of Axie Infinity (AXS) its founding company, Sky Mavis, has added 11,475,000 AXS on its balance sheet to “consolidate its long-term commitment to the Axie Infinity ecosystem.” your altcoin He said he would stake.
Axie Infinity Founder Company Wants To Prove Its Loyalty By Staking A Large Amount Of AXS Tokens
“Statting this AXS represents our strong alignment with a new type of social contract where players and developers work and build together through concerted incentives,” the company added in its official statement on Twitter.
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To reinforce our long term commitment to the Axie Infinity ecosystem, Sky Mavis, Ltd. will be staking 11,475,000 AXS which currently sits on its balance sheet.
— Sky Mavis (@SkyMavisHQ) October 11, 2022
Sky Mavis was best known as the developer of the play-to-earn game Axie Infinity, which had a huge rise in popularity in 2021 before dropping in the new year as the value of in-game token rewards declined.
As Axie co-founder Jeffrey Zirlin recently stated in The Scoop, the game announced that it was moving away from the play-to-earn model to encourage users to buy more than just tokens from the game.
According to the data, this move could lead to a bloat in the currently staked pool of 43 million AXS tokens.
As a result, this could mean lower annual return (APR) for existing Axie Infinity stakers. At the time of this writing, 42 million AXS tokens worth approximately $491 million can be staked with an annual token return rate of 43%.
“I don’t see how that indicates a long-term commitment when Sky Mavis can buy back its shares at any time,” said Thomas Bialek, an NFT analyst.
*Not investment advice.
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