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In the development history of blockchain games, Axie Infinity once served as a flagship project of the "Play-to-Earn" (P2E) model, leading the 2021 bull market wave. Its governance token AXS grew from an unknown project to a star asset in the crypto market. However, as the hype subsided, the drawbacks of the first-generation P2E model were exposed, and the price of AXS experienced a deep correction of over 99%. Facing a survival crisis, the project team launched a series of aggressive tokenomics reforms in early 2026. This article will analyze AXS's value foundation, the core of its reforms, and the sustainability of its long-term value from Gate's research perspective.
First-generation P2E model blockchain game development history
To understand AXS's current reforms, it is necessary to look back at the rise and fall of the first-generation P2E model. Axie Infi

In 2022, the crypto market experienced the LUNA collapse, and liquidators accused quantitative trading giant Jane Street of insider trading. Its employees gained early knowledge of Terraform's divestment decision through private channels, potentially exacerbating market panic. Jane Street denied the allegations, and the incident sparked reflections on transparency and fairness in the crypto market.

Bitcoin Ahr999 Index drops again to 0.29, approaching a historical low, and the market is discussing whether it has reached a cyclical bottom. Although the indicator signals a bottoming, the current complex macro environment and weak demand pose challenges for the market. Investors should consider their own strategies, respond rationally, and it is recommended to stick to dollar-cost averaging and utilize market volatility strategies.

The global capital markets are about to see earnings reports from Circle and NVIDIA, with the former related to the health of the stablecoin market and the latter impacting the AI industry chain and macro sentiment. The market is focused on whether their performance can boost investor confidence and how it will influence the performance of crypto assets. If earnings surpass expectations, a rebound may be triggered; otherwise, market volatility could intensify.

The market capitalization of the world's largest stablecoin, Tether (USDT), has declined for two consecutive months, reflecting tightening liquidity in the crypto market. USDT's recent market cap dropped to $183.61 billion, and analysts warn that this could impact capital inflows and market rebounds. Meanwhile, other stablecoins like USDC are also experiencing stagnation, and overall market sentiment remains cautious. Liquidity constraints may further hinder market recovery.

In February 2026, quantitative trading giant Jane Street was accused of insider trading, accelerating the LUNA collapse. The lawsuit revealed that it obtained non-public information about Terraform through secret communications. Facing joint responsibility with another high-frequency trading firm Jump Trading, the incident sparked reflection on market pricing power and ethical boundaries in the crypto market. Although Jane Street denied the allegations, ordinary investors should remain vigilant about market asymmetries.

Ethereum co-founder Vitalik Buterin sold approximately 17,000 ETH within a month to support privacy technology projects. His fund allocation reflects the focus on Ethereum's technological development and considerations of market liquidity. Despite ETH price fluctuations, his long-term investment intentions are clear, safeguarding privacy infrastructure.

Aerodrome Finance (AERO) Recently gained attention, with a price increase of 8.78% within 24 hours. Signs of capital inflow are evident, with the Chaikin Money Flow (CMF) reaching a three-month high, reflecting long-term capital returning. The derivatives market is optimistic, with significant long positions. During price fluctuations, the key resistance level is at $0.352. Breaking through this level could accelerate the upward trend, while failure to do so may pose downside risks. Currently at a critical moment in the battle between bulls and bears.

The Ethereum Foundation launches a staking program, staking 70,000 ETH to change treasury management from passive holding to active earning. The expected annual income is 2,500-3,000 ETH, reducing selling pressure. Distributed technology is used to enhance security and decentralization, marking the gradual maturity of the Ethereum ecosystem. Focus is on future financial models to support development capabilities.

Recently, the Bitcoin market has entered a period of consolidation, with prices hovering around $65,000. Michael Saylor views this situation as a "despair valley," similar to Apple's pullback in 2013, where successful investing requires experiencing volatility and setbacks. He predicts that Bitcoin's annualized return will reach 29% and believes that now is a good time for long-term investment.

The 2025 crypto market experienced a trust crisis with the WLFI project, triggering market panic. Alongside this, "On-Chain Detective" ZachXBT announced an upcoming insider trading investigation, revealing transparency and risks within the crypto industry. Projects need to respond to the emerging "whistleblower" era with data transparency and self-assertion of innocence to enhance trust and risk resilience.

The market performance of Bitcoin and Ethereum reflects changes in the structure of crypto market participants. The shift in demand between short-term speculators and long-term capital has driven DeFi to evolve toward a "fixed-term pricing" stage. TermMaxFi reshapes lending relationships through dual-mode interest rate aggregation, real-world asset access, and time contract decomposition, providing stability and predictability for the DeFi ecosystem and promoting the market's development toward mature on-chain capital.

Bitcoin recently rebounded to $65,481.8, but market structure still shows signs of weakness. The realized profit and loss ratio is below 1, indicating that losses dominate, and large holders have been continuously reducing their holdings by nearly 90,000 BTC, limiting the rebound potential. In the absence of net capital inflows, the market may remain in a defensive stance.

By 2026, the Bitcoin market structure will have changed, with prices stabilizing around $65,460.4. Institutional funds will dominate a slow bull market, driving market maturity. The supply and nature of Bitcoin and capital are also evolving, with an increase in long-term holders and reduced volatility, reflecting a more resilient and sustainable market.

In 2026, the Russian cryptocurrency market is undergoing profound changes, with the government gradually establishing a regulated circulation framework and the central bank strengthening oversight. Cryptocurrencies can be used as investment tools but are prohibited from being used as a means of payment. The new regulatory requirements have increased transparency and investor confidence, and tax transparency has also been enhanced. This shift could drive the institutionalization of the market, gradually integrating digital assets into the official financial system.

In a high interest rate and inflation environment, investors are focusing on digital assets. A7A5 is a stablecoin anchored to the ruble, with an annualized yield of up to 14.5%, supported by ruble reserves. Compared to bank deposits, A7A5 offers transparent blockchain management, but it carries higher risks, so investors should exercise caution.