800,000 AXS distributed to Axie Infinity founding members
Axie Infinity, arguably the most influential name in the blockchain gaming industry, has announced that AXS staking is now live. Hours after releasing the feature, community members have staked more than 2.5 million AXS with a total value of more than $194 million.
Axie Infinity Shards, or AXS, are the native governance tokens for the Axie Infinity platform. Additionally, players earn AXS tokens when ranking well in the overall leaderboard or winning tournaments.
With the staking capabilities going live, Axie Infinity introduces a passive income earning mechanic to its platform. This move is also a step towards introducing community governance to the platform. According to the official AXS staking guide, in the future, AXS stakeholders will receive voting rights in addition to their AXS staking rewards.
Currently, the APR and rewards systems have not been activated. According to the devs team, this feature is still turned off by design. This is to allow players from all time zones to stake their AXS before rewards go live. Initially, rewards will be allocated from a dedicated pool of 78,300,000 AXS tokens set aside by the Axie Infinity team.
For a detailed walkthrough on how to start staking your AXS tokens, you can take a look at this handy video tutorial put together by the Axie Infinity team:
Axie Infinity founding members will be airdropped free AXS
Another important update announced alongside AXS staking going live is a founding members rewards airdrop. On October 26th last year, the Axie devs team took a snapshot of its smart contracts. The snapshot took into account Axies and land owned, marketplace activity, and battles won while playing.
Based on this snapshot, Axie Infinity devs determined which wallets would qualify as founding members for the game. Now, as a recognition for their early activity, 10,000 of the qualifying wallets will be selected for an AXS rewards airdrop. The total airdrop value is 800,000 AXS. This is over $50 million worth of tokens. According to the official announcement, it represents the team’s commitment to making sure that Axie becomes a community-owned game. If you were an active member of the Axie Infinity community before October 26th, 2020, it’s worth it to check your wallet.
Interestingly, the the team never expected the game to have such a global reach. They admit to having been a little overwhelmed with figuring out the rewards process at first. However, now that AXS staking is live, rewarding founding members and giving them the chance to participate in the future governance of the platform becomes a lot more meaningful to the community as a whole.
DappRadar will continue following Axie Infinity closely in anticipation of the next exciting development from the play-to-earn giant. If you want to learn more about Axie and its stellar success in the past several months, you can find useful resources below.