#AXS 🚨 AXS (Axie Infinity) Major Negative Developments in Recent Months

Based on market dynamics over the past 3 months (October 2025 to January 2026), the main negatives are as follows:

1. Exchange Liquidity Contraction

- Binance Delists Contracts: In November 2025, Binance announced the delisting of AXS/USD perpetual contracts, directly reducing derivatives trading liquidity and decreasing short-term speculative interest.
- Coinbase Removes Trading Pairs: In December 2025, Coinbase removed AXS-EUR and AXS-USDT trading pairs, further narrowing AXS fiat trading channels, with 24-hour trading volume dropping by 34.67%, and liquidity risk significantly increasing.

2. Ecosystem and Economic Model Negative Factors

- SLP Rewards Removed: In January 2026, the project announced the permanent removal of SLP rewards in Axie Infinity Origins mode to combat bot farming. This move directly weakened the core appeal of "play-to-earn," causing some yield-dependent players to exit and causing a short-term impact on ecosystem activity.
- Staking Rewards Halved: In July 2025, daily AXS staking rewards were reduced by 35%, an effect that persisted into Q4, leading to decreased staking attractiveness. Some long-term holders chose to unlock and exit, increasing selling pressure.
- Low User Activity: On-chain data shows active wallets have decreased by 96% from the 2022 peak, with only about 99,000 remaining. The ecosystem lacks new user support, and the sustainability of the economic model is questioned by the market.

3. Market and Token Structure Risks

- Concentration of Holdings: The top 100 addresses hold 41% of the supply, up from 35%, indicating increased concentration among large holders. Large-scale sell-offs could trigger price crashes.
- Industry Downturn: The GameFi sector's overall funding plummeted by 73% in Q2 2025, with industry enthusiasm cooling. As an established project, AXS is also struggling to remain unaffected.