There is something interesting happening with Axie Infinity that is worth following. After all the heavy overhaul that Sky Mavis launched at the beginning of the year, the AXS and SLP tokens are reacting very differently in the market.

First, let's talk about SLP. The token has risen 7.53% in the last 30 days and is valued with a market capitalization of $24.47 million. It may seem modest, but considering the pressure this token has faced recently, this upward movement is significant. And it makes sense: Sky Mavis cut the SLP issuance in Origins since January, the measure that eliminated automated bots doing farm-and-dump. With less SLP being generated daily (more than 30% reduction in inflation), naturally, selling pressure decreases. This is exactly the dynamic that makes SLP go up when supply tightens.

AXS, on the other hand, is down 1.79% in the last 30 days, with a market cap of $187.52 million. But here’s the interesting part: the launch of bAXS completely changed the game. This new token is non-transferable, locked to the player's account, and only used for in-game spending, staking, or governance. Basically, it removed the quick liquidity that speculators wanted. Players with higher reputation pay lower fees when selling, so the system rewards those who truly play rather than those just seeking quick profit.

What Sky Mavis is doing is very clear: they want to genuinely revitalize the ecosystem. Co-founder Jihoz said that 2026 would be a year of greater risk, with updates like the beta of MMO Atia's Legacy. They are betting on new content to bring players back and create real sustainability.

These structural changes are the biggest since the peak of 2021. If they can maintain discipline with these emission restrictions and truly deliver new content, the recovery potential is real. It’s worth keeping an eye on how the market reacts in the coming months.