Axie Infinity launches AXS staking programme

October 1, 2021

Play-to-earn NFT-based game Axie Infinity has announced the launch of a staking programme for the Ethereum-based native token Axie Infinity Shards (AXS).

Axie Infinity is a trading and battle-ground based game (similar to Pokemon) where players can collect, breed, train, battle and trade Axies with players across the world. Every Axie is an NFT with unique properties and strengths, based on characteristics minted from the platform.

Axie staking

According to an announcement released, AXS holders can start staking their AXS holdings with rewards offered to holders and owners of those choosing to stake their tokens.

As per the announcement, this launch acts as a step towards encouraging community members to promote and contribute towards the overall growth and health of the Axie ecosystem.

“This is an important step towards our long term goal of genuine co-ownership of Axie Infinity with community members that contribute meaningfully to our rapidly growing movement… Staking is a way for us to reward our community members for having a long-term mindset and locking up their AXS tokens.”

Axie Infinity Community Treasury

Based on the system, the Axie Infinity leads will be offering voting rights and have a valid say in the use of the Community Treasury if they opt to stake their Shards. Currently, the Community Treasury of the platform holds over 18 million AXS tokens – an amount that accounts for over $1.4 billion.

Axie Infinity Shards (AXS) tokens released into the ecosystem

According to Axie, 2 million AXS tokens will be distributed within the first month of the launch. Of the set cap of 270 million native Axie tokens, 58 million are currently in circulation. As per the announcement, the rest of the tokens will continue to be released through gameplay and ecosystem rewards structures and now there will be AXS tokens released through staking too.

 

Source: Axie Infinity

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