AXS, the native token of Axie Infinity, a blockchain-based game in which players purchase fantasy creatures called Axies and then pit them against each other in battles, suddenly gained 25% in about an hour.
At the time of publication, AXS was up 26.32% at $8.51. The crypto token was likewise demonstrating gains of 27.65% over the past seven days.
The price jump also coincides with an increase in trading volumes, with traders taking advantage of the recent volatility to capture profits.
AXS has also moved up in the crypto market rankings and is now the 50th largest cryptocurrency with a market capitalization of $813 million. The Axie Infinity community is delighted after a recent positive announcement by the blockchain-based game.
As shared by "Artic," an Axie Infinity missionary, "Today, a group of over 600 dedicated and impactful community members have been gathered together to help shape the future of Axie Infinity."
Axie Infinity decentralization in progress
Earlier this year, the Axie Infinity team revealed how it intended to progressively decentralize Axie Infinity.
The team stated its plans to actively work toward an end-state in which "invested" community members — that is, those with effort or meaningful contributions — would be responsible for making resourcing decisions around the Axie Infinity ecosystem.
Today, a group of over 600 dedicated and impactful community members have been gathered together to help shape the future of @AxieInfinity.— Artic 🦇🔊 (@Axie44) December 5, 2022
It's been an honor to play a role in this early process. I'm looking forward to being part of whatever comes next! Let's keep building 🛠️ https://t.co/8KfZCl4oiz
Axie Infinity explains its steady progress with its plans in a blog post. In May, the Axie Infinity "Town Builders," a collective of well-established community members, was established. In October, Syntax and Akhil were elected as Town Builders by the founding Town Builder team.
Today, it announced that it has chosen 700 community members to join the inaugural pilot "season" of the Axie Contributors, who would partake in a newly created "Governance" section on Axie Infinity's Discord.