Airdrops have become the equivalent stimulus checker for the crypto ecosystem in recent years, and further evidence of this can be shown by popular protocols like Uniswap and dYdX.
The latest protocol to surprise its user base with a wallet mast airdrop is Axie Infinity (AXS), a blockchain-based fighting game that hit the market later in 2021 when users adopt the model. Play his game for money (P2E).
Data from Cointelegraph Markets Pro and TradingView show the price of AXS has risen to $ 1.95 billion from its low of $ 47.92 on the 21st.
Three reasons for AXS’s recent price hike over the past two weeks are the introduction of staking features for the AXS token, the release of an early community airdrops, and the growing popularity of gaming logs for money.
AXS starts staking
The evolution of decentralized funding in 2021 has shed light on the ability of cryptocurrency holders to make their tokens work and generate profits by providing liquidity or staking.
To capture some of these dynamics and improve the overall tokenization of the AXS token, the Axie Infinity team announced the introduction of staking capabilities on September 30th. Community members love it and so far the owners have nearly 9.8. deposited millions of AXS in just two days.
And it’s not just the average crypto user getting into the staking action, as recent tweets suggest that other gaming platforms in the crypto ecosystem, including Yield Guild Games, have announced that they are currently staking their AXS, to add value to their respective ecosystems.
– Yield guild game (@YieldGuild) October 1, 2021
Axie Infinity is currently offering manufacturers 240% APR with rewards from a dedicated pool of 78.3 million AXS tokens issued by the team.
AXS Airdrop tokens for early adopters
The second reason for the spike in AXS prices and activities is this week’s community airdrop, which rewards users who interact with the log before October 26, 2020.
Being part of the Axie community is an incredibly rewarding experience. Socially, intellectually and financially.
Thanks very much @AxieInfinity! https://t.co/2NEsU3MlfL
– Artik (@ Axie44) September 30, 2021
According to the team, 10,000 wallets were selected based on a snapshot taken on October 26th to receive a portion of the 800,000 AXS Airdrop, depending on wallet activity.
More active users like the Twitter user nicknamed “Arctic” received a larger allotment valued at nearly $ 500,000, while less active accounts received a smaller but still significant dollar value, particularly in the economically disadvantaged parts of the world, in where many Axie Infinity players live.
– squarrre (@Sorareuk) September 30, 2021
Related: The NFT trading game Axie Infinity launches the AXS .Staking program
The growing popularity of gambling for money
Another reason for Axie Infinity’s recent growth is the strength of the P2E gaming model, which many analysts say will be a breakout area in 2021.
Axie Infinity is indeed the game that sparked the P2E rally earlier this year, and that dynamic has shifted to a bullish dynamic in other P2E protocols like Illuvium (ILV), Chain Guardians (CGG), and MyNeighborAlice (ALICE) . .
The P2E gaming sector of the crypto ecosystem has gained momentum in recent months as users have started to discover the benefits of a game that rewards participation as opposed to a model that rewards participation. Game purchases, however, leave little to show users after months of gaming and investment.
According to data from Cointelegraph Markets Pro, market conditions have been quite favorable for AXS for some time.
As can be seen in the graphic above, the VORTECS ™ Score for AXS climbed into dark green on September 26th, peaking at 87 in about 35 hours before starting to climb 55% over the next three days.
Cointelegraph Markets Pro’s NewsQuake ™ service has subscribed to two major news items prior to the price hike, including a Bitstamp exchange listing announcement and a team announcement that AXS staking has started.