Axie Infinity’s governance token AXS surged about 209% this month, briefly topping $2.71 after co-founder Jeffrey “Jihoz” Zirlin outlined a plan to convert AXS rewards into a bonded token called bAXS, intended to be used for staking and in-game spending and to reduce sell pressure by keeping value in the ecosystem (stated here).
The proposal would back bAXS one-to-one with AXS and add a reputation-based selling fee, charging lower fees to users with higher Axie scores, while aiming for broader supply changes planned in 2026 (describing the change).
Community reaction was largely supportive, with influencer Adrian saying “This sounds really solid for the Axie ecosystem. I am looking forward to it.” (wrote this). Analyst Kevihaiceth called it an “interesting move to integrate reputation into selling mechanics.” (called it here).
Price action has diverged from the wider crypto market, with AXS retreating to about $2.40 after the peak while trading volume exceeded $700 million in a day. Meanwhile, Bitcoin fell below $90,000 and Ethereum slipped under $3,000 amid large market losses.
AXS remains down nearly 60% over the past year and about 98% below its $165 November 2021 high, and the token’s path will depend on the speed of the bAXS rollout and whether reputation-linked rules change in-game behavior (Ed. note: the project says structural supply changes are planned for 2026).
