Axie Infinity Releases Airdrop and Launches Staking, AXS Jumps 145%

Axie Infinity recently launched a massive airdrop to users. Following this event, the value of AXS has increased by around 145% to reach new record highs of $118. The coin’s 24-hour trading volumes also increased from $421 million to $1.95 billion.

Axie Infinity is a blockchain-based gaming platform whose popularity has grown in 2021 following a boom in the play-to-earn (P2E) gaming model.

Axie Infinity Releases Airdrops

The main reason for the major growth in Axie Infinity’s prices is the community airdrop released this week. This airdrop was aimed at rewarding users who engaged with the platform before October 26, 2020.

Axie Infinity stated that 10,000 wallets were selected for this airdrop and they would receive their share of the 800,000 AXS airdrop. The amount distributed to each wallet will depend on their level of engagement with the protocol.

One of the most notable and active users of the platform is a pseudonymous Twitter user dubbed ‘Artic’, who received a share worth around $500,000. However, even the less active accounts received significant values of the airdrops.

Axie Infinity Launches Staking

Following the decentralized finance (DeFi) boom this year, many blockchains have been looking for ways to support the rapid growth of this sector. The concept of yield farming through lending and borrowing initiatives has attracted many crypto players into the DeFi space.

Axie Infinity has been looking for a way to tap into this rapid DeFi boom. On September 30, the protocol announced it would start supporting staking capabilities. This created a buzz in the crypto space, and in just two days after launch, around 9.8 AXS tokens have been staked on the protocol.

AXS staking has not just attracted average crypto users, as other gaming platforms have also shown interest in this initiative. Yield Guild Games announced that it had started staking its AXS holdings to grow its value across the sector.

The Axie Infinity staking program is offering an Annual Percentage Return of 240% to stakers. The rewards are being distributed from a dedicated pool holding 78.3 million AXS tokens that have been set aside by the platform.

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