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Axie Infinity Jumps On Binance News, New Game Roll-Out Expected This Month

Fredrik Vold
Last updated: | 3 min read
Source: AdobeStock / AndriiKoval

 

The crypto play-to-earn game Axie Infinity’s native token AXS jumped in price today after major crypto exchange Binance announced new incentives for the token, and as the community prepares for the launch of the revamped game Axie Infinity: Origin set for later this month.

At 11:00 UTC, AXS stood at USD 72.41, up 14.5% for the past 24 hours and 43.6% for the past 7 days, making it the day’s best-performing token among the top 100 cryptoassets by market capitalization.

Source: CoinGecko

The gains for the AXS token today came as Binance on Thursday announced updates that may potentially increase demand for the token from its users.

First, Binance said it had added AXS to its auto-invest feature, which lets users set up automated savings in cryptoassets. 

In addition, the exchange announced a promotion to incentivize the staking of AXS, saying that eligible users can qualify to receive up to a 100% trading fee cashback and potentially earn a 100% annual yield with AXS staking.

Further, the recently strong performance also comes as Axie Infinity is adding the finishing touches to its revamped game Axie Infinity: Origin, which is expected to be released by the end of March.

Philip La, Game Product Lead at Axie Infinity developer Sky Mavis wrote on Twitter this week,

“To clarify, we’re still aiming to get Origin out by end of the month. It’s cutting close but our engineers are working non-stop to polish and fix bugs.” 

Origin is described as a completely re-imagined version of the existing Axie Infinity game. According to DappRadar, the new game will include new interfaces, storylines, game mechanics, and special effects, to name just a few of the updates.

Meanwhile, the sharp rise in price also followed an update on the Axie Infinity blog on Thursday that revealed concrete steps to be taken for the project to move towards “full decentralization.”

In the first phase, the steps outlined by Axie Infinity include having Sky Mavis form councils around what it called “key topics such as gameplay balancing, economic balancing, and cultural development.”

Further, the first phase also includes experimentation with governance, as well as a move to “research and explore options around commercial rights for Axies.”

Next, the post outlined criteria that would need to be met before Axie Infinity could move on to the second phase of decentralization.

These criteria included having an Axie game with more than 10m daily active users, average weekly growth rates above a given threshold, a “functional, easy-to-understand governance portal,” and having at least three external teams building games with over 100,000 daily active users on top of Axie Infinity.

The post added that if the above criteria are not met by the end of 2023, Sky Mavis will set up “a steering committee or similar vehicle to discuss a path forward.”

If the goals are met, however, the project will move on to Phases 2 and 3 towards decentralization, referred to in the post as the ‘Growth Stage’ and the’ Community Governance & Ownership stage’.

According to the post, the final steps in the third phase include opening up proposals to the community related to the Community Treasury, and the possible drafting of “an Axie constitution.”

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