Axie Infinity (CRYPTO: AXS) has skyrocketed over a whopping 115% over a week.
What Happened: The token of the blockchain-based game which allows users to collect, breed, battle and trade tokenized creatures called “axies” soared 116.11% over a week.
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At press time, over 24 hours, AXS traded 7.26% higher at $17.81. Against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), AXS traded 5.43% and 5.28% higher, respectively.
In the early hours of Monday, AXS was the top trending cryptocurrency on CoinGecko and also featured among trending names on CoinMarketCap.
Why It Matters: Last Weekend, Axie Infinity co-founder Jeffrey Jiho Zirlin claimed on Twitter that the project generated more revenue than Metamask, Pancakeswap (CRYPTO: CAKE), MakerDAO (CRYPTO: MKR) and Curve (CRYPTO: CRV) combined.
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The Axie co-founder said that the chief sources of revenue were breeding fees as well as 4.24% of NFT volume from the project’s marketplace.
“Axie is still a pretty basic product and has many upgrades coming over the next 9 months,” said Jiho Zirlin.
Notably, Small Love Potion (CRYPTO: SLP) a token in the Axie Infinity ecosystem, which can be used as a currency to breed Axies also skyrocketed this week, rising 79.96%. Over 24-hours SLP is up 18.08% to $0.28.
A Twitter user noted that SLP farming is “more lucrative” than salaries that fresh graduates receive in Malaysia.
At current prices, $SLP farming is even more lucrative than fresh grads salaries in Malaysia
200 SLP @ 0.2 = $40 a day
(Takes 2 – 8 hours)
$40 * 5 * 4 = $800 a month = RM3,200
— Darren Lau (@Darrenlautf) July 7, 2021
Overall growth and adoption of Axie Infinity are driving up SLP with new users flocking to the protocol since it migrated to the Ronin sidechain of the Ethereum network in May, reported Cointelegraph.
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Photo Courtesy: Axie Infinity