Axie Infinity has fast become one of the most popular play-to-earn NFT games, but how do you stake its native token AXS?
Staking is an essential aspect of many cryptocurrency networks. Cardano staking and Ethereum staking, for example, are necessary to validate transactions on their respective blockchains.
Here’s a look at how Axie Infinity staking works, and when you can start staking AXS.
Axie Infinity Staking Release Date
The latest report reveals that the Axie Infinity staking mechanism is now live on the platform. Users can now stake their AXS on the platform and can collect their yields on earned on staked AXS tokens within 24 hours.
As per the official announcement" By staking AXS users will be able to earn AXS rewards when they lock up their tokens through the staking dashboard. In the future, staking AXS will give users voting rights and a say over the use of the Community Treasury which now holds over a billion dollars in tokens."
The staking system went live on September 30, 2021 after several delays, but was deemed an "incredible moment" by the Axie Infinity team.
How To Stake AXS in Axie Infinity
Users can stake their AXS via following the steps mentioned below:
- Buy some AXS tokens via Binance
- Download Ronin Wallet and connect the wallet to Google Chrome or Mozilla Firefox
- Configure your Ronin wallet (signup and registration)
- Go to Axie Infinity Marketplace, log in to the game, and transfer your AXS tokens to Ronin wallet from Binance(Binance to RON network)
- Go to AXS staking board, press on "stake button" enter the desired amount of AXS you would like to stake
- Your AXS tokens are now staked on the platform and you can collect yields on it.
78,300,000 AXS – or 29% of the total supply will be unlocked via staking over 5.5 years. Staking rewards will start at a higher level to “incentive user growth”, before declining over time.
Stakers will not be able to claim their rewards until after the escrow period of one year concludes.
According to the whitepaper, stakers will also receive additional weekly rewards if they commit to fixed staking periods of either three, six, or 12 months.
The land staking system is now live on Axie Infinity. Per the new update, users will now be able to stake 30 land plots in one transaction. As far as staking rewards are concerned.
"Rewards are 11,194.62 AXS AXS per day and differ based on the rarity-level of the staked land. "
We’ll update this page with more details about AXS staking as they come out.
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