By
Chimamanda U. Martha
April 22nd, 2024
The records of the Axie Infinity ecosystem transcends its DAUs. The massive growth of the platform is also reflective in the accumulated revenue.
Axie Infinity, a blockchain-based platform promoting a play-n-earn gaming model has hit a number of records, signaling a boosted embrace of on-chain gaming. Initially built atop the Ethereum blockchain, Axie Infinity has since migrated to its own Ronin blockchain, built to duly support the varied activities that are taking place in the ecosystem.
According to PocketGamer, Sky Mavis, the Vietnamese developer of the Axie Infinity platform has confirmed that the gaming ecosystem has attained a total Daily Active Users of 350,000 people. This record is better showcased as the Non-Fungible Token (NFT) trading marketplace for the Axie Infinity ecosystem has also amassed a total trading volume of $170 million in the trailing 30-day period.
Since its inception to date, Axie Infinity’s trading volume is now pegged at $240 million. The success story of Axie Infinity takes its backing from its model which lets players earn from various activities including collecting, breeding, raising, battling, and trading token-based creatures known as “axies,” which are digitized as their own NFTs.
These NFTs can be exchanged for Axie Infinity shards (AXS), the ecosystem’s governance token. The rewards earned from this platform can eventually be converted into local currencies and turned into a side income. The Philippines, Brazil, and Indonesia are amongst the countries with a wide Axie Infinity players and fanbase.
Axie Infinity Records Highest Revenue Amongst Top DeFi Platforms
The records of the Axie Infinity ecosystem transcends its DAUs. The massive growth of the platform is also reflective in the accumulated revenue which has surpassed a number of top decentralized finance (DeFi) protocols.
According to Token Terminal, Axie Infinity has accrued as much as $22.6 million in revenue in the past 30 days. This figure is well ahead of PancakeSwap at $13 million, and MakerDAO at $7.3 million.
The general decline or price correction ongoing by virtue of the broad clampdown and ban on cryptocurrency activities from China has notably shifted user’s interest. Rather than bet on uncertain markets and assets, Users are now rather choosing to play the Axie Infinity games, catch some fun and earn returns.
Impact on AXS Price
The general growth of the Axie Infinity ecosystem has also notably translated to a surge in the price of its native ecosystem token, the AXS. The token has grown by over 11950.6% from its lowest point of $0.12 over 18 months to its current price of $14.74. While Bitcoin and Ethereum are down by 2.8% and 12% in the past 30 days, AXS has continued to trail the blaze with more than a 236% growth rate.
At present, AXS boast of a market capitalization of $824.98 million at the time of writing according to data from Coingecko.
“AXS has been on a tear,” Denis Vinokourov, head of research at Synergia Capital, said. “With all the yield compression in bitcoin futures and decentralized finance, the hot money is now flowing into NFTs.”
With Axie Infinity just getting into the limelight, analysts and general market observers predict a more bullish top for the ecosystem and its token in the longer run.