Airdrops have become the cryptocurrency ecosystem'due south equivalent of stimulus checks over the by couple of years and further proof of this can exist evidenced from popular protocols, similar Uniswap and dYdX, that rewarded their early adopters with token drops that are now worth $30,000 to $ii meg.

The latest protocol to surprise its userbase with a wallet fattening airdrop was Axie Infinity (AXS), a blockchain-based battle game that has risen in prominence over the course of 2022 as users cover its play-to-earn (P2E) gaming model.

Information from Cointelegraph Markets Pro and TradingView shows that since bounding off a low of $47.92 on Sept. 21, the price of AXS has stormed upward 145% to establish a new record high at $118.00 as its 24-hour trading book surged from $421 million to $1.95 billion.

AXS/USDT 4-hour chart. Source: TradingView

Three reasons for the recent surge in AXS price over the by ii weeks are the introduction of staking features for the AXS token, the release of a community airdrop to early adopters and the increasing popularity of play-to-earn gaming protocols.

AXS launches staking

The growth of decentralized finance in 2022 has shone a spotlight on the ability of crypto holders to put their tokens to work and earn a yield through providing liquidity or staking.

In an try to capture some of this momentum, also as improve the overall tokenomics of the AXS token, the squad at Axie Infinity announced the launch of staking capabilities on Sept. 30. This excited members of the community, and to appointment, holders take already staked well-nigh nine.8 one thousand thousand AXS in just two days.

AXS staking dashboard. Source: Axie Infinity

And it'south not but your average crypto user getting in on the staking action, as recent tweets testify other gaming platforms in the crypto ecosystem, including Yield Guild Games, have announced that they are at present staking their AXS holdings as a way to assist increase the value of their corresponding ecosystems.

Axie Infinity is currently offering an APR of 240% for stakers with the rewards coming from a dedicated pool of 78.iii million AXS tokens that have been set bated by the squad.

AXS airdrops tokens to early adopters

A second reason for the spike in price and activity for AXS was this week's community airdrop, which rewarded users who engaged with the protocol prior to October 26, 2022.

According to the team, x,000 wallets were selected based on a snapshot that was taken on Oct. 26 to receive a share of the 800,000 AXS airdrop, depending on the wallet'southward level of activity.

The more active users like the pseudonymous Twitter user 'Chill' received larger allocations that are now worth nearly $500,000, while less agile accounts received smaller allocations that are nonetheless still meaning in terms of dollar value, specially in the more economically disadvantaged parts of the globe where many Axie Infinity players reside.

Related: NFT trading game Axie Infinity launches AXS staking program

The rising popularity of play-to-earn gaming

Another reason for the recent growth seen in Axie Infinity is the force of the P2E gaming model, which many analysts say will be the breakout sector in 2022.

Axie Infinity kicked off the P2E rally earlier in the year and this momentum translated to an uptick in other P2E protocols, like Illuvium (ILV), Chain Guardians (CGG) and MyNeighborAlice (ALICE).

Top 5 gaming protocols past the 90-twenty-four hours change in USD price. Source: Messari

The P2E gaming sector of the crypto ecosystem has been gaining momentum in recent months as users begin to find the benefits of playing a game that rewards participation, every bit opposed to the dominant gratis-to-play model which offers in-game purchases but leaves users with lilliputian to testify afterward months of gameplay and investment.

According to data from Cointelegraph Markets Pro, market conditions for AXS have been favorable for some fourth dimension.

VORTECS™ Score (light-green) vs. AXS price. Source: Cointelegraph Markets Pro

As seen in the nautical chart above, the VORTECS™ Score for AXS climbed into the dark green zone on Sept. 26 and reached a high of 87 around 35 hours earlier its price began to increase by 55% over the adjacent 3 days.

The NewsQuake™ service from Cointelegraph Markets Pro registered two significant news announcements prior to the toll rise: a listing proclamation from Bitstamp exchange and the team'southward announcement that AXS staking had launched.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.