DeutschAxie Infinity is one of the most well-known play-to-earn games in crypto history. In 2021, the game reached its peak with over two million daily players, made headlines in March 2022 due to one of the biggest crypto hacks of all time, and has changed significantly since then. In this article, you will learn what Axie Infinity is all about, how the game works, what role the AXS and SLP tokens play, and where the project stands today.
What is Axie Infinity
Axie Infinity is a blockchain-based online game, released in 2018 by the Vietnamese studio Sky Mavis, based in Ho Chi Minh City. The game uses Non-Fungible Tokens (NFTs) to represent so-called Axies (virtual creatures). These can be collected, bred, traded, and pitted against each other by users. Each creature is unique through its NFT and stored on the blockchain with an individual “genetic code.”
The game principle is inspired by classics like Pokémon and Tamagotchi. Axie Infinity is considered a pioneer of the play-to-earn model – a game mechanic where players can earn crypto tokens through active gameplay, which can then be converted into fiat money. It was the first blockchain game to exceed the one billion US dollar trading volume mark.
Today, the platform no longer runs directly on the Ethereum blockchain, but on the Ronin Chain developed by Sky Mavis – an Ethereum sidechain that enables faster and cheaper transactions. The ecosystem has two cryptocurrencies: the governance token AXS and the in-game reward SLP. Both will be explained in detail in the following sections.
Axie Infinity Gameplay: Collect, Battle, Breed Axies
To get started with Axie Infinity, you need at least three Axies, which are purchased through the official marketplace. Each Axie is an NFT with a unique “genetic code” that determines its appearance and abilities.
The gameplay is turn-based and reminiscent of Pokémon: you send your Axies into battles against other players (PvP) or against computer-controlled opponents (PvE). There are six official classes (Beast, Bug, Bird, Reptile, Plant, Aquatic) as well as three rare classes (Dusk, Dawn, Mech). Each class has specific advantages and disadvantages against other classes in combat.
For victories and completed daily tasks, players receive SLP (Smooth Love Potion) as a reward. Axies can also be bred to create new creatures – with each Axie being used for breeding a maximum of seven times. Each creature consists of six body parts, the combination of which determines the outcome of new breeds. Rare combinations fetch correspondingly high prices on the marketplace.
In addition to Axies, you can also acquire virtual land and items in the game. These are also NFTs on the Ronin blockchain.
Axie Infinity Tokens: AXS and SLP Explained
Axie Infinity uses two native cryptocurrencies that fulfill different functions within the ecosystem.
Axie Infinity Shards (AXS) is the game’s governance token. Holders can participate in votes and thus influence further development. AXS is limited to a total supply of 270 million units. Additionally, AXS is required for breeding new Axies and can be staked to receive passive rewards. The AXS price reached its all-time high of around 165 US dollars in November 2021. In 2026, the AXS price is approximately 99 percent below its former all-time high.
Smooth Love Potion (SLP) is the in-game currency. Players earn SLP by winning battles and completing daily tasks. SLP is consumed for breeding Axies and is thus firmly integrated into the game economy. Unlike AXS, SLP is not limited in quantity – which in the past led to strong token inflation and a massive price drop. Sky Mavis has therefore repeatedly reduced SLP payouts to stabilize the ecosystem.
You can buy both tokens on the largest crypto exchanges.
Ronin Blockchain: From Ethereum to its own Sidechain
Originally, Axie Infinity ran entirely on the Ethereum blockchain. However, with rapid growth in 2020 and 2021, Ethereum transaction fees and long confirmation times became an obstacle – many players could barely afford the gas fees for trades and breeding.
Sky Mavis responded by introducing Ronin, a self-developed Ethereum sidechain specifically optimized for Axie Infinity. The transition occurred gradually starting in 2020 and enabled significantly faster and cheaper transactions. Ronin is secured by a validator set consisting of selected partners from the crypto and NFT scene.
For players, this means: Anyone who wants to play Axie Infinity needs a Ronin Wallet (as a browser extension or mobile app), into which Ethereum-based tokens must first be bridged. Axies, SLP, AXS, and other in-game assets are managed via the Ronin Wallet.
Meanwhile, Ronin has evolved beyond Axie Infinity into an independent gaming blockchain and hosts other crypto games and projects.
