AXS (Axie Infinity Shards) is the ERC-20 governance token of Axie Infinity, the creature-battling game made by Sky Mavis, and its total supply can never exceed 270,000,000. Two changes in 2026 matter most to holders. Game rewards no longer pay out in AXS or SLP; they pay in bAXS, a non-transferable token backed 1:1 by AXS. And on 13 May 2026 Ronin, the network the game runs on, confirmed it had become a Layer 2 on Ethereum. AXS cannot be mined; new tokens are released on a fixed unlock schedule.
Latest developments (as of 24 October 2026)
- 24 October 2026: Terrariums, the game's land mode, started its first limited-time event, Halloween 2026. It runs until 7 November. Axies with Nightmare parts earn extra Atia's Flame, the mode's in-game score. (Axie blog)
- 14 October 2026: The Axie Vibeathon, a contest to build Axie games with AI tools, received 91 playable games in Round 1. The Top 8 have until 7 November to submit final versions. The showcase is on 12 November and the prize pool is 20,000 bAXS. In the same update, the team said the next Atia's Legacy playtest is coming "soon", with no date. It also said Axie Classic IP is moving to the Axie Foundation, pending remaining legal steps. (Axie blog)
- 2 October 2026: Ronin Waypoint wallets (social-login, keyless MPC wallets) are being shut down. The post told users to move their assets by 16 October and warned that assets left behind "may become inaccessible". bAXS and badges had to be moved separately, through Axie's own migration page, and that can be done only once. (Axie blog)
- 30 September 2026: Season 19 of Origins, the main card-battle mode, started. It runs to 25 November. The Top 2,000 players share an 80,000 bAXS prize pool, and a separate Collectible Chest pool holds 10,000 bAXS. S19 is the third season that pays rewards in bAXS instead of AXS or SLP. (Axie blog)
What AXS does
According to the Axie Infinity whitepaper, AXS holders can:
- vote on key governance decisions;
- stake their tokens to claim rewards;
- earn AXS by playing games and through user-generated content programmes.
The whitepaper says the Axie Community Treasury was designed to be "under the direct influence of all holders" of AXS. It lists possible future uses: adding to staking rewards, burning AXS and refilling depleted programmes. These are stated intentions, not a fixed rulebook. AXS was first issued in November 2020 on Ethereum.
Supply and allocation
The whitepaper caps total supply at 270,000,000 AXS. It splits the supply as follows:
| Allocation | Share of total supply |
|---|---|
| Staking rewards | 29% |
| Sky Mavis | 21% |
| Play and Earn | 20% |
| Public sale | 11% |
| Ecosystem fund | 8% |
| Advisors | 7% |
| Private sale | 4% |
The whitepaper says tokens unlock on a predetermined schedule lasting 65 months from the public sale. It also says Play and Earn and Ecosystem Fund tokens are not issued just because they have unlocked; they wait until the game is ready for a growth phase. Circulating supply and market value change daily, so a live market-data page is the place to check them.
bAXS: the 2026 reward reform
The biggest change to how AXS reaches players came in early 2026.
- SLP rewards in Origins ended. BitPinas reported on 6 January 2026 that Sky Mavis would stop issuing SLP (Smooth Love Potion) rewards in Origins from 7 January. The stated reason was automated bot farming. A Sky Mavis growth lead was quoted as saying that "SLP extraction at this scale is harmful to the long-term health of the Axie ecosystem."
- AXS rewards were replaced by bAXS. Blockchain Gamer reported in January 2026 that co-founder Jeff Zirlin had announced bAXS ("bonded AXS") on X as the replacement for AXS rewards.
Axie's Season 19 post describes how bAXS works today:
- It is backed 1:1 by AXS.
- It cannot be transferred between accounts.
- It is used for breeding, ascending, evolving and staking.
- Converting bAXS to AXS costs a Treasury fee that depends on the player's Axie Score; players with a higher reputation pay less.
In practice, rewards earned in the game can no longer be sold straight away, and players who extract value pay a fee to the Treasury. Sky Mavis has presented this as protection against bots and multi-accounting. Whether it supports demand for AXS over time is not yet clear.
