legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Axie Infinity to Airdrop New Token: What Players Need to Know

New Game Token Announcement

The popular monster-battling blockchain game, Axie Infinity, is set to introduce a brand new game token named bonded AXS (bAXS). This exciting development was officially announced by developer Sky Mavis on Tuesday. Eligible players will receive an airdrop of the new token based on a snapshot taken on February 5, marking a significant milestone in the Axie Infinity ecosystem.

Airdrop Details and Eligibility Criteria

The planned airdrop will consist of 100,000 bAXS tokens, each one specifically backed at a 1:1 ratio with the existing AXS token. To qualify for this airdrop, players must have staked a minimum of 10 AXS tokens, equivalent to roughly $16.90 in the current market. Among those who meet this threshold, players’ Axie Scores and the total amount of staked AXS will determine their individual allocations of the bAXS tokens. This layered approach ensures a fair distribution among dedicated players while rewarding their contributions to the ecosystem.

Functionality of bAXS in Game Mechanics

Once launched, bAXS will function identically to the original AXS token, allowing users to evolve and breed their Axie monsters. Players will also be able to utilize bAXS in the secondary marketplace to trade assets. More importantly, the new bonded token is designed to encourage and incentivize its use within Axie Infinity’s economy, fostering a vibrant in-game marketplace.

Insights from Sky Mavis

Jeffrey Zirlin, co-founder of Sky Mavis, discussed these developments with Decrypt. He noted that a significant portion of current AXS spending occurs through the Axie core system, which necessitates players to invest additional AXS for upgrades to their Axie body parts.

“For instance, every time I want to enhance my Axie’s capabilities, I need to expend AXS tokens,” Zirlin stated. “With further development of utility for these upgrades—what we refer to as part evolution—we anticipate a rising need for bAXS within the ecosystem. Projects like Atia’s Legacy and the upcoming Terrariums are expected to spark this demand.”

The Terrariums and Future Distribution

Apart from the initial airdrop, bAXS will also be given to participants in the game’s upcoming land-based project, Terrariums.

"Terrariums can be visualized as the fundamental environment for Axie Core, a space where Axies can thrive, grow, and participate in activities like mini-games, expeditions, and guilds," an official description elaborates.

With the launch of the Terrarium system, Zirlin believes that spending using both AXS and bAXS will see an upswing. He shared his thoughts on how both tokens will be utilized:

“AXS, alongside bAXS, will gain new functionalities within the Terrarium environment, such as purchasing consumable power-ups for both Axies and Terrariums,” he explained to Decrypt.

The release of the land game is anticipated in Q2, following the launch of bAXS and two airdrops, with further details on the second airdrop yet to be announced.

Market Recent Developments

The introduction of this new bonded token comes during a tumultuous period for Axie Infinity’s existing AXS token. The token saw a staggering 57% increase over the last month, trading around $1.55 currently. However, it has witnessed a 35% decline over the past week after soaring to a peak of $2.92 in late January.

Despite this recent surge, the token remains down approximately 99% from its all-time high of $164.90, established back in 2021, when Axie Infinity reached over 1 million daily active players at its height.

The Future of Axie Infinity

Axie Infinity, functioning on the Ronin network—an Ethereum scaling solution designed for gaming—plans to broaden its horizons even further with the launch of Axie Infinity: Atia’s Legacy, a new massively multiplayer online (MMO) game first disclosed last year.

Why AI legalese decoder Can Help

As developments unfold within the Axie Infinity ecosystem, it’s crucial for players to navigate the legalities surrounding game tokens, their distribution, and usage. This is where the AI legalese decoder can prove invaluable. It simplifies complex legal jargon, making it easier for players to understand contracts, terms of service, and any blockchain-related regulations.

By using AI legalese decoder, players can stay informed about their rights and responsibilities within the gaming world. Whether it’s interpreting the guidelines for staking AXS or understanding the implications of staking and earning bAXS, this tool ensures players are equipped with the knowledge they need to make informed decisions in a fast-evolving digital landscape.

legal-document-to-plain-english-translator/”>Try Free Now: Legalese tool without registration

Find a LOCAL lawyer

Reference link