Axie Infinity Staking Pushes AXS Up 58%

Axie Infinity Staking

AXS price jumped from $91 to $145 in 3 days

The leading blockchain game Axie Infinity continued its upwards trajectory this week as its native AXS token became eligible for in-game staking. Giving players the ability to earn more rewards. Pushing the price of AXS from around $90 on launch day last Friday to around $145 at the time of writing. 

At the moment of writing the Axie Infinity has locked 13.1 million AXS into the staking smart contract. That’s $1.86 billion in value. Users who stake their tokens, earn an APR of 178%. That means that staking 1 AXS earns users roughly 0.14 AXS per month.

Axie Infinity Shards, or AXS, are the native governance tokens for the Axie Infinity ecosystem. Additionally, players can earn AXS tokens by ranking highly in the seasonal leaderboard or for example by winning tournaments. However, the governance token isn’t fully integrated into the game world yet. 

So far AXS only had speculative value, but with staking going live the token introduces a passive income earning mechanic to Axie Infinity. Additionally, the move is a step towards introducing community governance to the platform. According to the official AXS staking guide, AXS stakeholders will receive voting rights in addition to their AXS staking rewards in the future.

Get AXS Now!

The increase in price has been stimulated by several factors. Firstly, the fact players and more generally AXS token holders can stake their AXS to receive rewards means that more people may have rushed in to get AXS, pushing the sentiment and price. 

Secondly, assuming the staking rewards are attractive, there’d be a longer-term token increase expected since locked coins would effectively decrease the supply relative to what it would have been without staking. This would potentially increase the more people who are staking. 

Thirdly, it’s now been confirmed that Sky Mavis, the team behind Axie, has raised approximately $152 million in a Series B funding round with a valuation of $3 billion. The round has been led by Andreessen Horowitz and puts Axie right at the top of the blockchain game pile. Where it seems destined to lead the play-to-earn gaming charge for the time being at least. 

Staking AXS guide 

For a detailed walkthrough on how to start staking your AXS tokens, you can take a look at this video tutorial put together by the Axie Infinity team below. If you would like to get some AXS you can use the DappRadar token swap with no platform fees

The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, RAY, BOSON, AND OCEAN

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