Axie Infinity
Gaming · GameToken Transparency Filing
Project & Team
Description of Project
Provide a concise narrative that clearly states each of (a)–(e) below.
- (a) Problem the project solves — The problem the project is solving.
- (b) Operational priorities — Provide a high-level description of how the project expects to support ongoing development and operations over time.
- (c) High-level project overview — How the project works at a high level.
- (d) Primary token functions — The primary functions of the token (e.g. gov participation).
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
(a) Problem the project solves
Axie Infinity addresses the lack of verifiable player ownership over in-game assets in traditional gaming by building a universe of collectible creatures — called Axies — around a player-owned economy in which players can own, buy, sell, and trade in-game assets, with some experiences allowing players to earn resources with real monetary value.
(Source: Axie Infinity Whitepaper, AXS Strategic Sale)
(b) Operational priorities
Sky Mavis drives ongoing product development for Axie Infinity and maintains the Ronin sidechain infrastructure. Additional operational priorities include external builder support through the Sky Mavis Developer Portal, AXS token staking, and the staged transfer of Community Treasury administration to on-chain governance under the Axie Infinity Foundation, which Sky Mavis established in July 2025 and capitalized with Ecosystem Fund assets.
(Source: Team, Introducing: The Sky Mavis Developer Portal, Axie Governance, The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice)
(c) High-level project overview
Axie Infinity is a game universe built by Sky Mavis around collectible Axies (ERC-721 NFTs), interoperable digital assets, and a player-owned economy. The Ronin EVM sidechain handles game transactions and asset settlement. The Sky Mavis Developer Portal and Builders Program provide tooling for third-party games and applications within the ecosystem.
(Source: Axie Infinity Whitepaper, Team, Introducing: The Sky Mavis Developer Portal)
(d) Primary token functions
AXS is an ERC-20 governance token for the Axie Universe. AXS holders stake tokens to earn AXS rewards, participate in governance votes, and govern the Community Treasury. Players earn AXS through games and user-generated content initiatives. Staked AXS, combined with an Axie Score multiplier, determines voting power in on-chain governance.
(Source: Axie Infinity Shards — $AXS, Staking and Staking Rewards)
(e) Control surface reliance
Axie Infinity operates under a staged governance model. In the current iteration, staked AXS and Axie Score determine voting power, but only Sky Mavis can create proposals based on community feedback. The model is designed to shift progressively toward community control over time. The Axie Infinity Foundation, established July 2025, is tasked with executing community on-chain governance decisions and deploying Community Treasury assets only as directed by votes. As of the August 2025 governance announcement, the project was still exploring a DUNA-based legal structure (a Wyoming Decentralized Unincorporated Nonprofit Association) for the Foundation, which would enable the DAO to sign contracts, hold assets, and open bank accounts while providing liability protection.
(Source: Axie Governance, Decentralized Organization, The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice)
Known Project Team
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Full Name | Entity | Official Title | Prior Experience |
|---|---|---|---|
Trung Thanh Nguyen | Labs | CEO | Co-founded and served as CTO of Lozi.vn; worked at Trusting Social and Anduin Transactions; represented Vietnam at the ACM-ICPC World Final 2014. |
Aleksander Leonard Larsen | Labs | COO | Previously worked as a manager in the Norwegian public sector; served as a board member and secretary of the Blockchain Game Alliance; competitive gamer background. |
Andy Ho | Labs | CTO | Previously worked at Anduin Transactions; interned at Google and PayPal; attended the IOI 2010; represented Singapore at the ACM-ICPC World Final 2015. |
Jeffrey Zirlin | Labs | Growth Lead | Leads growth, community development, and token design; studied military and economic history at Yale. |
Blockworks note: The Axie Infinity Foundation was established in July 2025 but has not publicly disclosed officers, executive directors, or formal leadership roles. No foundation officer names are available in public sources.The Axie governance system does not have named on-chain leadership roles distinct from Sky Mavis's proposal-creation function and the community voter base. No separately titled DAO officers exist in the public record. (Source: Team) |
DAO Structure
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
- (a) IP ownership & control — State what IP the DAO owns or controls (e.g., codebases/repos, trademarks/brands). Note any license if relevant.
- (b) Contract/admin powers — List onchain or administrative authorities and limits: pause/upgrade roles (e.g., multisig pause), governance-executor authorities, and the method of authority for each (e.g., veto, majority, super-majority).
