Disclosure: Delphi Ventures has invested in AXS. Members of our team also hold AXS and Axie NFTs. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only, and you should not make decisions based solely on it. This is not investment advice.

Key Takeaways:

  • Despite the price of AXS rising ~4.5x since our last post on June 30th, its P/E ratio (7.66) has remained mostly flat as earnings have kept up with price appreciation. For context, two weeks ago, fee revenue was just beginning to reach $1m per day. On July 11th, we saw daily inflows break above $6m.
  • Over the past two weeks, daily active users have grown by ~252k equating to a 95% increase. Breeding fees have started to become the primary revenue driver as breeders rush to satisfy demand from new players.
  • All breeding and marketplace fees accrue to the treasury, which now holds an impressive $60m. When staking goes live later in the year, distributions from the treasury to stakers are expected to start taking place.
  • With strong player growth leading to high demand for Axies, there has been a significant increase in Axie floor prices, across all types, over the past two weeks. Since June 28th, the overall Axie floor rose from 0.066 ETH to 0.16 ETH (+246%), MEO 2 from 0.22 ETH to 0.

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