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Axie Infinity Had a Big Week

Axie Infinity's market cap exploded this week following an announcement of AXS staking, a new DEX, and an airdrop for early adopters.

graph showing AXS market cap increase from $4 billion to $9 billion in 7 days
7-day market cap growth of AXS. Source: CoinMarketCap

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.

Axie monster
Screenshot: $300k Axie monster currently for sale

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.