Axie Infinity is one of the largest decentralized play-to-earn (P2E) games on the Ethereum blockchain. It was developed by the Vietnamese game studio Sky Mavis and released in March 2018. Axie Infinity is a blockchain-based online video game inspired by Pokemon and Tamagotchi. The game features virtual pets called Axies that can be collected, bred, and used for battles against each other. Axies, like several other in-game assets such as land plots and abilities, exist as non-fungible tokens (NFTs). As a result, they can be freely traded between players in the market. Players also participate in real-time Axie battles, with each unique Axie based on Ethereum's ERC-721 non-fungible token standard. In Axie Infinity, players can earn two tokens: Axie Infinity Shards (AXS) and Smooth Love Potion (SLP). AXS tokens can be staked for rewards and used to purchase in-game assets like Axies and land plots. AXS is also used to govern the Axie Infinity platform through a decentralized autonomous organization (DAO) called Axie DAO. Meanwhile, SLP is used in-game for breeding Axies and can also be traded on cryptocurrency exchanges. AXS token holders can also lock tokens with the platform through the game's staking dashboard to earn staking rewards. There are nearly 30 million AXS staked, and the estimated annual percentage rate (APR) of 61 percent.