- (c) Locked-token rights (conditional) — If locking/staking for additional rights exists, explain the additional rights and what tokenholders can and cannot decide. If no locking mechanism exists, leave absent.
- (d) Value accrual & holder rights — If any, describe the current rights of tokenholders over revenue distribution and the treasury.
- (e) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism (e.g., onchain vote threshold, board resolution of a legal wrapper).
(a) IP ownership & control
The Axie Infinity DAO does not own or control the Axie Infinity IP, codebase, or trademarks. Sky Mavis Pte. Ltd. holds all registered trademarks for AXIE INFINITY, AXIE, SKY MAVIS, and RONIN with the USPTO, having filed multiple trademark applications beginning October 14, 2020. Sky Mavis retains IP enforcement authority: projects outside the Builders Program that exceed $10,000 USD in monthly revenue are required to contact Sky Mavis, and Sky Mavis reserves the right to require projects to cease using Axie Infinity IP if they negatively affect the ecosystem or community.
(Source: SKY MAVIS PTE. LTD Trademarks — Justia, Community Development and Builders Program)
(b) Contract/admin powers
The Axie governance system operates in stages. In the current stage, staked AXS and Axie Score determine voting power, and proposals can only be created by Sky Mavis based on community feedback. For Ronin bridge governance, Governing Validators vote on proposals including adding or removing validators, upgrading smart contracts, and changing bridge thresholds. Approval requires at least 70% Governing Validator support; rejection is triggered at 30% or more opposition; unresolved proposals close automatically after 14 days.
AIP-002 proposed an Axie Constitution for community governance over the Community Treasury but failed with 56.86% Yes votes (below the required 66% supermajority). AIP-003 passed with 99.96% Yes votes and applied a 10% per-Lunacian voting-power cap alongside a 66% YES-vote supermajority rule. AIP-004 proposed staking Treasury AXS and RON and was rejected with 48.75% Yes votes.
(Source: Axie Governance, Introducing the Axie Constitution and AIP-002!, The Ronin Bridge Is Open, Create and vote on proposals, Introducing AIP-003 and Voting Delegation!, AIP-004 is LIVE on App.axie!, Lunacian Homecoming)
(c) Locked-token rights (conditional)
Staking locks AXS, earns AXS rewards, and grants voting rights over the Community Treasury. Voting power is based on staked AXS plus an Axie Score multiplier. A user must have staked AXS to vote. bAXS — the bonded AXS token introduced in early 2026 — provides the same voting power as staked AXS at a 1:1 ratio when staked. bAXS cannot be transferred between wallets and is burned when used or converted; the difference between bAXS and AXS conversion values is sent to the Community Treasury.
(Source: Staking and Staking Rewards, Axie Governance, Axie Score, A new token is coming to Axie!, bAXS is LIVE!, Bonded AXS bAXS Guide)
(d) Value accrual & holder rights
All fees and revenue generated by Axie Infinity are placed in the Community Treasury, which is governed by AXS holders. Revenue sources directed to the Treasury include AXS breeding fees and a 4.25% Axie Marketplace fee on successful NFT asset sales. As of a 2022 marketplace-fee announcement, the Treasury had collected over 21,000,000 AXS and over 55,000 ETH. As of July 2025, the Treasury held approximately 23,000,000 AXS, 2,600 ETH, 75,000 RON, and 6,500 USDC. AIP-003 passed to stake Treasury ETH. AIP-004, which proposed staking Treasury AXS and RON, was rejected.
(Source: Future revenue streams, Marketplace Fee Adjustment, The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice, Lunacian Homecoming)
(e) Dissolution authority
No public documentation identifies a dissolution mechanism or authority for the Axie Infinity DAO.
Primary Foundation
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over DevCo — Explain whether the foundation can exert direct or indirect influence over decision-making of the DevCo.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
No foundation entity was directly involved in the issuance of AXS at launch. The Axie Infinity Foundation was established in July 2025, after the AXS TGE in November 2020.
The Axie Infinity Foundation is an independent non-profit entity established in July 2025. Its jurisdiction of incorporation has not been publicly confirmed. As of the August 8, 2025 governance announcement, Sky Mavis was still exploring a DUNA-based legal structure (Wyoming Decentralized Unincorporated Nonprofit Association) for the Foundation. No definitive jurisdiction or entity type has been disclosed.
