A popular play-to-earn metaverse altcoin built on Ethereum is seeing significant gains after project developers revealed plans for community governance.
In a new blog post, Axie Infinity (AXS) highlights the game’s tremendous growth over the past year and announces long-term plans to implement what it calls “progressive decentralization” to empower the community.
“Players deserve ownership of their in-game assets as well as the universes they spend their precious time in.
In this model, game players, designers, engineers and creators work collectively under a set of aligned responsibilities and incentives.
We think the world is long overdue for an approach that blurs the historic lines between builders and players: empowering all to create, grow, refine, champion, and benefit from the efforts of the collective.”
The project also shares that its treasury has raised $1.7 billion in assets, which over time will be unlocked in a progressive manner for all holders of the AXS token.
Axie explains the purpose of the staggered timetable,
“We define progressive decentralization as the deliberate, stepwise process we will undergo to enable active partnership/ownership with an increasingly broad set of community members.
We believe that unlocking this pool of capital before the community ecosystem is prepared will likely result in inadvertent long-term harm to our above-stated vision for Axie Infinity.”
The Axie treasury currently contains 21,879,512 AXS tokens with a value of $1.54 billion, as well as 56,032.7 Wrapped Ethereum (wETH) worth $174 million.
Axie says that the decentralization process will involve three phases: product-market fit, growth stage and lastly community governance and ownership.
News of the plans sent Axie Infinity surging 23.9% from $59.34 to a high of $73.55. AXS is trading at $69.27 at time of writing.
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Featured Image: Shutterstock/FCNut1992/Natalia Siiatovskaia