Axie Infinity creator Sky Mavis to stake 11.4 million AXS

on Oct 11, 2022
  • AXS is the native governance token of the Axie Infinity ecosystem.
  • Sky Mavis will stake 11,475,000 AXS tokens currently on its balance sheet.
  • AXS price has dropped nearly 5% in the past 24 hours and by more than 20% in the past 30 days.

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Sky Mavis, the developer of play-to-earn game Axie Infinity (AXS/USD), has announced its staking over 11 million AXS tokens.

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In a tweeted statement shared on Tuesday, Sky Mavis noted that its balance sheet currently holds 11,475,000 AXS tokens. The company plans to stake these tokens as a marker to its “long-term commitment” to the P2E game’s ecosystem.

The firm said:

“Per the original AXS vesting plan, Sky Mavis, Ltd. has been receiving scheduled allocations of AXS.  Some of this AXS has been granted to Sky Mavis team members with a 4 year vesting schedule. The remaining 11,475,000 AXS has been held by the organization since they were acquired, and none have been sold on the open market.”

The Axie Infinity game

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Axie Infinity is a major force in the blockchain gaming space, topping the charts into 2022 as user numbers exploded amid broader adoption across the board. However, it took a hit following the hack on the Ronin Network bridge that saw over $625 million stolen.

According to DappRadar, Axie Infinity, which hit all-time NFT sales of over $4 billion earlier this years, remains the top game in terms of volume, seeing over $188 million in the past 30 days. However, its user numbers have fallen by more than 48% in that period to see it currently sit as the 6th leading blockchain game, with 30-day users at around 229,000.

Sky Mavis believes staking the AXS is a crucial step towards aligning players and developers. The team tweeted:

“Staking this AXS represents our strong alignment with a new type of social contract, one where players and developers work and build together through aligned incentives.”

The AXS token currently trades around $11.67, nearly 5% down in the past 24 hours and more than 20% down over the past 30 days.


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