Market News
- Axie Infinity (AXS) sighted a 22% price surge within the last 24-hour.
- The game developer Sky Mavis plans to bring the game into a fully decentralized model.
- Sky Mavis is ready to roll out the large-scale upgrade Origin.
Axie Infinity (AXS), the second-largest crypto gaming token by market capitalization, is up by 22% at $73.05. The price surge happened after the outlined plans to improve community governance in the eponymous game by the game developer, Sky Mavis. Also, the process to the economy to become fully decentralized.
In addition, the community reaction to the news was positive, helping AXS reach a two-month high. Likewise, the token also noticed trading volumes surge to nearly $2 billion. Axie Infinity became one of the most popular play-to-earn games since its launch in 2018. The game went around minting Ethereum-based NFT creatures and battling with them.
In an official blogpost, the creator said it plans to implement measures that will eventually unlock AXS’ nearly $2 billion treasury to the community. It imposed a three-phase plan to bring the game into a fully decentralized model. The plan is to increase staking rewards and encourage community participation.
By the end of March, Sky Mavis is also ready to roll out a large-scale update to Axie called Origins. The expectation of the update has also helped AXS in recent weeks.
Philip La, Game Product Lead at Sky Mavis stated:
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. Shipping a very complex and quality product is hard. Engineers, out there may empathize with this. We’re pushing!
Furthermore, the proposal also included plans for AXS burning processes to maintain stability – a move that is expected to benefit the token’s price.