(Source: The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice, Lunacian Homecoming)
(b) IP ownership & control
The Axie Infinity Foundation does not own or control any disclosed IP, codebase, or trademarks. All registered Axie Infinity IP is held by Sky Mavis Pte. Ltd.
(Source: SKY MAVIS PTE. LTD Trademarks — Justia)
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
The Foundation acts as a trustee and fiduciary bound by community on-chain governance votes. Its mandate is to execute community decisions — deploying Community Treasury assets only as directed by votes — not to exercise independent authority over treasury allocation, governance parameters, or token administration.
(Source: The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice, Lunacian Homecoming)
(d) Powers over DevCo
No public documentation defines whether or how the Axie Infinity Foundation can exert direct or indirect influence over Sky Mavis decision-making.
(e) Contract/admin powers
The Foundation's specific contract or administrative authorities — including any pause, upgrade, or governance-executor roles — have not been publicly disclosed.
(f) Current economic arrangements and distribution policies
Sky Mavis capitalized the Axie Infinity Foundation with assets from the Ecosystem Fund covering at least two years of operating expenses. A separate grant pool from the Ecosystem Fund was also established to fund community initiatives. No governance-approved mechanism exists by which the Foundation directs protocol revenue, treasury assets, or token distributions to its own equity holders or contributors beyond executing community-voted treasury deployments.
(Source: The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice)
Primary Dev Co
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the DevCo can exert direct or indirect influence over decision-making of the Foundation.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
Sky Mavis Pte. Ltd. is incorporated in Singapore. Its registered address is 10 Anson Road #22-15 International Plaza, Singapore 079903.
(Source: Sky Mavis Terms of Use, SKY MAVIS PRIVACY POLICY, Tracxn — Sky Mavis)
(b) IP ownership & control
Sky Mavis Pte. Ltd. owns all registered Axie Infinity trademarks, having filed AXIE INFINITY, AXIE, SKY MAVIS, and R RONIN trademarks with the USPTO beginning October 14, 2020. Sky Mavis has also publicly asserted copyright over Axie Infinity characters and game assets, including pursuing an alleged infringement claim against Sui-based game Seed Go in May 2025. Sky Mavis controls IP approval boundaries for the Builders Program: projects outside the program exceeding $10,000 USD in monthly revenue must contact Sky Mavis, and Sky Mavis may require a formal agreement or order cessation of IP use if a project harms the ecosystem.
(Source: SKY MAVIS PTE. LTD Trademarks — Justia, Sky Mavis alleges Seed Go infringes on Axie Infinity IP — Blockworks, Community Development and Builders Program)
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
Sky Mavis currently creates all governance proposals based on community feedback. In prior decentralization phases, Sky Mavis managed product development and the Ecosystem Fund. Sky Mavis capitalized the Foundation with Ecosystem Fund assets and continues to set staking reward parameters and ship governance-related code to App.axie. Sky Mavis representatives sit on the Axie Score committee.
(Source: Axie Governance, Decentralized Organization, The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice, You've received a new Axie Score!)
(d) Powers over Foundation
No public documentation defines whether Sky Mavis can exert direct or indirect influence over Axie Infinity Foundation decision-making.
(e) Contract/admin powers
Sky Mavis currently creates governance proposals in the on-chain governance system. Governing Validators — recruited and onboarded by Sky Mavis — vote on smart-contract upgrades and threshold changes, with approval at 70% and rejection at 30%. Ronin DPoS audit evidence confirms that proxy-admin authorities include setting gateway thresholds, pausing or unpausing contracts, replacing bridge operators, and adding, updating, or removing trusted organizations. Sky Mavis engineers ship governance-related formulas and code to App.axie.
(Source: Axie Governance, The Ronin Bridge Is Open, Roles, Create and vote on proposals, CertiK Audit for Ronin DPoS Contracts)
(f) Current economic arrangements and distribution policies
Sky Mavis received a 21% AXS allocation (56,700,000 tokens) under the original unlock schedule, with 10,800,000 tokens unlocked at TGE (Day 0) and 5,737,500 tokens released every six months beginning at Month 12, running through Month 54 — a total vest of approximately 4.5 years from the November 2020 TGE. Sky Mavis disclosed in October 2022 that it held 11,475,000 AXS on its balance sheet and announced it would stake that amount. Sky Mavis receives a 2% maintenance fee on Mavis Market transactions. Some revenue from Builder Program projects is directed to the Community Treasury rather than Sky Mavis. Sky Mavis capitalized the Foundation with Ecosystem Fund assets.
