The recent surge in AXS is actually the result of multiple factors stacking up. On the surface, the adjustment of the SLP reward mechanism on January 7 and the official announcement of adopting more aggressive strategies in 2026 both boosted market sentiment. However, the deeper driving force is the rebound of funds in chain games after a period of overselling — after experiencing long-term stagnation, some capital has re-entered at low prices.

But to be clear, the current price is still far from the historical high. This wave of increase is more driven by events and sentiment, and does not indicate a fundamental change in the underlying fundamentals.

What is the key issue? Daily active users continue to decline, and the number of new players shows no signs of improvement. The competition in the GameFi sector is becoming increasingly fierce, with projects like Illuvium and Sandbox vying for market share. Without new creative gameplay or substantial breakthroughs in user growth, this rebound can easily lose support and quickly fall back to previous levels.