Axie Infinity continues to improve, this time with Sky Mavis’ announcement that it will now fully support AXS staking. Staking is a means of keeping the blockchain together and sustainable, relying on its users to make sure that transactions take place. In Axie Infinity‘s ecosystem, staking involves leaving a user’s AXS tokens untouched for a set amount of time. Rewards will accrue over time, which will then allow the user to earn more AXS tokens. Staking will also give users part-ownership of the game, as well as voting rights on how the game’s community treasury will be used in the future.
Free AXS tokens for founding members
To celebrate the start of Axie Infinity‘s AXS staking, Sky Mavis also gave AXS tokens to their founding players. For all users who started playing Axie Infinity before October 20, 2021, they will receive AXS tokens as a reward.
How to stake AXS tokens
The process of staking one’s tokens is easy. They simply have to head to AXS staking dashboard. Of course, you will also have to have your Ronin Wallet enabled and logged in. For more information on that, you can check out Axie Infinity‘s beginner’s guide. Once you have those basics taken care of, the rest are easy steps to follow:
- On the AXS Staking Dashboard, you will see the amount of AXS tokens you have on your Ronin Wallet, as well as the amount of AXS tokens currently at stake in total.
- If this is your first time staking AXS, you will first have to connect your Ronin Wallet. To do this, click “Connect to Ronin Wallet.”
- To stake AXS, simply click “STAKE.” This will open a Ronin pop-up where you can write down how many tokens you’d like to stake.
And that’s it! You’ve added your stake to the AXS system. You’re now considered a game owner of Axie Infinity.
How to get rewards and unstake tokens
Once you have staked tokens, you can always unstake them again and return them to your Ronin wallet. Here’s how you do that:
- On the AXS Staking Dashboard, simply click “UNSTAKE.”
- A Ronin pop-up will show up and ask for the amount of AXS tokens you’d like to unstake.
Note that unstaking is different from collecting your rewards.
How to collect staking rewards
With your AXS tokens staked, you will accrue rewards over time. The amount depends both on the total amount you have staked and the total AXS staked worldwide. Hence, it’s beneficial for everyone who is staking to have a lot of AXS tokens at stake. To collect rewards:
- You will see two options: Re-Stake or Collect. Re-Staking will allow you to add your rewards to your stake, further increasing your future potential rewards. Collecting will put your rewards straight into your Ronin wallet.
- Click either Re-Stake or Collect.
- A pop-up window will appear with a confirm button to verify your decision.
- After clicking confirm, a Ronin pop-up will appear to verify the transaction.
- If you chose Re-Stake, your rewards will now be added to your Stake. If you chose to collect, the rewards will then reflect on your Ronin Wallet. In either case, your rewards will be reset.
Note that you can only claim or re-stake the full amount of available rewards. Claiming or re-staking will always clear your rewards back to zero.
When to stake AXS
While it’s encouraged for everyone to stake their AXS for the long-term, not touching the currency for long periods of time, there are optimal times when to stake AXS if you’re the day trading type. Simply put, it’s best to stake AXS when its price is low, and then withdraw when the price is high. Of course, it will be in your best interest to always leave behind a fixed amount of AXS whenever possible in case the price continues to go up. This will ensure that you will not miss out on spikes that may happen in the near future. This value may depend entirely on you, but some investors only withdraw their earnings from their stakes, leaving their initial AXS stake untouched in general.
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