To begin with, let us understand where the AXS coin comes from. Axie Infinity is a game that you can play to earn cryptocurrency.
In this game, players need to complete daily quests and challenges to claim the reward. Also, the game allows the players to interact with each other within the game’s ecosystem.
The game has its own economical structure where the token reward system within the game is called ‘Axie Infinity Shards’. As a player, you can earn these rewards by playing the single-player adventure mode or the Arena mode.
AXS Stands for “Axie Infinity Shards” which is a governance token, the more AXS you have, the more influential you will be for the game’s ecosystem.
Consider this similar to holding the shares of a company. If you hold these tokens, you can vote for proposals or even create them on anything that is related to the platform.
Holders of the AXS tokens will be able to claim their rewards if they stake their tokens, complete the challenges within the game and vote for key governance decisions.
The purpose of having the AXS tokens in the first place is to provide an incentive for players to play the game, decentralize the governance of the game and make players an important part of the ecosystem (a step towards DAO).
How To Claim AXS Rewards?
Steps to claim AXS Rewards:
Step 1: Connect Your Ronin Wallet
Visit https://stake.axieinfinity.com/. Firstly, you need to ensure that your Ronin wallet is active and the correct public address is selected. On the top right, click on ‘Connect to Ronin Wallet’.
Step 2: Under ‘Claimable Rewards’, Click On Claim
Following this, you will get a pop-up window that shows the total amount you are about to re-stake. Check if the amount is correct.
If you want to claim your rewards, click on ‘Claim’.
Step 3: Click On Claim AXS Now’
The Ronin wallet’s pop-up screen will appear where you have to confirm the transaction. Once done, your new reward amount will be added to the ‘Total Staked’ value.
Or if you have claimed, then the new amount will appear as a balance in your Ronin wallet.
Also Read: How to Get Into The Metaverse?
Restaking Vs Claiming Rewards
If you stake your AXS tokens, it essentially proves your long-term vision for the community and loyalty toward its economy.
Therefore, the platform rewards you with voting rights and also a say over the treasury which holds billions of dollars worth of tokens. If you lock up the AXS, you will be rewarded with more of the tokens that you can claim once in a 24-hour period.
If you again re-stake the rewards, you will earn more rewards based on the increased principal staking amount. This is a good way to make use of compound interest to increase your wealth.
If you do claim your rewards, the tokens will be sent to the Ronin wallet. You can convert that into FIAT currency in any trusted exchange/marketplace.
AXS Rewards are a good way to provide an incentive for players who use the game’s ecosystem regularly. Read more about it and start playing to earn more rewards!