Blockchain technology is currently disrupting the global gaming industry, so advancements in the cryptocurrency industry know no bounds. In the cryptocurrency world, the past year has seen the introduction of a number of novel protocols aimed at incentivizing online gamers. While different protocols use different models in their Play-to-Earn product offerings, Axie Infinity has one of the most long-term.
Axie Infinity is a Pokémon-inspired game in which anyone can earn tokens by playing skillfully and contributing to the ecosystem. Users can collect, breed, and battle in-game pets known as Axies on the platform, which is built on the Ethereum blockchain. Axie Infinity has earned over 13,000 ETH so far and is currently ranked as the best Ethereum-based game in terms of daily, weekly, and monthly active users.
The Axie Infinity world is powered by the Axie Infinity native token, AXS, which players earn as a reward for their gaming actions that keep the ecosystem running. Smooth Love Potions (SLP) are used to breed Axies, and while the Axie Infinity protocol does not sell this token, there are ways to earn it in game.
Axie Infinity is well-structured, with a strong utility associated with its native AXS governance token. AXS’s price has increased by more than 61,000% in the ten months since its launch, reaching an All-Time High (ATH) of $82.36 earlier this month. The popularity and performance of the token demonstrate its potential to usher in a new GameFi ecosystem.
Identifying a Trend: Phemex on the Rise
Phemex, as an innovation-driven cryptocurrency exchange, is acutely aware of opportunities in the crypto-backed Play-to-Earn ecosystem. Phemex has recognized Axie Infinity’s pioneering efforts and will list the AXS token for trading on its trading platform.
According to the exchange, the listing will take place during the platform’s well-known Grab-a-Coin event. Users can win up to $73,000 in AXS rewards through a Gleam campaign that runs from August 27th to September 3rd. Traders who do not have a Phemex account can also register to participate during this campaign period. To win rewards, users will need to deposit AXS tokens and complete a predefined set of actions.
Following Phemex on all of its social media pages, including Telegram, TikTok, Twitter, and YouTube, and answering the important question, “How did you find out about this campaign?” are required to participate and qualify to win AXS. Other terms used in the Phemex exchange that prospective participants should be aware of
For the AXS/USDT listing campaign, there are three prize Ppools. In the first pool, 300 participants will be chosen at random to share $3000, with each winner receiving $10.
The second prize pool is reserved for users who made the most AXS deposits during the campaign period. A total of $50,000 has been set aside to be distributed according to a predetermined formula. The third prize pool will reward participants with the highest AXS spot trading volume, with the first place winner receiving $8,000, the second place winner receiving $5,000, the third place winner receiving $2,000, the fourth to sixth place winners receiving $1,000 each, and the seventh to tenth place winners receiving $500 each.
The competition is intended to be fair to all competitors. The prize pools will be distributed on October 1st, with the winners announced on September 10th.
Phemex exchange will support more projects like Axie Infinity in the near future to support GameFi and the play-to-earn niche in the crypto-ecosystem.