Axie Infinity has quickly grown in popularity as one of the most popular play-to-earn NFT games, but how do you stake its native token AXS?
Many bitcoin networks rely on staking to function. For example, Cardano and Ethereum staking are required to validate transactions on their own blockchains.
Here’s how Axie Infinity staking works, as well as when you may begin staking AXS.
Release Date for Axie Infinity Staking
According to the most recent report, the Axie Infinity staking mechanism is currently operational on the platform. Users may now stake their AXS tokens on the platform and receive their yields on staked AXS tokens in as little as 24 hours.
According to the official statement, “AXS users may earn AXS rewards by staking their tokens and locking them up using the staking dashboard. Staking AXS in the future will provide users voting rights and a say in how the Community Treasury, which now holds over a billion dollars in tokens, is used.”
The staking system became online on September 30, 2021, after multiple delays, and the Axie Infinity team called it a “great event”.
How to stake AXS in Axie Infinity?
Users can stake their AXS via following the steps outlined below:
- Buy some AXS tokens via Binance.
- Connect Ronin Wallet to Google Chrome or Mozilla Firefox after downloading it.
- Set up your Ronin wallet (signup and registration)
- Log in to Axie Infinity Marketplace and transfer your AXS tokens from Binance to Ronin wallet (Binance to RON network)
- Go to the AXS staking board, hit the “stake button,” and input the necessary quantity of AXS.
- Your AXS tokens have now been staked on the platform, and you may start collecting dividends.
Over the course of 5.5 years, 78,300,000 AXS – or 29 percent of the total supply – will be released by staking. Staking payouts will begin at a greater level in order to “incentivize user growth,” before gradually decreasing.
Stakers will not be able to claim their prizes until the one-year escrow period has ended.
Stakers who commit to set staking periods of three, six, or twelve months will get additional weekly incentives, according to the whitepaper. As additional information regarding AXS staking becomes available, we’ll update this page.
To learn more about Axie Infinity, check out the following links: