Almost $2B Staked in Axie Infinity: AXS Skyrockets 130% Weekly to a New ATH
2 min ago•2 min read•Other
The interactive game Axie Infinity has attracted nearly $2 billion worth of the native token locked on its platform, which is a new record. At the same time, the price of AXS has surged to an ATH on its own following a triple-digit weekly increase.
Launched less than a year ago, Axie Infinity is an Ethereum-based online game that has seen exponential growth in the past several months in terms of activity and engagement. CryptoPotato reported last week when the number of holders tapped a record after a 420% year-to-date increase. The demand for the platform doesn’t seem to decline, partly because of the untypically high estimated rewards provided by Axie Infinity. According to the website, the current APR is 187%. Users wanting to participate have to stake their AXS tokens, which essentially increases the demand for them while decreasing the supply. As of now, there are more than 12,500,000 coins staked. From a USD perspective, their value has registered a record of $1.84 billion. This means that approximately 20% of all the circulating supply of AXS, which is currently just over 61 million, has been staked on the platform. Somewhat expectedly, this supply-demand ratio has resulted in impressive price performance for the native token. AXS has skyrocketed by roughly 130% in the past week and earlier today charted a fresh all-time high of around $145. Just for reference, the token traded below $50 on September 21st. Meaning it has nearly tripled its value in less than two weeks. Consequently, AXS has entered the top 20 coins by market capitalization as its own has grown to almost $9 billion.