Axie Infinity (AXS) Rallies Past $30 On BlockFi Support, Staking Plans
Popular gaming token Axie Infinity (AXS) rallied over the past 24 hours after introducing land staking rewards, while crypto lender BlockFi also added support for the token.
AXS jumped nearly 20% to $34.56, recovering sharply from a near one-year low hit earlier in the week. The token was the best performing metaverse currency in the past 24 hours.
The sharp gains likely indicate a turning point for AXS after it lost over 50% of its value on a crippling $600 million hack in late-March. The game also appears to be struggling with a falling player count.
Axie had earlier this week introduced rewards for staking virtual land in its game, in a bid to attract more players and push up AXS prices. The move appears to be successful so far.
BlockFi now supports AXS, 13 other tokens
In a blog post, crypto lender BlockFi said non-U.S. users will now be able to trade and earn interest on AXS and 13 other popular tokens. The move is effective from May 4.
The list also includes other popular metaverse tokens such as The Sandbox (SAND) and Decentraland (MANA), along with crypto stalwarts Terra (LUNA) and Binance Coin (BNB).
All of the mentioned tokens marked strong gains on Thursday, after the move. BlockFi is among the largest crypto lenders, with over 500,000 retail accounts- all of which will now have access to AXS and its peers.
Axie Infinity introduces land staking rewards
The popular play-to-earn game said it is introducing land staking rewards to promote owning its virtual land, as well as improve its governance.
The move also comes as players responded to a delay in the game’s land features by putting their virtual plots for sale, driving land prices down significantly. Still, the land staking is temporary, with rewards set to transition to active gameplay after the land update is released.
The game now plans to roll out more programs to incentivize community participation
- ‘Great Progress’: Cardano Founder Shares Update After CLARITY Act Roundtable
- Jerome Powell Signals No Rush to Cut Rates, Bitcoin Falls
- FOMC Meeting: Fed Makes First Rate Cut of the Year, Lowers Rates by 25 Bps
- “Beyond a Centralized Exchange” Bitget CEO Unpacks Universal Exchange Vision on 7-Year Anniversary
- Breaking: CME Group to Launch Solana and XRP Futures Options as Institutional Demand Grows
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
- Solana Price Set for a 25% Jump as Open Interest Nears a $20 Billion Milestone
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