What changed for AXS holders in 2026
Step through the dated 2026 changes to rewards, wallets and the Ronin network, and the deadlines still ahead.
- 7 January 2026SLP rewards in Origins enddone
BitPinas reported that Sky Mavis would stop issuing SLP rewards in Origins from 7 January, citing automated bot farming.
- January 2026bAXS replaces AXS rewardsdone
Blockchain Gamer reported that co-founder Jeff Zirlin announced bAXS on X. It is backed 1:1 by AXS and cannot be transferred, and converting it to AXS costs a Treasury fee that depends on Axie Score.
- 13 May 2026Ronin becomes an Ethereum Layer 2done
Ronin's blog said the network is now a Layer 2 on Ethereum, built on the OP Stack. It reported no change to tokens such as AXS and no action required from their holders. The Block had reported 12 May as the planned switch date.
- 30 September 2026Origins Season 19 startsdone
It is the third season paying rewards in bAXS. The Top 2,000 players share 80,000 bAXS, and a separate Collectible Chest pool holds 10,000 bAXS.
- 16 October 2026Waypoint wallet migration deadlinedone
Users were told to move assets out of Ronin Waypoint wallets by this date, with a warning that assets left behind may become inaccessible. bAXS and badges had to be moved through Axie's own migration page, and only once.
- 7 November 2026Terrariums Halloween event and Vibeathon finals closeexpected
The Halloween 2026 event, which started on 24 October, runs until this date. The Vibeathon Top 8 must submit final versions by the same day.
- 12 November 2026Vibeathon showcaseexpected
The showcase for the AI game-building contest, with a 20,000 bAXS prize pool.
- 25 November 2026Origins Season 19 endsexpected
The last day of the current bAXS-paying season.
- No dateNext Atia's Legacy playtestuncertain
The team said the playtest is coming soon but gave no date. Atia's Legacy has no public launch date.
This lists only the dated changes reported in the article: it does not show AXS price, circulating supply or unlock amounts, and it cannot tell you whether a past deadline affected your own wallet.
Ronin: from sidechain to Ethereum Layer 2
Sky Mavis built Ronin as an Ethereum sidechain for Axie Infinity. The network launched in 2021 with Axie as its only game. On 13 May 2026, Ronin's blog announced: "Ronin is now a Layer 2 on Ethereum", built on the OP Stack. The infrastructure company Conduit led the migration. Ronin also said yearly RON emissions would fall from 45 million to 5 million, which it put at about 1.2% inflation per year. It added that there would be "no change" to tokens such as AXS and "no action required" from their holders. (Ronin blog)
The Block had earlier reported the planned switch date as 12 May 2026, with about 10 hours of downtime.
The 2022 bridge hack
Ronin's history explains much of the focus on security. In March 2022, an attacker took control of five of Ronin's nine validators and drained the bridge between Ronin and Ethereum. The loss was more than 173,600 ETH and 25.5 million USDC, which TechCrunch put at about $625 million at the time. In April 2022, US officials linked the theft to North Korea's Lazarus Group.
Who is behind Axie Infinity
Sky Mavis was founded in early 2018 and is based in Ho Chi Minh City, Vietnam. The whitepaper lists five co-founders:
- Trung Thanh Nguyen (CEO)
- Aleksander Leonard Larsen (COO)
- Tu Doan (art director and game designer)
- Andy Ho (CTO)
- Jeffrey Zirlin (growth lead)
Risks to weigh
- Reward and token rules change often. SLP, AXS rewards and wallet types have all been changed or removed within the last year.
- bAXS conversion fees depend on your Axie Score, so what in-game earnings are worth depends on rules set by the developer.
- Wallet shutdowns can lock out users who miss a deadline, as the Waypoint notice warned.
- Bridge and network risk is real. The 2022 hack is the clearest example. The move to a Layer 2 changes the security model, but it does not remove risk.
- New products have no release dates. Atia's Legacy has no public launch date.
