What is AXS coin? Learn what AXS coin is in one minute

As the native cryptocurrency of Axie Infinity, AXS (Axie Infinity Shards) empowers players with governance, staking rewards, and in-game purchases, contributing to the game's play-to-earn success and industry prominence.

Oct 24, 2024 at 12:30 am

What is AXS Coin?

1. Definition:
   AXS (Axie Infinity Shards) is the native cryptocurrency of the Axie Infinity ecosystem, a play-to-earn blockchain-based game.
2. Origins:
   AXS was launched in 2020 alongside Axie Infinity, a game where players breed, battle, and trade digital pets called Axies.
3. Functionality:
   a. Governance: AXS holders can participate in governance decisions by voting on proposals for the game's development.
   b. Staking: Staking AXS earns rewards in the form of additional AXS and non-fungible tokens (NFTs).
   c. In-game currency: AXS is used to purchase Axies, items, and land in the Axie Infinity game.
4. Economic Model:
   AXS has a capped supply of 270 million coins. New AXS is created through a breeding mechanism within the game.
5. Use Cases:
   a. Gaming: AXS is used to purchase Axies, land, and items in the Axie Infinity game.
   b. Staking: Staking AXS generates passive income through rewards.
   c. Governance: AXS holders can influence the game's development by voting on proposals.
6. Market Performance:
   AXS has experienced significant price volatility since its launch. Its all-time high was $166.09 in November 2021.
7. Prominence in the Gaming Industry:
   Axie Infinity and AXS have gained popularity in the gaming industry for its innovative play-to-earn model. It has attracted a large player base and garnered significant attention from investors.