Axie Infinity's market cap exploded this week following parent company Sky Maven's announcement of AXS staking, a new DEX, and an airdrop for early adopters. At the time of this writing, Axie has added $5 billion to its market cap in 7 days.
Axie Infinity (AXS) ($9 billion market cap) is the most popular play-to-earn NFT game. Players mint NFT monsters and fight them against other players, similar to Pokemon. Players also earn crypto through the game, and there is a thriving market for trading in-game assets.
Investors can now stake AXS and earn rewards, with individual investors and crypto companies taking part. Yield Guild Games announced it has staked over $16 million, and the total amount locked into Axie staking is over $1 billion. Sky Maven also announced an upcoming decentralized exchange (DEX) for the Axie ecosystem.
Adding fuel to the fire, Sky Maven airdropped over $60 million in AXS to early adopters. Anyone who interacted with the Axie ecosystem before October 26, 2020 is eligible to receive free AXS.