Why Axie Infinity Was Blasting Higher This Week
There wasn't much memorable action in many cryptocurrencies this week, but Axie Infinity (CRYPTO: AXS) was an exception. The crypto, which anchors the non-fungible token (NFT)-based video game ecosystem of the same name, was up nearly 16% week to date as of Friday morning before market open, according to data compiled by S&P Global Market Intelligence.
Axie's ascent started on Sunday, with the catalyst being an announcement from the blockchain's developers. In it, they provided an update on their plans to decentralize their ecosystem, detailing steps they are currently taking and will take in the coming weeks and months. This paints a much sharper picture than the relatively vaguer plans the team shared earlier this year.
Chiefly, these measures include the elevation of "invested" members of the Axie community to decision-making roles, and the establishment of "councils," for various aspects of the blockchain's governance. They also include on-chain voting and treasury functions. All of these will occur "As progress is made on the decentralization continuum," in the team's rather flowery language.
Source Fool.com
