Players buy/sell NFTs on the Axie marketplace. Players can also breed Axies or mint runes or charms against a fee.

Axie Infinity is a non-custodial game & marketplace built on Ethereum and other adjacent blockchains. Axie Infinity was founded by Trung Nguyen, Aleksander Larsen & Jeffrey Zirlin and launched in 2018.

AXS tokenholders own and govern the protocol. They currently take a cut of the total marketplace sales and all of the breeding, rune and charm fees paid by players (revenue). Axie Infinity's investors include ConsenSys, Hashed, Collaborative Fund, etc.

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Axie Infinity

# Axie Infinity Fees Methodology

## 1. Overview

This metric calculates the total daily fees generated by the Axie Infinity protocol, measured in USD. Axie Infinity is a blockchain-based gaming platform that migrated from Ethereum to the Ronin sidechain in April 2021. The metric captures fees collected in both `WETH` and `AXS` tokens, providing a comprehensive view of the protocol's fee revenue across both operational periods and chains.

## 2. Data sources

- **Axie Infinity API data**: Daily fee amounts scraped from Axie Infinity's official API, containing fee collections in `WETH` and `AXS` tokens
- **End-of-day price feeds**: CoinGecko price data for `WETH` (Wrapped Ethereum) and `AXS` (Axie Infinity Shards) tokens used for USD conversion
- **Chain migration metadata**: Historical information about Axie Infinity's migration from Ethereum to Ronin chain on April 28, 2021

## 3. Step-by-step calculation

### Component A: Raw fee extraction
- **Purpose**: Extract daily fee amounts from Axie Infinity's API in native tokens
- **Logic**: The calculation processes two distinct token streams from the scraped API data. For `WETH` fees, records include the `daily_weth` amount field with `weth` as the CoinGecko identifier. For `AXS` fees, records include the `daily_axs` amount field with `axie-infinity` as the CoinGecko identifier. Each record contains a timestamp for the fee collection date and the raw token amounts as big numeric values to preserve precision.
- **Key fields**: `timestamp` (daily collection date), `daily_weth` and `daily_axs` (raw token amounts), `coingecko_id` (price feed identifier)

### Component B: Chain attribution
- **Purpose**: Assign fees to the correct blockchain based on Axie Infinity's migration timeline
- **Logic**: A migration date of April 28, 2021 serves as the cutoff point for chain assignment. All fee records with dates before this migration date are attributed to the `ethereum` chain, reflecting the protocol's original deployment. All fee records from the migration date onward are attributed to the `ronin` chain, reflecting the protocol's move to the Ronin sidechain for improved gaming performance and lower transaction costs.
- **Key fields**: `chain` (ethereum or ronin), `timestamp` (for migration date comparison)

### Component C: USD conversion
- **Purpose**: Convert native token fee amounts to USD values for standardized reporting
- **Logic**: Raw token amounts in `WETH` and `AXS` are converted to USD using end-of-day price feeds from CoinGecko. The conversion uses the appropriate CoinGecko price identifier for each token - `weth` for Wrapped Ethereum fees and `axie-infinity` for AXS token fees. The conversion process matches daily timestamps between fee records and price feed data to ensure accurate valuation at the time fees were collected.
- **Key fields**: `fees` (USD-converted fee amounts), `coingecko_id` (price feed matching key)

### Component D: Business categorization
- **Purpose**: Apply consistent business metadata for protocol classification
- **Logic**: All Axie Infinity fee records receive standardized business categorization metadata. The protocol is classified under the `Gaming` business line to reflect its gaming platform nature. The market sector is set to `gaming` and business segment to `game` for consistent categorization across the Token Terminal platform. Version is set to `v1` and product ID remains null as the protocol operates as a single gaming product.
- **Key fields**: `business_line` (Gaming), `market_sector_id` (gaming), `business_segment_id` (game), `version` (v1)

### Final aggregation
- **Combining components**: Fee records for both `WETH` and `AXS` tokens are unioned into a single dataset, maintaining separate records for each token type while applying consistent metadata and chain attribution
- **Currency conversion**: All fee amounts are converted to USD using end-of-day CoinGecko price feeds matched to the fee collection date
- **Time aggregation**: Data is aggregated at daily grain with timestamp boundaries aligned to daily collection periods from the API
- **Final calculation**: The final metric represents the sum of daily fees across both tokens, converted to USD, with proper chain attribution based on the migration timeline. Results are limited to dates through July 31, 2023, and any missing days are filled with zero values to maintain consistent time series data.

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

Axie InfinityAXS

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