Axie Infinity Generated More Revenue Than Bitcoin Or Ethereum In July
Crypto Briefing | Aug 05, 2021 02:02AM ET
Axie Infinity's explosive rise in popularity has seen the protocol break all records in July. A groundbreaking month of July saw Axie Infinity earn more revenue than Bitcoin, Binance Smart Chain, Uniswap, or even Ethereum. The heavily mediatized price rise of Axie Infinity has seen the blockchain game climb up the rankings of revenue-generating crypto protocols. According to Token Terminal, Axie Infinity is the single highest-earning protocol for July.
Axie Infinity claims that top spot ahead of entire blockchains such as Ethereum, Binance Smart Chain, and Bitcoin. The game also generated more revenue than decentralized exchanges Uniswap, Pancakeswap, or lending protocol Aave. In July, Axie Infinity saw more than $200 million in revenue. Annualized, this would suggest Axie Infinity has the potential to see more than $2 billion in revenue during the coming year.
Axie is also the first NFT product ahead of CryptoPunks, ArtBlocks, or NBA Top Shot in terms of the trading volume. Most impressively, AXS trading represented more than four times the volume of CryptoPunks, who have seen an impressive revival in the last few weeks.
The number of daily active players is also fast approaching one million, as gamers from countries like the Philippines continue to next steps in terms of game development. A new version of PvP battles is coming in the next update.
The new update will also introduce a territory system where players can fight to defend their territory or attack their opponents.
The play-to-earn movement continues as the rise in AXS, Axie Infinity’s governance token also led to a rise in the price of small love potions (SLP), the in-game currency players receive after successful battles.
Original Post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.