Axie Infinity launches AXS staking program
A play-and-earn NFT game on the Ethereum blockchain, Axie Infinity, has rolled out a staking program for its native token tagged Axie Infinity Shards or AXS.
As per the official announcement on September 30, AXS holders can now begin with staking their tokens, and the rewards would activate in 24 hours in order to ensure that all the time zones have the opportunity to stake beforehand.
Axie Infinity’s team has said in the announcement that staking is a way for them to reward their community members for possessing a “long-term mindset” and locking away their AXS tokens. Players would also be able to earn AXS rewards, the team added.
Axis Infinity’s team is planning to grant voting rights and a word over the use of Community Treasure, through launching staking. Axie’s Community Treasury currently houses 18 million AXS tokens worth over $1.4 billion.
About 2 million AXS tokens would be distributed in the first month of launching the staking program. The announcement further read that around 58 million of the set cap of 270 million AXS tokens are currently in circulation while the rest would be released in the stream through staking, ecosystem reward structures, and gameplay prizes.
Axie Infinity was initially launched in 2018 as a trading and battling game that allows players to collect, raise, battle, breed and trade Axies, which are nonfungible tokens (NFTs) having different attributes and strengths.
AXS tokens are also listed on several crypto exchanges, and in fact, they represent only a tiny share of the game’s universe. Besides directly purchasing them, players would also be able to earn in-game achievements like taking place on leaderboards or winning tournaments.