Key facts:
AXS token staking is now available on the Axie Infinity platform.
The price of AXS had a slight increase in the last hours, after knowing the news.
One of the most anticipated news for Axie Infinity players and investors in the ecosystem has arrived play-to -earn : the staking of the AXS token was activated, allowing cryptocurrencies to be earned 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 in its Blog. The option to deposit tokens is now available on the platform , although the distribution of rewards will only begin tomorrow, October 1.
Over time, and as the decentralization plans of Axie Infinity , the tokens deposited will not only serve to generate rewards, but also will 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, a Vietnamese studio that created the game, defines the AXS token in a similar way to that of company shares: “each AXS token represents a small slice of the Axie universe. With this in mind, they consider allowing staking to be “a way of rewarding community members for being long-term minded and locking down their AXS tokens.”
At the time of writing this article, the reward is 1,238% per annum. As usually happens on the platforms of yield farming (agricultural yield), this number will decrease as new users deposit their tokens in the smart contract.
How to do AXS staking in Axie Infinity?
Along with the announcement, the Sky Mavis team prepared a tutorial in video indicating how to deposit the AXS token to earn rewards.
The first step is to verify that the wallet Ronin Wallet is unlocked and activated with the correct address.
Then, go to the «AXS Staking Dashboard», within the platform of Axie Infinity 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 thus withdraw your investment.
As mentioned, the rewards withdrawal is not available yet, but it should be as of tomorrow, Friday October 1st.
How much are AXS and SLP, the Axie Infinity tokens worth?
At the time of writing this article, 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 Axie Infinity token –which is used for the breeding of new axies -, it continues its downtrend with a fall gives more than 5% in the last 24 hours. Its price is USD 0.062.
CriptoNoticias reported a recent analysis of the price of this token, which attributes its devaluation to different factors, among which the inflation produced by the arrival of new players, with the consequent increase in issuance.
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