(Source: Allocations and Unlock schedule, Sky Mavis — Axie Whitepaper, Axie Infinity creator Sky Mavis to stake 11.4 million AXS — Invezz, Introducing: Mavis Market!, The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice)
Token Supply & Allocations
Initial Allocation
Disclose launch and initial supply details in a single initial allocation schedule covering the token's launch.
- (a) Launch supply totals — The total number of tokens issued at launch, the total number of tokens locked at launch or the total number of tokens unlocked at launch.
- (b) Recipient categories & use of funds — The recipient categories with brief explanations as to how the category will use the tokens so an auditor can distinguish each bucket.
- (c) Initial price per token (if applicable) — The initial price per token at TGE. If the token launched via a liquidity bootstrapping mechanism, auction, or other price-discovery process rather than a fixed offering price, describe that mechanism and the final market set price instead. If no fixed price was set, state so.
- (d) Ticker / market symbol — The ticker/market symbol.
- (e) Total supply & supply regime — The total supply and whether the supply is fixed (if not explain inflation rate or deflation rate).
- (f) Initial vesting / release schedules — The initial vesting/release schedules (identify which categories/recipients are subject to vesting and the high-level timing logic).
(a) Launch supply totals
The initial circulating supply at TGE was 59,985,000 AXS (22.22% of total supply). The unlock schedule runs 65 months from the November 2020 public sale. As of April 12, 2025, the unlock schedule is complete and all non-staking-rewards tokens are fully unlocked. The staking rewards allocation had one tranche of 1,300,000 AXS (0.48% of total supply) remaining as of mid-2025, with the final unlock occurring thereafter.
(b) Recipient categories & use of funds
- Recipient categories & use of funds: Play and Earn — 54,000,000 AXS (20% of supply). Gameplay issuance and player rewards.
- Recipient categories & use of funds: Staking Rewards — 78,300,000 AXS (29% of supply). Rewards for staking AXS.
- Recipient categories & use of funds: Ecosystem Fund — 21,600,000 AXS (8% of supply). Ecosystem support; managed by Sky Mavis in early phases, to be capitalized into Foundation.
- Recipient categories & use of funds: Sky Mavis — 56,700,000 AXS (21% of supply). DevCo allocation.
- Recipient categories & use of funds: Advisors — 18,900,000 AXS (7% of supply). Advisor allocation; recipients include Hashed, Delphi Digital, Edward Lee, Sébastien Borget, Binance.
- Recipient categories & use of funds: Public Sale (Binance Launchpad) — 29,700,000 AXS (11% of supply). Binance Launchpad IEO at $0.10/AXS; $2,970,000 total raised.
- Recipient categories & use of funds: Private Sale — 10,800,000 AXS (4% of supply). Strategic investor sale at $0.08/AXS; $864,000 raised.
(c) Initial price per token (if applicable)
The Binance Launchpad sale price was $0.10 USD per AXS. The private sale price was $0.08 USD per AXS (a 20% discount to the public sale price). No fixed offering price was set for the Ecosystem Fund or team allocations.
(d) Ticker / market symbol
The ticker is AXS.
(e) Total supply & supply regime
AXS has a maximum supply of 270,000,000 tokens, fixed by protocol.
(f) Initial vesting / release schedules
- Initial vesting / release schedules: Locked at TGE; issuance started Q1–Q2 2021
- Initial vesting / release schedules: Cliff-based releases over approximately 5.5 years; final tranche released by April 2025 per DropsTab
- Initial vesting / release schedules: Partially unlocked at TGE; remainder on multi-year schedule
- Initial vesting / release schedules: 10,800,000 unlocked at TGE (Day 0); 5,737,500 released every 6 months starting Month 12 through Month 54 (4.5-year total vest)
- Initial vesting / release schedules: 4,500,000 unlocked at TGE (Day 0); quarterly releases over 4 years with final tranches at Months 36 and 42
- Initial vesting / release schedules: Fully unlocked at TGE
- Initial vesting / release schedules: 2,160,000 (20%) unlocked at TGE; remaining 8,640,000 released quarterly over 2 years (Months 6, 12, 18, 24)
Blockworks note: AXS has a maximum supply of 270,000,000 tokens, fixed by protocol. The initial circulating supply at TGE was 59,985,000 AXS (22.22% of total supply). The unlock schedule runs 65 months from the November 2020 public sale. As of April 12, 2025, the unlock schedule is complete and all non-staking-rewards tokens are fully unlocked. The staking rewards allocation had one tranche of 1,300,000 AXS (0.48% of total supply) remaining as of mid-2025, with the final unlock occurring thereafter.
