Axie Trends Toward Infinity

Axie Infinity has increasingly captured the attention of the crypto world. In fact, Axie Infinity has generated more revenue than Bitcoin in the trailing 30D, at ~$52m and ~$42m, respectively, according to data from Token Terminal. At the end of June, we released a deep dive into Axie’s recent growth. The two-part report explored Axie’s accelerating adoption and the fundamentals driving it, in Part 1 and Part 2. We recommend giving these a read first for a more thorough understanding of the ecosystem and topics detailed below. 

In this post, we’ll analyze key, fundamental metrics and how they’ve changed since our last post two weeks ago. Additionally, we’ve updated our forward-looking assumptions. Our projections were intentionally conservative, but the recent growth requires some upward adjustments.

Our previous post tracked data up to June 28th so the table above shows growth since then. The amount of ETH in the treasury is a function of Marketplace volume while AXS in the treasury comes from breeding.

Despite the price of AXS rising ~4.5x over the past two weeks, its P/E ratio has remained flat as earnings have kept up with price appreciation. 

Marketplace revenue continu