Axie Infinity garnered the community’s attention with its impressive performance. Here’s a quick guide on how to stake AXS.
Players may acquire tokens in the post-Pokémon universe of Axie Infinity by making contributions to the ecosystem and engaging in skillful gaming. Users may gather, fight for, develop, and establish the kingdoms that their virtual pets deserve.
The main distinction between Axie and other games is how its participants are compensated for their contributions to the ecosystem using a block chain-based economic model. This type of gaming is very new and is sometimes referred to as “play to earn.”
Holders of AXS, also known as Axie Infinity Shards, will be able to reap benefits through staking, playing the game, and taking part in certain governance votes. AXS stand for the Axie Universe’s governance token. In this article, we focus specifically on staking AXS, one of the functionalities.
The Axie staking programme was introduced towards the end of September 2021.
Staking, for those of you who are new, is the practice of locking away your tokens in return for interest in the cryptocurrency world. Investors were drawn to Axie Infinity because of the large returns.
The original APY was close to 400%. The APY, which is now about 190%, fell as more AXS were staked.
Before You Start
Protection first! You are your own bank in the crypto world. However, there are several hazards involved.
You must double-check the URLs you input and any wallet addresses you are putting bitcoin to in order to prevent any losses. Sending a tiny amount (dust) first, then the remainder of your cash, is a smart move in this situation. Yes, there are occasions when the transaction costs exceed the amount transferred, however this is an extra precaution to safeguard your assets.
Keep in mind that your coins will be lost and you won’t be able to get them back if you send your money to the incorrect address or fall for a phishing scam.
There are hazards associated with staking itself as well, including the following: The first thing to bear in mind is volatility, as with anything crypto-related. Be ready for sudden changes in the world around you.
Second, when you stake, your money is temporarily managed by a smart contract or by the organization behind the project; you no longer have control over it. Failure has a non-zero probability and might result in money loss. However, when there is danger, there should also be a noteworthy gain, or a high annual percentage yield, to put it another way.
How to Stake Axie Infinity AXS? Step By Step Staking Guide
Axie Infinity could be the first game that springs to mind when you think about Play to earn games. As one of the most popular Blockchain games. In accordance with market cap, the third-largest Play to earn game is, specifically, according to CoinMarketCap.
The Axie Universe’s governance token is known as AXS, or Axie Infinity Shards. AXS may be obtained in a variety of methods, although playing the game is the most crucial. However, there are still more ways to make money.
One fantastic way to generate passive revenue on already-owned tokens while essentially doing nothing is through the staking programme.
We’ll show you a few alternative ways to stake AXS in this post so you can start earning interest on your crypto tokens. Let’s start now!
The Axie Infinity game is hosted on the Ronin network, an Ethereum side chain. The group behind Axie Infinity, Sky Mavis, developed the network.
You must first establish and link your Ronin Wallet in order to engage with the Ronin Network. You may connect with applications on the Ronin platform and store, transmit, and receive RON, RRC20, and RRC721 standard tokens via a Ronin Wallet.
Both Firefox and Google Chrome have browser extensions that are compatible with the wallet. Your Trezor hardware wallet can also be connected, ensuring that your tokens never leave the security of your hardware wallet.
Since there are now 100 free Ronin transactions per day, you will need to open an Axie Infinity marketplace account in order to conduct transactions using the Ronin wallet. The Ronin network will ultimately switch over to using RON tokens for fees, though.
How to Use the Ronin Bridge?
AXS coins are supported by ERC-20, BSC (Binance Smart Chain), and Ron Networks, as was already announced. Staking is only accessible through the Ron Network.
You can deposit your tokens into Binance and withdraw them via the BSC network or the other two networks if your tokens are on the BSC network.
Your AXS are most likely saved on an ERC-20 Ethereum-based address that begins with “0x.”
You must convert them into Ron Network’s AXS if that is the case. The Ronin Bridge can be used for this.
You’ll need a Metamask wallet, where you should store the money you want to send. Once you’ve established a connection with Metamask, you must provide access to the Ronin Bridge on the website.
Once this is verified, the procedure is quite simple: Pick Deposit from the main menu.
Then, add the information: Your wallet’s Ronin address is: once again, make sure you’ve entered the right address, the token you want to convert (in this example, AXS), and the desired conversion amount:
The final step is to click “Next,” authorize using Metamask, and wait for a pop-up window to finalize the transaction.
Important: The bridge toll is now rather high as of the writing of these paragraphs. Therefore, it is preferable to convert all tokens at once rather than in batches.
It should only take a few more minutes after you receive Metamask’s confirmation of the transaction before you can access your money using the Ronin wallet.