The ticker is AXS. The Binance Launchpad sale price was $0.10 USD per AXS. The private sale price was $0.08 USD per AXS (a 20% discount to the public sale price). No fixed offering price was set for the Ecosystem Fund or team allocations.
(Source: Allocations and Unlock schedule, Sky Mavis — Axie Whitepaper, Advisors — Axie Whitepaper, Private Sale — Axie Whitepaper, Axie Infinity (AXS) — Binance Research, Axie Infinity AXS Token Unlocks — DropsTab, Axie Infinity Shards — $AXS)
Airdrop Process
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
- (a) Planned but not yet executed airdrop — If the project has planned but not yet airdropped, commit to publishing a recipient wallet list in a public channel and provide it to Blockworks quarterly until the initial TGE airdrop is fully completed. Additionally, generally state the possible target user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (b) Executed airdrop — If the project has already airdropped, point to a per-address source such as CSV/TSV/JSON files, a Dune table, a full Merkle dump, GitHub repo files embedding per-address allocations, or RPC endpoints that expose claim/amount data; explorer links alone do not count. Additionally, clearly state covered user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (c) No airdrop planned or conducted — If the project does not plan to conduct an airdrop for TGE and has never conducted one, state so plainly (e.g., "We have never conducted an airdrop to date and do not plan to execute one").
-
Planned but not yet executed airdrop: In early 2026, Sky Mavis announced two planned bAXS airdrops. The first required at least 10 AXS staked before February 5, 2026 at 00:01 UTC and used a 100,000 bAXS pool, with allocation based on Axie Score and staked AXS amounts. The second bAXS airdrop was also announced to use Axie Score and staked AXS as allocation criteria.
No per-address recipient list for the 2026 bAXS airdrops has been identified in public sources.
(Source: A new token is coming to Axie!, bAXS is LIVE!)
-
Executed airdrop: Axie Infinity executed one airdrop before the AXS TGE. Sky Mavis distributed 800,000 AXS to approximately 10,000 founding community members whose Ronin wallets were captured in a snapshot taken on October 26, 2020. Snapshot criteria included Axies and land owned, marketplace activity, and battles won through the Axie application.
No per-address recipient list for the 2020 AXS airdrop has been identified in public sources.
(Source: AXS Staking is Live!, Sky Mavis Series B: Fueling the Play-to-Earn Revolution)
Transactions & Market Structures
Market Maker Agreements & Deals
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table:
- (a) Market maker's name — the market maker's name;
- (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply;
- (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable,
- (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model) without describing trading strategy or expected outcomes.
If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Blockworks note: No centralized market-maker agreement, token loan, named market-maker counterparty, or term has been publicly disclosed by Sky Mavis. The public record discloses only on-chain DEX liquidity incentives: Katana launched with AXS/ETH and SLP/ETH liquidity rewards funded from the RON supply, and later RON/AXS emissions were published with specific daily emission rates. These are programmatic protocol incentives, not bilateral market-maker agreements.
(Source: Katana: The Ronin Dex Is Live!, Rewards for the New RON Liquidity Pools Start Today!)
CEX / DEX Agreements & Deals
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table:
- (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair);
- (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply;
- (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable,
- (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership.
