Gaming-Based Crypto Rallies 20% As Bitcoin, Ethereum, And Dogecoin Remain Muted
By Benzinga
AXS (CRYPTO: AXS), the native token behind Axie Infinity, has rallied over 20%, as the play-to-earn blockchain platform declares decentralization of the project.
What Happened: Axie said on Monday that a group of over 700 influential community members have come together to shape the future of Axie Infinity.
At the time of writing, AXS was trading at $8.36, making it the 50th largest cryptocurrency with a market cap of nearly $812 million, as per CoinMarketCap.
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The team in a blog post declared that they are striving to reach a situation where "invested" community participants have the ability to decide how to resource the Axie Infinity ecosystem.
The Lunacian: Axie Contributor Initiative Kickoff! https://t.co/Yjs9njT5Rv
— Axie Infinity | #AxieOrigins (@AxieInfinity) December 5, 2022
The project is still in the early stages of decentralization. “As progress is made on the decentralization continuum, actions like council formation, resource allocation, on-chain voting, and treasury activation will be unlocked,” the blog post said.
The primary aim is to entrust the collective to foster self-governance. Therefore, a team of core community members of Axie Infinity, the "town builders," was created in May.
Price Action: Apex crypto Bitcoin (CRYPTO: BTC) traded lower on Monday evening at $17,043.42, down $1.19%. Ethereum (CRYPTO: ETH) was at $1,265, down 1.11% and Dogecoin (CRYPTO: DOGE) was down by 2% in the past 24 hours.
