AXS reaches $ 10 million in market cap, is the fever back?

• The Ethereum-based AXS (ETH) protocol token is launched on Binance Launchpad and receives $ 10 million in market capitalization.
• Delphi Ventures invests $ 159,000 in the AXS protocol with the purchase of 5 axes for over 470 ETH.

Over the past week, Bitcoin and Ethereum have had a performance that has made investors very optimistic. The DeFi sector followed, but its rally appears to have gone unnoticed. Over the past week, Total Value Locked (TVL) in DeFi protocols is near its all-time high at $ 12.30 billion, as shown by the Defipulse data.

Pet Source: https://defipulse.com/

As the chart shows, the DeFi sector rebounded after falling from its all-time high in late October. One of the protocols that has received investor attention is Axie Infinity and its Axie Infinity Shards (AXS) governance token. Since its launch on Binance Launchpad, the protocol has received more than $ 10,000,000 in market capitalization.

As shown by the CoinGecko data, AXS trades at $ 0.13, at the time of publication. The token has had 0.3% gains in the past 24 hours and is showing an increase. Despite this, its market cap fell to $ 7,402,713 with a last 24 hour trading volume of $ 2,797,232.

Source: https://www.coingecko.com/en/coins/axie-infinity

Ethereum-based NFT boom

Delphi Digital has released an entire report justifying their investment in Axie Infinity and setting out the reasons why they feel optimistic about non-fungible tokens (NFTs). However, they claim their investment has been studied for years. The company has been researching the protocol since 2018.

The protocol allows users to play by collecting digital pets. The AXS token allows the community to operate and manage the protocol. Additionally, it will allow users to earn rewards for participating in the “Axie universe”. Delphi Digital stated in its report:

Delphi Ventures has invested in Axie Infinity’s upcoming governance token (which we played a major role in the design).

[On October 28th] our team bought 5 Axies for 473.5 ETH worth ~ $ 159k at that time. Recent market moves may have pushed some to the sidelines, but we’ve seen the recent turmoil as an opportunity.

An opportunity to spend a lot of money on digital battle pets. While this may seem like a confusing impulse buy at first glance, spurred by the recent hype around NFTs, it’s actually a purchase we’ve been patiently waiting to make since we started Delphi.