Axie Infinity

Axie Infinity is a blockchain-based game in which players collect, breed, and battle digital creatures called Axies, each represented as a non-fungible token. AXS is the governance token for that game universe, giving holders a say in decisions about how the game evolves, a function that traditional games reserve entirely for their developers. The token is aimed at players and community members who want a formal stake in shaping the rules and direction of the game.

AXS exists primarily on the Ethereum blockchain and is also present within the BNB Chain and Harmony ecosystems, as well as on Ronin, a sidechain built specifically for Axie Infinity. Within the system, token holders can stake AXS to earn additional AXS and can submit or vote on governance proposals that guide the game's development. No consensus algorithm is stored for this asset, so no further mechanical detail about block production can be provided here.

The protocol generated 138,482 USD in fees over the trailing 30 days and 1,549,615 USD over the trailing 12 months, with those fees coming from activity within the Axie Infinity ecosystem such as marketplace transactions paid by players. Of the trailing-30-day fees, 134,691 USD was retained as protocol revenue, reflecting a take rate of 97.26 percent over that period, meaning the protocol keeps the large majority of what it collects while 3,791 USD went to supply-side participants over the same 30 days. Annualizing from the trailing 30 days produces a fees figure of 1,684,864 USD and a revenue figure of 1,638,741 USD, against which the market capitalization of 184,438,385 USD implies a market-cap-to-fees ratio of roughly 110.9 and a market-cap-to-revenue ratio of roughly 114.0.