If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
- Exchange Name: Binance spot listing; AXS/USDT, AXS/BTC, AXS/BNB, AXS/BUSD pairs
- Token Allocation Committed: Not disclosed
- Term Duration: Not disclosed
- Native Token Listing Fees: Not disclosed; Binance is listed as a named advisor in the AXS whitepaper and received a share of the 7% advisor allocation
- Exchange Name: Katana DEX AXS/ETH pool
- Token Allocation Committed: 50% of initial two-pool RON liquidity rewards; LPs received 0.25% of trades using the pool; 0.05% of swaps went to the Ronin Treasury
- Term Duration: 90-day initial RON rewards program
- Native Token Listing Fees: None identified
- Exchange Name: Katana DEX AXS/RON pool
- Token Allocation Committed: Approximately 24,169 RON per day in RON/AXS emissions
- Term Duration: Full term duration not disclosed in public sources
- Native Token Listing Fees: None identified
- Exchange Name: Mavis Market NFT marketplace with Katana backend swaps for AXS, WETH, USDC, and RON
- Token Allocation Committed: —
- Term Duration: —
- Native Token Listing Fees: Sky Mavis receives a 2% maintenance fee; Ronin Treasury receives 0.5%; no native-token listing fee identified
Blockworks note: No private listing agreements, native-token listing fees, or bilateral term durations for centralized exchange listings have been publicly disclosed by Sky Mavis. The following exchange and DEX availability has been disclosed in official communications:
(Source: AXS Listed on Binance!, Advisors — Axie Whitepaper, Katana: The Ronin Dex Is Live!, Rewards for the New RON Liquidity Pools Start Today!, Introducing: Mavis Market!)
Financial Disclosures & Risks
Prior Token Sales & Fundraising
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide:
- (a) Series Name
- (b) Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.)
- (c) Date of sale (at least month & year)
- (d) Number of tokens sold (or % of total supply)
- (e) Vesting schedule
If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
- Series Name: Sky Mavis seed round. Led by Animoca Brands with participation from Hashed, Pangea Blockchain Fund, ConsenSys, and 500 Startups.
- Investment Vehicle: Instrument not identified in public sources.
- Date Of Sale: 2019-11
- Number of tokens sold: No tokens sold; equity round. Amount raised: $1,465,000 USD.
- Vesting Schedule: —
- Series Name: AXS private sale at $0.08/AXS (20% discount to public sale price).
- Date Of Sale: 2020 (mid-year, exact month not disclosed)
- Number of tokens sold: 10,800,000 AXS; 4% of total supply. Amount raised: $864,000 USD.
- Vesting Schedule: 2,160,000 (20%) unlocked at TGE; remaining 8,640,000 released quarterly over 24 months (Month 6, 12, 18, 24).
- Series Name: AXS strategic sale. Led by Delphi Digital.
- Date Of Sale: 2020-11
- Number of tokens sold: Tokens sold and per-token price not publicly disclosed. Amount raised: approximately $860,000 USD.
- Vesting Schedule: Not publicly disclosed.
- Series Name: Binance Launchpad IEO at $0.10/AXS.
- Date Of Sale: 2020-10 (TGE November 4, 2020)
- Number of tokens sold: 29,700,000 AXS; 11% of total supply. Amount raised: $2,970,000 USD.
- Vesting Schedule: Fully unlocked at TGE.
- Series Name: Sky Mavis Series A. Led by Libertus Capital with participation from Collab + Currency, Blocktower Capital, 500 Startups Vietnam, and Backed VC.
- Investment Vehicle: Instrument not identified.
- Date Of Sale: 2021-05
- Number of tokens sold: No tokens sold; equity round. Amount raised: $7,500,000 USD.
- Vesting Schedule: —
- Series Name: Sky Mavis Series B. Led by Andreessen Horowitz with participation from Accel, Paradigm, and others (21 investors total).
- Investment Vehicle: Instrument not identified.
- Date Of Sale: 2021-10
- Number of tokens sold: No tokens sold; equity round. Amount raised: $152,000,000 USD. Post-money valuation: $3,000,000,000 USD.
- Vesting Schedule: —
- Series Name: Emergency reimbursement financing round following the Ronin bridge exploit. Led by Binance with participation from Dialectic and others (6 investors total).
- Date Of Sale: 2022-04
- Number of tokens sold: No tokens sold; equity round. Amount raised: $150,000,000 USD.
- Vesting Schedule: —
Blockworks note: The following table covers all publicly disclosed Sky Mavis equity fundraising rounds and AXS token sales. Investment instruments were not disclosed for equity rounds; the public record identifies amounts and dates but not SAFEs, SAFTs, or equivalent instrument types for rounds prior to the AXS token sales.
