Axies’ Breeding Cost Halved, AXS Pumps to New Highs with Coinbase Support But Volume Is Lacking
AXS token is on a tear, hitting new all-time highs one after another.
Just this week, AXS hit a new ATH at $75.73 and is currently trading above $70 — up $58.5% in the past week, 293% in the past month, and recording returns of 55,665% since Nov. 2020 low, which was just nine months back.
However, this time, AXS’s spot trading volume isn’t keeping up with the price trend and has fallen dramatically.
Amidst this, Coinbase announced that it is listing AXS and REQ, TRU & WLUNA, which will begin trading on August 12 at 9 AM PT if liquidity conditions are met.
The exchange has begun accepting inbound transfers to Coinbase Pro, on which support will be offered for AXS-USD, AXS-USDT, AXS-EUR, and AXS-BTC pairs.
Meanwhile, as the price of AXS continues to surge, the team announced the reduction in the AXS portion of the breeding fee to just 2 AXS, down from 4 AXS, worth about $140 at current prices. It tweeted,
“This is another move to demonstrate the attention and care we put into balancing the Axie economy. When making this decision, we looked at the relative value of AXS vs. SLP as a percentage of the breeding fee.”
While costs for breeding more Axies were halved, other changes included players earning fewer SLP rewards in Adventure Mode but more through competitive PVP.
AXS is an ERC20 token that powers the popular play-to-earn NFT game Axie Infinity, and its holders can claim rewards for staking their tokens, playing the game, and participating in key governance votes.
Axie Infinity is currently leading the NFT space, with its all-time figures coming in at $1.24 billion in volume, 370,557 traders, and $2.74 million in sales, as per Dapp Radar.
Monthly, Axie is recording $800 mln in volume, has just under 270k traders, and has $1.47 mln in sales.
The blockchain-based game also ranks at the top in revenue, coming at $366.7 million in the past 365 days. The second one is not even coming close at $91.6 million by PancakeSwap and then Etereum’s $91.4 million, according to TokenTerminal. Axis Infinity tops in every single time frame.
It had a record-breaking month in July with over $200 million in monthly revenue. “While distributions from the treasury will be decided by community governance, it’s expected majority the revenue will eventually be passed on to AXS stakers,” noted Delphi Digital, which has invested in the project.