SushiSwap Rewards Axie Infinity's Liquidity ProvidersFebruary 9, 2021
- SushiSwap has added rewards for liquidity providers under the trading pair WETH-AXS.
- This offer is connected to the crypto trading game Axie Infinity.
- The trading pair now has a trading volume of nearly $1 million.
SushiSwap is now rewarding Axie Infinity users who provide liquidity to the WETH-AXS pair on the trading platform.
Axie LPs Can Now Earn SUSHI
Axie Infinity is a non-fungible token (NFT) game where users trade collectibles styled after the amphibian axolotl. In addition to NFTs, the platform also has a governance token, AXS.
Liquidity providers (LP) who support the WETH-AXS pair on SushiSwap can now earn SUSHI as reward. Since the reward scheme went live, the liquidity of the WETH-AXS pair has risen significantly. Prior to this, the trading pair had less than $5,000 in liquidity. Now, it has nearly $1 million in liquidity.
Apart from earning 0.25% trading fees, LPs will also earn SushiSwap’s native governance token SUSHI at a rate of 140% APY.
Axie Infinity has attracted the attention of behemoths like Ubisoft and Binance. Recently, the team has managed to sell nine plots of land for this game for a staggering sum of 888.25 ETH ($1.5 million).
Meanwhile, SushiSwap has witnessed a 1,000% increase in liquidity and a 3,000% increase in market value over three months. It has also launched a vault with an APY of over 300%.
Discolsure: At the time of writing, this author held Ethereum (ETH).
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