Axie Infinity creator Sky Mavis to stake 11.4 million AXS

Sky Mavis, the developer of play-to-earn game Axie Infinity (AXS/USD), has announced its staking over 11 million AXS tokens.

In a tweeted statement shared on Tuesday, Sky Mavis noted that its balance sheet currently holds 11,475,000 AXS tokens. The company plans to stake these tokens as a marker to its “long-term commitment” to the P2E game’s ecosystem.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

The firm said:

“Per the original AXS vesting plan, Sky Mavis, Ltd. has been receiving scheduled allocations of AXS.  Some of this AXS has been granted to Sky Mavis team members with a 4 year vesting schedule. The remaining 11,475,000 AXS has been held by the organization since they were acquired, and none have been sold on the open market.”

The Axie Infinity game

Axie Infinity is a major force in the blockchain gaming space, topping the charts into 2022 as user numbers exploded amid broader adoption across the board. However, it took a hit following the hack on the Ronin Network bridge that saw over $625 million stolen.

According to DappRadar, Axie Infinity, which hit all-time NFT sales of over $4 billion earlier this years, remains the top game in terms of volume, seeing over $188 million in the past 30 days. However, its user numbers have fallen by more than 48% in that period to see it currently sit as the 6^th leading blockchain game, with 30-day users at around 229,000.

Sky Mavis believes staking the AXS is a crucial step towards aligning players and developers. The team tweeted:

“Staking this AXS represents our strong alignment with a new type of social contract, one where players and developers work and build together through aligned incentives.”

The AXS token currently trades around $11.67, nearly 5% down in the past 24 hours and more than 20% down over the past 30 days.