The Scholarship Model: Axies in the Philippines as a Source of Income
During the peak of the hype in 2021, Axie Infinity became a global phenomenon, gaining economic significance particularly in emerging countries. Since the entry cost of three Axies temporarily amounted to several hundred US dollars, the game was not easily accessible for many interested parties in countries like the Philippines, Venezuela, or Brazil.
In response, so-called Scholarships emerged: wealthier players or specialized guilds – primarily from the USA and Europe – bought Axies and lent them to players without starting capital. The Scholars played several hours daily, earned SLP tokens, and gave an agreed share (typically 30 to 50 percent) to the Axie owner.
Especially in the Philippines, Axie Infinity temporarily became the main source of income for many families during the COVID-19 lockdowns. It was not uncommon for entire households to play in shifts to earn SLP daily. In individual cases, monthly earnings exceeded the local average wage.
However, this model collapsed when SLP prices plummeted from late 2021 and Axie entry prices became unattainable. Many Scholars lost their source of income within a few months. The phenomenon is now considered a striking example of the opportunities and risks of play-to-earn models: high dependence on token prices, lack of security, and the fragility of purely speculative game economies.
Axie Infinity Ronin Hack 2022
In March 2022, one of the biggest crypto hacks of all time occurred, with Axie Infinity at its center. Attackers stole crypto assets worth approximately 620 million US dollars (173,600 ETH and 25.5 million USDC) from the Ronin Bridge. US authorities later attributed the attack to the North Korean hacking group Lazarus.
The attack succeeded because Ronin at that time had only nine validators, of which five were sufficient to approve a transaction. The attackers gained access to four Sky Mavis validators and another belonging to a partner DAO – thus obtaining the necessary majority. Particularly problematic: The hack remained undetected for about six days and was only noticed when a user could not process a withdrawal.
Sky Mavis subsequently raised 150 million US dollars through a financing round – led by Binance – to compensate affected users. The Ronin Bridge was paused for several months, the validator set was significantly expanded, and the security architecture was revised.
A portion of the stolen funds was recovered over the following years – about ten percent according to official figures. However, the majority of the sum remains lost. To this day, the hack is considered one of the most severe breaches of trust in the blockchain gaming industry and marked a clear turning point in Axie Infinity’s history.
Axie Infinity Today: Status 2026
Player numbers in 2026 are significantly below the peaks of the hype phase. While Axie Infinity recorded over two million daily players in summer 2021, the active community today is in the range of a few tens of thousands of daily users.
Sky Mavis has strategically restructured the original play-to-earn model since 2023. Co-founder Aleksander Leonard Larsen announced a shift to a “Play-and-Earn” approach – the focus is to return to fun gameplay, with the monetary component taking a backseat. In practice, this means significantly reduced SLP payouts, adjusted reward mechanics, and new game modes.
The development studio is also working on several new titles within the Axie universe, including Axie Infinity: Origins (turn-based card game, now the main version) and Axie Infinity: Atia’s Legacy, an MMO project that is in beta phase in 2026. The classic version of the game is expected to be discontinued in mid-2026 to bundle resources on the new titles.
In January 2026, Sky Mavis also implemented a profound tokenomics reform: The bAXS (Bonded AXS) token was introduced – a non-transferable in-game token backed 1:1 by AXS. At the same time, SLP emissions in Origins mode were stopped, reducing daily token inflation by over 30 percent. The goal of the reform: curb bot farming, reward real players, and bind AXS within the ecosystem.
Ronin has simultaneously established itself as an independent gaming blockchain and now hosts dozens of other crypto games – the infrastructure around Axie Infinity has thus outlived the game itself and is significantly more stable operationally than player numbers might suggest.
Conclusion: What you should know about Axie Infinity
Axie Infinity is emblematic of the rise and weaknesses of the play-to-earn model. While the game attracted millions of users in 2021 and temporarily created real sources of income, the collapse of token prices, structural problems in the game economy, and the Ronin hack clearly demonstrated the dependence on speculative markets.
Today, the project is undergoing a clear reorientation: with the shift towards a “Play-and-Earn” approach, revised tokenomics, and new game concepts, Sky Mavis is trying to put the focus back on gameplay fun rather than short-term profits. In parallel, the Ronin blockchain has established itself as an independent infrastructure, which supports the long-term relevance of the ecosystem.
Whether Axie Infinity will achieve a sustainable comeback primarily depends on its ability to build a stable game economy and permanently retain players – regardless of token incentives. The project thus remains an exciting case study for the future of blockchain gaming, balancing innovation, speculation, and genuine utility.
