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.

github

twitter

discord

etherscan

website

Gaming

Axie Infinity

# Axie Infinity Revenue Methodology

## 1. Overview

Axie Infinity revenue represents the total fees collected by the Axie Infinity gaming protocol, converted to USD. This metric treats all protocol fees as revenue, providing a measure of the protocol's income from user activities. The calculation aggregates daily fees collected in both WETH and AXS tokens across Ethereum and Ronin chains, accounting for the protocol's migration from Ethereum to Ronin in April 2021.

## 2. Data sources

- **Axie Infinity API data**: Daily fee collection data scraped from Axie Infinity's API containing WETH and AXS fee amounts
- **CoinGecko price feeds**: End-of-day token price feeds for WETH and AXS tokens used for USD conversion
- **Token fee data**: Daily aggregated fees collected in WETH (Wrapped Ethereum) and AXS (Axie Infinity Shards) tokens
- **Chain migration data**: Protocol migration information indicating the transition from Ethereum to Ronin chain on April 28, 2021

## 3. Step-by-step calculation

### Component A: Raw fee extraction
- **Purpose**: Extract and normalize daily fee data from Axie Infinity's systems
- **Logic**: The system processes daily fee data from Axie Infinity's API scraper, creating separate records for WETH and AXS fees. Each fee record includes the daily timestamp, token symbol, token amount, and corresponding CoinGecko identifier. Chain assignment follows migration logic where fees before April 28, 2021 are attributed to Ethereum, and fees after this date are attributed to Ronin chain.
- **Key fields**: Daily timestamp (`daily_timestamp`), token amounts (`daily_weth`, `daily_axs`), token symbols (`WETH`, `AXS`), and CoinGecko identifiers (`weth`, `axie-infinity`)

### Component B: USD conversion and business classification
- **Purpose**: Convert token-denominated fees to USD and apply business metadata
- **Logic**: Raw fee amounts are converted from token units to USD using end-of-day CoinGecko price feeds matched by CoinGecko identifier and date. The system applies business classification metadata including Gaming as business line, gaming as market sector, and game as business segment. Chain information is preserved from the previous step, and version is set to v1.
- **Key fields**: USD-converted fee amounts (`fees`), business classifications (`business_line`, `market_sector_id`, `business_segment_id`), chain identifier (`chain_id`)

### Component C: Revenue mapping
- **Purpose**: Map fees directly to revenue values
- **Logic**: The calculated USD fees are treated as revenue on a 1:1 basis without any additional transformations. This reflects the business model where all protocol fees represent direct revenue to the protocol.
- **Key fields**: Revenue amounts (`revenue`) which are identical to fee amounts (`fees`)

### Final aggregation
- **Combining components**: Fees from both WETH and AXS tokens are included as separate records, maintaining the granular view of revenue sources by token type
- **Currency conversion**: All amounts are converted to USD using end-of-day CoinGecko prices matched by date and CoinGecko identifier
- **Time aggregation**: Data is aggregated at daily grain with timestamp boundaries, and missing data points are filled with zeros to ensure complete time series
- **Final calculation**: The final revenue metric equals the sum of USD-converted WETH and AXS fees collected daily by the Axie Infinity protocol, filtered to include data through July 31, 2023

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

Axie InfinityAXS

Archived

Revenue

Revenue

Competitive landscape

Chain breakdown