(Source: Sky Mavis Raises ~$1.5M — Axie Infinity Medium, Private Sale — Axie Whitepaper, AXS Strategic Sale! — The Lunacian, Axie Infinity (AXS) — Binance Research, Vietnamese startup behind Axie Infinity raises $7.5m in Series A — AsiaTechDaily, Axie Infinity maker Sky Mavis raises $152m in Series B — AsiaTechDaily, Sky Mavis Raises $150M Led By Binance)
Previous Exploits Affecting The Native Token
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
- (a) Date & component affected — Date (YYYY-MM or YYYY-MM-DD), chain(s)/component affected.
- (b) Exploit vector summary — Plain-language summary of the exploit vector (what the hack was).
- (c) Quantified impact — Quantified impact (assets/tokens affected or a clear "no loss of funds" statement).
- (d) Remediation/response taken — Remediation/response taken (patches, upgrades, governance actions, compensation).
- (e) Current status — Current status (resolved, in litigation, under investigation, refunded, etc.).
- (f) References (optional) — References (optional): link(s) to post-mortem/advisory/PR.
(a) Date & component affected
2022-03; Ronin bridge and Ronin validator set
(b) Exploit vector summary
An attacker compromised five of nine Ronin validator private keys by exploiting one Sky Mavis employee, Sky Mavis IT infrastructure, and an unreverted Axie DAO gas-free RPC node allowlist. With five keys, the attacker produced fraudulent withdrawal signatures and drained the bridge.
(c) Quantified impact
173,600 ETH and 25,500,000 USDC drained from the Ronin bridge. The FBI attributed the attack to North Korea-based Lazarus Group. 56,000 wETH of the total belonged to the Axie DAO treasury.
(d) Remediation/response taken
Sky Mavis raised $150,000,000 in emergency financing (led by Binance) to reimburse affected users. The validator set was expanded toward 21 validators. Bridge smart contracts were redesigned and audited by Verichains and CertiK. Bug bounties up to $1,000,000 were introduced. The Ronin Bridge later migrated to Chainlink CCIP after validator approval.
(e) Current status
All user funds were made whole and backed 1:1 on the reopened bridge. The Axie DAO treasury portion remained undercollateralized pending recovery efforts; Sky Mavis announced in August 2025 that it expected recovery of approximately $40,000,000 in additional assets from the hack over time. The Chainlink CCIP migration is complete.
(f) References (optional)
Back to Building: Ronin Security Breach Postmortem, Community Alert: Ronin Validators Compromised, The Ronin Bridge Is Open, Sky Mavis Raises $150M Led By Binance, Verichains Audit Ronin Bridge, Ronin Bridge Security Audit, The Ronin Bridge ↔ Chainlink CCIP migration is complete!, The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice
Material Risk Factors (Regulation, Technology, Token Economics)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
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(a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
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Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
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Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
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Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
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Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
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(b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
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Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
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Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
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(c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
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Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
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Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
(a) Regulatory, Legal & Tax Risks
Sky Mavis Pte. Ltd. is a Singapore-incorporated entity and its service terms are governed by Singapore law, subject to binding arbitration. The terms impose sanctions-related restrictions on users and affiliated financial institutions. Users are responsible for ensuring their use of services complies with applicable law and for understanding and paying their own taxes and governmental charges.
The governance and legal structure of the Axie Infinity Foundation remains unresolved. As of August 2025, Sky Mavis was exploring a DUNA-based legal structure (Wyoming Decentralized Unincorporated Nonprofit Association) for the Foundation to enable contract execution, asset holding, and bank accounts with liability protection for community members. No final structure has been confirmed. AIP-002, which proposed an Axie Constitution for formal community governance over the Community Treasury, failed with 56.86% Yes votes — below the required 66% supermajority.
The legal treatment of AXS and bAXS under securities laws in the United States and other major jurisdictions has not been definitively resolved. Users in restricted jurisdictions — including U.S. persons and users in OFAC-sanctioned countries — face access restrictions under Sky Mavis terms. Tokenholders are responsible for determining their own tax obligations in their respective jurisdictions; Axie Infinity and Sky Mavis do not provide tax advice.
(Source: Sky Mavis Terms of Use, The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice, Lunacian Homecoming, Introducing the Axie Constitution and AIP-002!)
