption.” AXS is 92nd by market capitalization (USD 737m).
But with “75%+ of revenues coming from breeding, new players are critical, and a player base of tens of millions will also help stabilize game economy,” noted Lightspeed Partner Amy Wu.
Also in June, the 1 millionth Axie was born, though it was followed by some controversies for which the team offered a solution.
The team also banned an operation of 84 accounts a couple of days ago, which had formed an Axie bot farm – a move approved by many, but one that also raised the centralization question.