Cryptocurrency is not just exciting in the way it decentralizes everything and provides an easier, boundaryless mode of payment and transaction; but also has innumerable ways of rewarding users who are loyal to a particular crypto token.
AXS is one of the governance tokens of the Axie Infinity, that you can also earn by playing the game, staking the tokens within the game, and also completing challenges within the game.
Having the AXS token gives you voting rights for important decisions within the game’s ecosystem.
What Are Staking Rewards?
Staking Rewards is a form of incentive provided to the participants within a crypto token’s ecosystem.
In staking, you essentially pledge your crypto tokens to a cryptocurrency protocol. Depending on how many tokens you have pledged, you are likely to be chosen as a validator to confirm the blocks of transactions.
When a new block is added to a chain, new cryptocurrency tokens are minted and are distributed to the pledgors in the form of staking rewards.
In most cases, the rewards are in the same cryptocurrency that is put up for staking. Note that when you stake your coins, you are still in possession of them and if you want to trade them, you can unstake them anytime.
What Is AXS Staking?
AXS Staking is a way for the Axie Infinity community to reward the members to have a long-term mindset in the community by staking the AXS tokens.
When you stake up your tokens through a dedicated dashboard on the Axie Infinity platform, you earn AXS tokens. Also, you will be eligible for voting and have a say over the community treasury which holds billions of dollars in assets.
The AXS staking system, albeit well-established, is still in the development stages and the community is committed to providing more rewards to participants before claiming.
How Does AXS Staking Work?
Every AXS token is like a slice of the Axie Infinity game universe. Also, you may think of it as a share in a company.
You can earn AXS tokens by staking it, or by winning tournaments in the game. You can also purchase them directly via cryptocurrency exchanges around the world.
The players (the users) play and spend AXS tokens to the game universe, and they may earn more AXS tokens in return.
The revenue earned in the game universe in the form of AXS tokens is sent to the community treasury. This community treasury (its members) governs the game universe in return.
On the other hand, the AXS holders stake their AXS tokens to be eligible to have an influence over the community treasury.
The community treasury in turn rewards the AXS holders by giving them voting rights and even more interest on the staked tokens.
Also Read: Best White Label NFT Marketplaces
How Do I Check My AXS Stakes?
You can check the AXS Stakes through the official dashboard – https://stake.axieinfinity.com/. The dashboard mentions the amount of AXS that is currently being staked, and the pending tokens in the wallet.
AXS Staking Rewards
Also, the dashboard mentions the total AXS being staked by all users globally and the estimated rewards in APR (annual percentage rate).
The dashboard further displayed the currency market price of the AXS tokens, the daily rewards that are being provided globally, and the circulating supply of the tokens. This gives an insight into the token rewards you can expect.
How To Stake AXS?
It is not hard to stake your AXS tokens. To begin with, head to the AXS Staking Dashboard here – https://stake.axieinfinity.com/.
To begin with, you need to connect your Ronin Wallet which actually holds/will hold your AXS Tokens. To do that, click on the ‘Connect Ronin Wallet’ at the top right. Enter the public address of your Ronin Wallet and once it is verified, the wallet is successfully connected!
Steps to stake the AXS tokens.
Step 1: On the AXS Staking Dashboard, it will display the amount of AXS present in your Ronin wallet and also the balance of AXS tokens currently at stake.
Step 2: Click on ‘Stake’. This will open a pop-up, where you need to enter how many tokens you want to stake.
That’s it! You have contributed to the Axie Infinity game system and you will now be eligible for voting, rewards, etc.
Also Read: How to Claim AXS Rewards | Season 20
How To Unstake AXS Token?
Steps to unstake AXS tokens:
Step 1: To begin with, head to the AXS Staking Dashboard here – https://stake.axieinfinity.com/.
Step 2: Click on ‘Unstake’
Step 3: A pop-up will show from the Ronin Wallet where you need to mention the amount of tokens you want to unstake.
Following the confirmation, the tokens will now be available for trading and spending.
How Long Will AXS Staking Last?
The AXS Staking was implemented from September 30, 2021. The platform does not specify any end-time for the staking but it is set to last forever. With time, the staking rewards will obviously come down.
How Much Reward Will You Get For Staking AXS?
The actual reward for staking your AXS tokens depends on how much you have actually staked. The higher you stake, the more will be the rewards.
Also, the platform provides extra rewards for members who stake for a minimum fixed period of time such as 3 months, 6 months, and 12 months.
Recently, the platform announced a reduction in the total AXS tokens given every month as rewards from 2,00,000 tokens to 1,566,000 tokens.
Is It Better To Stake AXS?
It depends on what your objective is. If you want to earn money out of staking, it is better to stake AXS when the value is lower and withdraw it (unstake it) when the value is high.
But at the same time, it is recommended to leave some AXS tokens always staked so that you maintain your voting rights and influence over the governance of the platform, and also it will earn more rewards when the value goes up.
According to the platform, you can withdraw your yields from the staking as soon as 24 hours after staking.
Also Read: Best NFT Podcasts
Is AXS Safe To Stake?
Yes, AXS is Safe to Stake. The value of AXS has been consistent over time and there has been a steady growth in the number of players on the platform (also because as of now, it is the very few play-to-earn crypto games available worldwide).
But just like the risk of trading with any other cryptocurrency, it has its own risk. So, stake only that much amount of AXS tokens you would be okay to lose entirely in the worst case.
Conclusion
This is all that you need to know about AXS Tokens! Start staking today to earn rewards. Be mindful of the risks!