(b) Protocol, Technology & Security Risks
The Ronin bridge exploit of March 2022 — in which 173,600 ETH and 25,500,000 USDC were drained via compromised validator private keys — remains the most material historical security event for the protocol. The exploit vector involved compromised employee credentials, IT infrastructure access, and an unreverted governance allowlist, demonstrating that human-key and validator-key compromise represent the primary attack surface for Ronin's bridge and governance system.
Post-exploit audits confirm that residual risk surfaces remain. A 2023 Ronin Bridge audit concluded that leakage of multiple bridge-operator private keys could result in total loss of bridge funds. A 2022 CertiK audit confirmed that the system relies on bridge relayers, Ronin Validators, and privileged GovernanceAdmin roles including DEFAULT_ADMIN_ROLE and onlyGovernor. A Verichains audit confirmed that Ronin Bridge smart contracts passed with no Medium, High, or Critical severity findings after Sky Mavis resolved and updated the code, but framed governance-key, human-key, and validator-key compromise as ongoing security assumptions. A CertiK Ronin DPoS audit identified privileged functions including quorum-threshold changes, pause or unpause, bridge-operator replacement, and trusted-organization updates as persistent risk surfaces.
Governing Validators can vote to upgrade smart contracts and change thresholds; unresolved proposals close after 14 days. Users bear personal custody risk: Sky Mavis cannot access user wallets or reverse blockchain transactions, and Axie Infinity's public documentation identifies seed-phrase, fake wallet, fake giveaway, fake support, and fake marketplace scams as active risks.
(Source: Back to Building: Ronin Security Breach Postmortem, Community Alert: Ronin Validators Compromised, Ronin Bridge Security Audit, CertiK Axie Infinity Audit, Verichains Audit Ronin Bridge, CertiK Audit for Ronin DPoS Contracts, Roles, Create and vote on proposals, Unauthorized Transfer of Assets)
(c) Token Economics, Unlocks & Incentive Risks
AXS has a fixed maximum supply of 270,000,000 tokens. The 65-month unlock schedule from TGE concluded in April 2025, meaning all non-staking-rewards tokens are fully unlocked and the circulating supply is approximately 170,000,000–173,000,000 AXS as of mid-2026. Staking rewards — 29% of total supply (78,300,000 AXS) — were released through cliff-based events over approximately 5.5 years, with the final material tranche of 10,720,000 AXS (3.97% of supply) released on or around April 12, 2025.
Staking reward rates decrease over time. The 2025 staking revamp confirmed the unlock schedule would continue as outlined in the whitepaper while staking rewards would decrease by 5% every 9 days.
bAXS introduces additional token-economic complexity. bAXS is backed 1:1 by AXS in a smart contract, cannot be transferred between wallets, is burned when used or converted, and has become the primary reward unit for most Axie Infinity game modes and community programs. The conversion spread between bAXS and AXS is directed to the Community Treasury. AXS is intended to become bAXS's reserve currency, with most rewards shifting to bAXS over time.
Treasury deployment risk is material. The Community Treasury held approximately 23,000,000 AXS, 2,600 ETH, 75,000 RON, and 6,500 USDC as of July 2025, with additional hack-recovery assets expected. AIP-003 passed to stake Treasury ETH. AIP-004, which proposed staking Treasury AXS and RON, was rejected with 48.75% Yes votes. Future treasury deployments require on-chain governance approval, and governance outcomes cannot be predicted.
Ecosystem liquidity depends on Ronin infrastructure, Katana DEX liquidity incentives, and Mavis Market fee routing. The AXS token contract audit identified ERC-20 allowance double-spend behavior as a mitigated informational issue and clone-and-own code reuse as an acknowledged informational issue.
(Source: Allocations and Unlock schedule, Staking and Staking Rewards, AXS Staking Revamp, A new token is coming to Axie!, bAXS is LIVE!, Bonded AXS bAXS Guide, The Next Chapter of Axie Governance: The Foundation, The Treasury, and Your Voice, Introducing AIP-003 and Voting Delegation!, Lunacian Homecoming, AXS Audit Report, Axie Infinity AXS Token Unlocks — DropsTab, Axie Infinity Faces Price Pressure Ahead Of $27.9m Token Unlock — CryptoManiaks)
This Token Transparency Filing is provided for general informational purposes only and does not verify or warrant the accuracy of individual answers.
