AXS climbs 13% after Axie Infinity unveils decentralisation plans
The native token of the blockchain game Axie Infinity (AXS) rose by more than 13% in a day. The move was aided by publication of a new roadmap outlining a plan for the project’s transition to “progressive decentralisation”.
Axie is owned by its players— but what does this mean?
To make this clear, here are our thoughts on progressive decentralization, the Axie Community Treasury, and an updated roadmap for community governance.
— Axie Infinity🦇🔊 (@AxieInfinity) March 24, 2022
At present, AXS is used to power the Play-to-Earn program (20% of issuance) and to pay staking rewards for staking.
The implementation of the initiative will allow AXS holders to submit proposals for game improvements and vote on various changes.
The plan envisages transferring community control of the treasury, which has amassed around $1 billion. It collects trading fees (4.25% of every NFT sale). A portion of funds raised through Axie breeding also flows into it. The process will be staged (increasing decentralisation).
The ultimate aim is fully autonomous project governance. Users will collectively be able to alter the tokenomics, use the treasury to invest in new initiatives, or to boost staking rewards.
An additional driver of AXS’s growth could be the Origins update expected by the end of March. The will improve graphics, gameplay design and storylines.
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!
— Philip La (@philipla) March 22, 2022
According to CoinGecko, Axie Infinity’s market capitalisation surpassed $5.57 billion. In the last week the token rose 42.5%, and in the past year more than 1,800%.
In January, Sky Mavis released the governance token RON for the Axie Infinity NFT sidechain.
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