AXS · a capped game token down to a fading staking-reward tail.
AXS is the governance and staking token of Axie Infinity, issued on Ronin and bridged to Ethereum — ~173.89M circulating against a fixed 270M cap. The old vesting schedule has run out; the only new supply now is the last of a staking-reward allocation that shrinks every nine days.
Sell pressure. A fading staking-reward tail adding about 1.53M AXS over 90 days. No vesting left and no scheduled treasury release.
Buy pressure. None. AXS has no buyback and no burn — nothing actively removes supply.
Net. About 0.9% to market over the next 90 days — supply still growing, but the growth is decelerating fast.
Axie Infinity's only live source of new AXS is the tail of its staking-reward allocation, which is about 95% distributed. The reward curve now declines 5% every 9 days, so the trailing window's ~4.54M of fresh AXS is decelerating toward roughly 1.53M projected into the float over the next 90 days. There is no fixed emission and no mint above the 270M hard cap.
The original 65-month unlock schedule from the public sale has reached its end — the published per-cliff vesting calendar ran through late 2025 and is concluded, so AXS shows as fully unlocked. No scheduled unlock cliff falls inside the window.
The roughly 23M AXS Community Treasury, run by the Axie Infinity Foundation and deployed only by quarterly governance votes, plus the Sky Mavis and Ecosystem Fund allocations inside the roughly 96M gap between circulating and the 270M cap, are the standing team-controlled overhangs. None has a deployment dated inside the window. Monitored.
No bankruptcy estate or court-ordered distribution applies to AXS.
Axie Infinity runs no AXS buyback programme. Protocol revenue flows to the Community Treasury for governance to allocate, not to an automated open-market buy of AXS.
AXS has no burn mechanism. The token that gets burned in the game economy is SLP, a separate reward token consumed by breeding sinks — AXS itself is never destroyed, so nothing is removed from supply here.
There is no discretionary open-market AXS purchase programme. The Foundation holds and deploys treasury AXS rather than buying more from the market. Monitored.
Bonded AXS — bAXS, backed one-to-one and non-transferable — holds AXS off the free float for breeding and staking, and more than 60% of supply now sits in staking plus bonding contracts. That is standing bonding rather than a new disclosed lockup fired inside the window, so nothing is booked as an offset here. Monitored.
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