Axie Infinity, one of Ethereum’s token have just added the proof of stake. By doing this, AXS has joined other cryptocurrencies to allow investors to stake their coins. AXS staking can be done in a few easy steps, so you don’t have to worry about it being complicated.
Cryptocurrency keeps evolving and as an investor, you should try and embrace any new way available to make additional rewards.
In this article, you will learn everything about AXS staking, and how to start earning rewards.
What is coin staking?
Coin staking is an alternative way of earning rewards in cryptocurrency. It is popular amongst investors because they make their coins work for them through staking. Coin staking also helps to reinforce the overall security of blockchain while giving additional rewards to stakers.
When you decide to stake your coin, you are simply generating additional income with your crypto assets. Although not all cryptocurrencies have added the staking option some popular ones like Ethereum, Cardano, etc. have fully embraced it.
Read more: what-is-crypto-staking/
What is AXS staking?
AXS (Axie Infinity) is one of Ethereum’s tokens. AXS functions to power Axie infinity. Axie Infinity is a game based on blockchain that allows players to battle, collect, breed, raise, and also build a digital kingdom for their pets. The game revolves around creatures called Axies. Players need 3 Axie to be able to start their game. Each of these Axie is a Non-fungible token popularly known as NFT.
This Axie Infinity game is very popular among people involved in NFTs.
AXS follows the same pattern as the general cryptocurrency staking. You earn rewards by staking your AXS. You can also earn rewards from AXS by playing games and participating in key governance.
The company will distribute the rewards from their AXS share. After some time, there will release their total supply of tokens as this will help them expand their community.
Can I Stake AXS?
Yes, you can now go ahead and stake your AXS. AXS has made it possible for people holding their tokens to stake their AXS.
Where can I Stake AXS?
You can stake your AXS through stake.axieinfinity.com which was launched by the Mavis team, on September 30. This platform was made specifically for staking AXS.
Currently, they have an annual percentage rate return of 170%. AXS is staked using Axie infinity’s side chain Ronin. Ronin is very popular on the Ethereum blockchain.
Ronin is a 2-layered decentralized application that promotes transactions on the Ethereum network. Users can make a full transaction using Ronin without having to pay a transaction fee.
How to stake AXS
For you to efficiently stake your AXS, follow these few simple steps.
1. Create an Online Account –
This is the first and major step you will take. Find your most preferred exchange and open an account with it. To buy AXS, I strongly recommend coinbase because is very easy to use and navigate and they offer additional incentives to their users. Also, coinbase adds a level of security to your investment because it is insured.
Whichever exchange you settle with, create a strong and secure password and ensure you don’t compromise your account.
2. Buy your cryptocurrency
With the exchange you created your account with, you can now proceed to buy AXS. You can decide to buy AXS by making a one-time payment and also or you can decide to purchase as many AXS tokens as possible. Once this is done, you should go on to start the staking process.
3. Transfer your AXS to your Ronin Network
AXS staking requires that you transfer your token from the Ethereum Network to the Ronin Network especially if this is your first time staking. Simply follow the guide on axieinfinity to create your Ronin wallet and deposit your AXS.
How to collect your AXS Rewards
Your AXS rewards depend on the total amount you staked and the amount staked worldwide.
Here is how to collect your AXS reward
• On your dashboard, you will see two options to re-stake or collect. If you choose “collect” your reward will go in straight to your Ronin wallet. If you choose “Re-stake” it means you are adding your already accumulated rewards to your stake.
• Confirm or verify your decision with the pop-up window that will appear on your screen
• Once you click on confirm, a Ronin pop-up will appear to confirm your transaction
• If your choice was to restake, you will see your reward added to your stake. Also, your rewards will show on your Ronin Wallet if you chose to collect.
When to Stake AXS
It is always best to stake your AXS token when the price is low. It is good that you stake your AXS token for a length of time.
However, the best time to stake and get massive rewards is when the price is o. then when the price goes up, you can withdraw your rewards.
Always leave behind a fixed amount of AXS when you want to withdraw, so that you can always benefit whenever the price goes up.
Pros and Cons of Crypto staking
Asides from staking your AXS, crypto staking is generally profitable for all investors. Staking your coins is generally advisable and here is why
Pros of Crypto staking
• Cryptostaking helps to you earn additional crypto rewards as an investor. By staking your coins, you can earn additional rewards with other investors.
• It is very easy to perform as you don’t need any additional instruments. The ease of staking makes it even more attractive. Some exchanges like coinbase make it easier by staking on your behalf.
• Cryptostaking helps to conserve the energy of blockchain. Both for the investor and the entire blockchain community, Cryptostaking is good for all.
• Cryptostaking helps to generally improve the security of blockchain. If the security of the blockchain is strongly protected, it will lead to improvements.
• Cryptostaking enables fast and cheap transactions in the blockchain industry
Cons of Cryptostaking
• Bear in mind that most times, Cryptostaking requires that you leave your coin for some time after staking.
This means that for the period you staked your coin, you won’t be able to sell it or do other things with it until after some time. The time in which your coins will be locked depends on the taking period of the particular cryptocurrency you staked with. So, ensure that the coins you are staking with, are something you can forfeit over some time.
• The prices of crypto are unstable, so they can drop at any time. This can affect the price of the reward you are meant to get from your staked crypto.
Just like other cryptocurrencies, staking your AXS is advisable. Although the price of staking AXS is high, it is still an additional way of earning rewards. Follow the simple steps outlined, and stake your AXS comfortability. Also, look out for other cryptocurrencies that have added the proof of stake, and join the host of investors earning rewards from staking.