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AXS Staking guide: https://youtu.be/f_8gdIPh6XI
Hey everyone, so today I am going to go over how to set up your Ronin Wallet and start staking AXS for a very high APY. If you are interested in earning crypto online by playing games, running apps, watching videos and investing into DeFi platforms then please follow my channel and subscribe to my YouTube channel by following the link below. This really means a lot to me and thank you so much for the support.
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My name is Ryan and welcome to my channel “Crypto Earnings 101 where I help you make extra crypto online.
What is Ronin Wallet
Before I dive in and show you how to set up your Ronin Wallet, I will first go over what this actually is. Ronin Wallet is a crypto wallet similar to Metamask and it was developed by the team Sky Mavis. If you have heard of Sky Mavis, then you have probably heard of the blockchain game called Axie Infinity. This is where players battle with other players in a card turn based strategy style game, you are also able to breed, trade and sell your NFT Axies too. The Ronin Wallet allows players to easily interact with their Axie account by being able to process transactions quickly and very cheaply using the crypto currency RON. If you have used Metamask before, then you will find Ronin Wallet very easy as it is similar in many ways. For the purpose of this post I am not going into Axie Infinity, this is just to show you how to stake AXS.
Getting Set Up
Just to make you aware, you don’t need to get involved with playing Axie to be able to use Ronin Wallet so don’t let that put you off from using this. The staking feature can be used by anyone.
To get set up on Ronin Wallet, go to wallet.roninchain.com. You can see here that Ronin Wallet is supported on many browsers and they also have apps. (See pic below)
I personally haven’t used the apps so i can’t tell you how they look or run. If you are installing an extension on your browser click on the browser you are using, then click “install” and you can find it in your extensions over here after it has been installed.
When you first install Ronin Wallet, you will need to set it up. This requires you to follow the on screen instructions, writing down 12 word phrases and creating a password. After you have done all that you will then be able to access your wallet.
What is AXS
If you aren’t familiar with AXS, it stands for Axie Infinity Shards, this is a governance token which will give you voting power the more you hold. You can also earn AXS rewards by playing Axie Infinity and also stake AXS which is what I will be going over shortly.
If we go over to coinmarketcap and have a look at the chart for Axie Shards, you can see that AXS is currently trading just over $12 and hit an ATH of $160 last year (see pic).
Let me know in the comments below if you hold any AXS or if you are playing Axie Infinity.
How To Deposit AXS
To be able to stake, you first need to fund your wallet with AXS. What makes the Ronin Wallet so easy to use is the simple design of the wallet. When you open the wallet, you can see here that it supports 4 different tokens (see pic).
WETH, AXS, SLP and USDC. It is really easy to fund AXS, SLP or USDC to your Wallet. I have found the easiest way for me to do this, is to send from Binance. I have a tutorial on getting set up on Binance and how to spot trade so I will leave a link below if you wish to watch it.
Binance Tutorial: https://youtu.be/v18UKz_3xlg
Let’s assume you already have AXS, SLP or USDC in your spot wallet on Binance. Go to your Ronin Wallet, copy your address here (see pic).
Then head over to your Binance account. Go to your spot wallet, look for AXS or USDC and then click on withdraw. It is important to select the correct network, sending on the wrong chain will result in your funds being lost and will not be recovered. So please make sure you select RONIN. Paste your address into the box, you should also note that Binance tells you to replace the “Ronin:” with “0x” so make sure you do this too. After you have double checked your address and gone through all of the security measures. Within a couple of minutes your wallet should be funded with AXS or USDC.
How to Get Free Transactions
Just like on every chain, there is a gas fee. What makes Ronin so great is how cheap the gas fees are and how quick the transactions are confirmed on the blockchain. The gas fees are paid in RON, this is a crypto currency which is currently trading around $0.25. The use case for this token is to pay for all transactions on the network, as Sky Mavis brings out more games in the future this token could have more potential use cases so I am excited to see what the future brings for this token.
In order to process any transactions on Ronin Wallet, you will need some RON. You are able to get 20 free transactions if you log into Axie Infinity with your Ronin Wallet and create an account. To do this simply go to app.axieinfinity.com/login. When you get to the login screen, make sure your Ronin Wallet is unlocked and click on “Login”, a notification will pop up in the extension and click “Confirm”. You are now logged in, all you have to do now is set up an email and a password to get your free 20 RON transactions.
How To Swap
Now that you have 20 free transactions, you can now easily buy some RON through the swap section. To do this, open your Ronin Wallet, click on “Swap” and it will take you to this screen (see pic).
For this example I will choose USDC to RON, if you select USDC at the top and then select RON at the bottom. Now all you do is type in how much you want to swap. Since RON transactions cost a fraction of a penny, you don’t need a lot. 1 RON is more than enough to last you a long time so you don’t really need any more than that for now. To swap, click on the blue “Swap” button, a notification will pop up in the extension and you just need to click “Confirm”. Usually the transactions take around 3-5 seconds and then your assets will show in your wallet. Staying on the swap section for now, do exactly the same process but this time choose USDC to AXS. If you already have AXS in your wallet then you don’t need to worry about doing this.
I will now go over how to stake your AXS, if you don’t know what staking is. This is a process of locking up or delegating your crypto assets for a certain period of time to help support the operation of a blockchain. In return for staking your crypto, you get paid rewards. What I really like about AXS staking on the Ronin Wallet is that you are able to unstake your crypto at any time, so there is no lockup period unlike some other platforms.
Since we are already on the swap page, to get to the AXS Staking section click on this icon next to the Ronin symbol (see pic).
This opens up a menu and then select “staking” which takes you here. Bookmark this page so it’s easy for you to get to. You can see here that the total amount staked is over 30 million AXS which is almost $400 million, how crazy is that? (See pic below)
The estimated rewards for the year is sitting at 60% which is fantastic considering banks only pay you 0.1% if you are lucky. Click where it says “Connect to Ronin Wallet”, your wallet should now be connected and if you are holding AXS in your wallet, the balance will show here (see pic).
Click on “Stake”, a menu box then opens and you can click on “Max” to deposit all of your balance or you can manually type how many tokens you want to stake. Once you have done that, click on stake, a notification from Ronin wallet will pop up, click on the free transaction if you have one or select pay with RON and then confirm everything. In a few seconds your transaction will be processed, refresh the page and then you will be able to see your AXS now being staked and earning 60% APY. You are able to claim your rewards straight away, everytime you claim you do need to wait 24 hours. You can also Restake every 24 hours, this acts as compounding, so this is a good option too if you want to build up your balance and earn even more AXS this way. Remember you are also able to unstake all of your AXS at any time, so don’t worry about it being locked away.
I hope this AXS Staking guide has helped you understand how to get set up on Ronin Wallet and stake your Axie Infinity Shards. If you have any questions, then please comment below and I will try to get back to you as quickly as I can. I try to release at least 1 post per week on ways to make extra crypto online, so please follow my channel so you don’t miss out on any future videos. I have also posted my full video guide at the start of the post so you can get a better idea how to stake your AXS, so feel free to watch that. As always, thanks for reading and I will see you in the next one.