Axie Infinity rolls out its AXS staking program
News NFT

Axie Infinity rolls out its AXS staking program

Saudu Clement
Saudu Clement

Ethereum based play-to-earn NFT game Axie Infinity has launched a staking program for its native token Axie Infinity Shards (AXS).

According to the Sept. 30 announcement, holders of the AXS token can begin staking their digital assets, even though the rewards will be activated in 24 hours to ensure that users in other time zones can stake them beforehand.

The Axie Infinity team explained that “staking is a way for us to reward our community members for having a long-term mindset and locking up their AXS tokens.” It added that players could earn rewards by staking.

The Community Treasury of Axie Infinity holds over 18 million AXS tokens worth over $1.4 billion. The team plans to offer voting rights and “a say over the use of the Community Treasury” by staking.

According to the official statement, about 58 million of the set cap of 270 million AXS tokens is currently in circulation while the rest would be distributed via staking, gameplay rewards, and ecosystem reward structures in the first month of the staking program. Meanwhile, a total of 2 million AXS tokens are scheduled to be distributed already.

Axie Infinity was launched in 2018. It is a trading and battling game that allows players to collect, breed, raise, battle, and trade Axies (NFTs with different attributes and strengths).

AXS tokens represent a little slice of the game’s universe, and players can also earn in-game achievements such as taking place on leader boards or winning tournaments, in addition to directly buying them.