What is Axie Infinity (AXS)?
Axie Infinity (AXS) is the governance token of Axie Infinity, a blockchain game developed by the Vietnam-based studio Sky Mavis. Sky Mavis launched Axie Infinity in 2018, and players collect digital creatures called Axies to battle, breed, and complete in-game activities.
Axie Infinity's AXS token stands for Axie Infinity Shards. Axie Infinity became widely known in 2021 as one of the best-recognized examples of the play-to-earn model in blockchain gaming.
What is AXS used for?
Governance is the central role of AXS. AXS holders can vote on proposals that shape the direction of the Axie Infinity ecosystem, which differs from traditional games where developers make all decisions on their own.
AXS can be staked to earn additional AXS, and AXS is used for payments in parts of the ecosystem such as marketplace activity and Axie breeding. In early 2026 Sky Mavis announced a plan to shift gameplay rewards to bAXS, an account-bound app token, so the exact scope of AXS functions can change based on studio policy and community decisions.
Which blockchain does Axie Infinity use, and what is the AXS supply?
Axie Infinity originally ran on Ethereum, but its main activity moved to Ronin, a chain built by Sky Mavis to reduce fees and improve transaction speed. Ronin has been pursuing a plan since 2025 to transition into an Ethereum layer 2, and Axies and in-game items exist as NFTs traded on a dedicated marketplace.
Alongside the AXS governance token, the Axie Infinity ecosystem includes SLP (Smooth Love Potion), a token earned through gameplay, with the two serving different purposes. AXS has a total supply capped at 270 million tokens according to the project whitepaper, allocated across a community treasury, staking rewards, and team and early investor portions that unlock gradually over time.
What are the strengths and risks of Axie Infinity?
Axie Infinity's strengths include an early track record of attracting a large user base in blockchain gaming, in-house infrastructure such as the Ronin chain and marketplace, and a governance structure that lets AXS holders vote on how the project develops.
Demand for game-linked tokens such as AXS depends heavily on active players and gameplay appeal, which makes activity volatile. Security incidents remain a risk, as shown by the March 2022 Ronin bridge exploit, and changes to the reward design as well as regulatory shifts affecting games and digital assets in different countries may also have an impact.
