Cryptocurrency News

Axie Infinity’s AXS Soars Following the Announcement of Native Decentralized Exchange

By October 4, 2021 No Comments

Key takeaways:

  • Axie Infinity will launch a decentralized exchange (DEX) service with trading functionality limited to crypto-assets within the Axie Infinity ecosystem
  • The blockchain gaming industry is booming, as the play-to-earn model is attracting a rapidly growing number of players
  • AXS is the best performing crypto asset of the year, up 250x since January 1, 2021

The massively popular blockchain gaming company, Axie Infinity has announced on Friday that it is launching a decentralized exchange (DEX). The new DEX service will provide exclusive trading functionality limited to digital currencies that exist in Axie’s ecosystem.

According to a growth lead at Axie Infinity, Jeff Zirlin, the company decided it is time to offer native trading options. “People want to acquire and use their tokens from the same place without having to use a bridge constantly,” Zirlin explained in a recent episode of The Scoop podcast.

Blockchain gaming is booming, AXS is leading the charge

Axie Infinity belongs to a growing list of blockchain games that employ play-to-earn (P2E) mechanics to incentivize gamers with rewards for simply playing the game. In Axie Infinity’s world, players level up and send their fantasy creatures, called Axies, to battle. Players are also able to trade Axies amongst each other, and build different types of fantasy creatures with unique traits.

Splinterlands (SPS) is another gaming project that has attracted a massive amount of attention in the last few months. Splinterlands managed to achieve an impressive feat earlier in the month, becoming the most used decentralized application (DApp) on the market according to DappRadar.

In the days following the announcement of a DEX product made on October 1, AXS more than doubled in price, going from $74 to an all-time high value of $154, before retracing to $145 at the time of this writing. 

AXS rallied to a new ATH of $154 on October 4.

When looking at the most successful crypto projects of the year, Axie Infinity has managed to string together one of the most impressive 10-month periods in the history of the blockchain industry. AXS token is now up more than 25,000% YTD and shows no signs of slowing down.