Sky Mavis juices bAXS Apptoken with $135,000 non-dilutive airdrop
Is blockchain gaming finally growing up?
That would be the hopeful conclusion to draw from the news that Sky Mavis has launched a new token within Axie Infinity that limits holders’ behavior.
For, up to this point, the vast majority of blockchain tokens have been fully decentralized, meaning holders can do whatever they like with them. Unfortunately, this meant that, despite game and app designers designing complex economies, the easiest thing to do with any token has been to sell it.
This is why the vast majority of blockchain tokens, especially gaming tokens, have seen their prices trend towards zero.
The launch of bAXS – called bonded AXS – demonstrates new thinking.
Based on Limit Break’s Apptoken ERC-20C standard, which provides controls over how tokens are used, the price of bAXS is pegged to the price of the original AXS token. It can also be used in exactly the same way as AXS within the wider Axie ecosystem.
- Stake bAXS to earn AXS
- Stake bAXS to vote
- Pay for axie breeding fees
- Pay for axie ascensions and evolutions
- Forge new materials
- Restore Atia’s Blessing streaks
- Mint Runes and Charms
- Buy a Codex Pass
However, the one thing you can’t do is take your bAXS outside of the Axie ecosystem.
It’s not supported by any exchanges, so the only way to remove it from the game is to exchange it for the fully liquid AXS token. And this exchange is taxed.
The exact tax rate depends on the token holder’s Axie Score, which is based on metrics such as NFT holdings, treasury and community contributions, and in-game performance.
The highest score will see holders paying a 17.5% tax rate, increasing to a steep 85% for the lowest score, with the taxed bAXS going into the Axie treasury.
In this way, Sky Mavis can now be more generous in terms of rewarding players with bAXS, knowing that extractive players can’t dump their tokens and hence impact the AXS price.
That generosity is something it’s keen to demonstrate too, with a 100,000 bAXS airdrop for wallets with 10 AXS or more staked tokens currently being rolled out.
Get all the details about bAXS here.
