AXS token rises by 21,6% ahead of the transition to a decentralized governance model

Axie Infinity’s decentralized board will include 700 members to test the new project governance system

05.12.2022 - 13:30

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2 min

What’s new? The price of the AXS token of the Axie Infinity gaming project has risen by 21,6% in 24 hours. As of December 5, its price is $8,23, according to CoinGecko. The altcoin’s growth may be due to the project’s community initiative to form a decentralized ecosystem. Information about this has been published on the Axie Infinity page on the Substack platform.

Link to the page

What is Axie Infinity? It is a Play-to-Earn blockchain game in which users can earn money by selling, breeding fantasy creatures, and their battles with other players. Axie Infinity was developed in 2018 by the Vietnamese studio Sky Mavis. The game uses AXS and SLP tokens on the Ethereum blockchain. All creatures in Axie Infinity are NFT tokens.

What else is known? The decentralization initiative includes board formation, resource allocation, on-chain voting, and project treasury formation. The ultimate goal is to give the community the responsibility of guiding each other through self-organization, where participants will be responsible for making decisions about the future of the Axie Infinity ecosystem.

The project’s representatives have noted significant progress toward progressive decentralization. Nearly 700 participants are ready for the pilot launch and will soon receive a community acceptance letter, a role in Discord, and access to the newly created Governance section.

In April, Sky Mavis, the developer of the Axie Infinity game, launched a bounty program for detecting bugs in smart contracts. The company promised a $100 000 reward for finding “critical” vulnerabilities. For “low,” “medium” and “high” risk bugs, the rewards are $1 000, $5 000, and $50 000 respectively.

The bounty program was launched after the Ethereum-compatible Ronin network suffered a hacking attack that caused Sky Mavis to lose more than $625 million. The hacker managed to take over the validator nodes and withdraw 173 600 ETH and 25,5 million USDC.

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