TL;DR
- Axie Infinity introduces bAXS, a non-transferable token that takes over core in-game utility functions like breeding and evolving.
- The halt of SLP emissions aims to reduce inflation previously driven by rewards in the Origins game mode.
- A snapshot on February 5, 2026 will allocate 100,000 bAXS to accounts with at least 10 AXS staked.
Axie Infinity announced a new, non‑transferable token called bAXS and a pause to SLP emissions as part of a tokenomics overhaul aimed at reducing inflation and shifting in‑game utility, according to Axie Infinity’s blog and market reports. The foundation halted SLP rewards in Origins on January 7, 2026, and set a first bAXS snapshot for February 5, 2026 (00:01 UTC) with a 100,000 bAXS pool for accounts that have at least 10 AXS staked.
The changes have already coincided with sharp AXS price moves: market coverage and industry outlets reported roughly a 200% rally in AXS over the prior 30 days, with intraday moves of about 33% and 9% cited by exchanges and news services.
What Axie announced and how bAXS works
Axie Infinity described bAXS as an ERC20‑C, account‑bound token intended to assume core in‑game functions such as staking, breeding and evolving Axies, while remaining non‑transferable outside player accounts, according to the developer post. Conversion from bAXS back to AXS will incur dynamically adjusted fees that flow into the Axie treasury, the company said.
Axie framed the move as a mechanic to curb bot farming and speculative selling by keeping utility inside the game. The blog describing the update said: “Think of Terrariums as the foundation of Axie Core: a place where Axies live, grow and earn through mini games, expeditions, guilds, territories, accessories, collectibles,” linking Terrariums to future bAXS earning opportunities, per the developer post.
Market reaction, mechanics and operational implications
Market coverage attributes AXS’s recent breakout to the bAXS announcement and the SLP emissions halt, which together apply explicit deflationary pressure. The SLP pause on January 7, 2026 was implemented to reduce inflation driven by in‑game rewards in Origins, according to CoinMarketCap’s latest updates quoted by industry reports.
- Token supply and inflation: halting SLP emissions reduced a primary inflation source; industry reporting estimates a material cut in inflationary pressure.
- Treasury flows: conversion fees from bAXS to AXS are directed to the Axie treasury, creating a recurring revenue stream that can fund development and support reserves.
- User incentives: the two airdrops — the first snapshot on February 5, 2026 requires ≥10 AXS staked and allocates 100,000 bAXS — reward stakers and players with higher Axie Scores, according to the developer announcement.
- Market access and custody: because bAXS is non‑transferable, liquidity for that instrument will be constrained to in‑game utility rather than exchange flows; AXS is positioned to remain the tradable governance/reserve asset.
“There will be TWO bAXS airdrops based on Axie Score and Staked AXS amounts,” the team wrote, specifying staking thresholds for the first snapshot, per the developer blog and related coverage.
For traders and treasuries, the immediate items to monitor are on‑chain staking flows into AXS before the February 5 snapshot, AXS spot and derivatives liquidity as players and speculators respond, and the Q2 2026 launch window for Terrariums, which the developer positions as the main in‑game venue for bAXS rewards. Those dates and mechanics will drive short‑term volatility and determine whether the protocol’s design reduces speculative sell pressure as intended.
