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Axie Infinity adds new way to earn cryptocurrencies: AXS staking

One of the most anticipated news for Axie Infinity players and investors in the ecosystem play-to-earn has arrived: the staking of the AXS token was activated that allows you to win cryptocurrencies by depositing it in a smart contract.

“Staking allows you to lock your precious AXS to earn rewards” in that same token, indicates the game’s developer team on their blog. The option to deposit tokens is already available on the platform , although the distribution of rewards will only start tomorrow, October 1.

Over time, and as Axie Infinity’s decentralization plans advance, the deposited tokens will not only serve to generate rewards, but will also enable the user to take part in the Governance of the game. It is something similar to what happens in several decentralized finance platforms (or DeFi, for its acronym in English) whose tokens give voting power to their holders.

Sky Mavis, the Vietnamese studio that created the game, defines the AXS token in a similar way to company stocks: “each AXS token represents a small portion of the Axie universe.” With this in mind, they consider allowing staking to be “a way of rewarding community members for having a long-term mindset and locking down their AXS tokens.”

At the time of writing of this article, the reward is 1,238% per year. As usually happens on the platforms of yield farming , this number will decrease as new users deposit their tokens in the smart contract.

How to staking AXS in Axie Infinity?

Along with the announcement, the Sky Mavis team prepared a video tutorial that indicates how to deposit the AXS token in order to earn rewards.

The first step is to verify that the Ronin Wallet is unlocked and activated with the correct address.

Then, you have to go to the board «AXS Staking Dashboard», within the Axie Infinity platform and connect the wallet. Once connected, the dashboard will show the user’s address and the amount of AXS they have.

On the left of the screen, the player will see a box with the title “ My AXS Staking “. After pressing the button « Stake » a new window will open in which you must enter the amount of AXS you want to stake.

Once again, press “ Stake ” and then confirm the transaction in the Ronin wallet. And ready! Immediately the rewards begin to be credited to the user’s dashboard.

Whenever the player so wishes, they can click on “ Unstake ” and that way withdraw your investment.

As mentioned, the rewards withdrawal is not available yet, but it should be from tomorrow, Friday October 1st.

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A board intuitive and minimalist design facilitates the staking of the AXS token. Source: Axie Infinity / youtube.com

How much are AXS and SLP, the Axie Infinity tokens worth?

At the time of writing, each AXS is trading at USD 74.83. The increase in its price after knowing the news was minimal, of only 1.65% in the last 24 hours.

For its part, SLP, the other token of Axie Infinity –which is used to breed new axies– continues its downward trend with a fall of more than 5% in the last 24 hours. Its price is USD 0.062.

CriptoNoticias reported a recent analysis on the price of this token, which attributes its devaluation to different factors, among which the inflation produced by the arrival of new players stands out, with the consequent increase in issuance.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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