Axie Infinity is a project related to the metaverse and blockchain-based gaming, one of the latest trends of the moment along with NFT and play-to-earn. In this article, we won't talk specifically about the game, but how to put AXS into staking.
Long story short, the AXS token is Axie Infinity's governance token, which is a currency that can be used to move around the ecosystem. The thought is to see it as a tool that can connect the various users in the Axie universe.
The AXS tokens earn by playing and following the systems of the game, or buy on any Exchange such as Binance. AXS holders, in turn, can use the coin within the game, or put it in staking to get rewards.
How to stack AXS and why to do it
It is obvious to ask why putting AXS in staking is convenient for those who have a long-term view on the project. First of all, we're talking about a very useful token with large volumes of exchange, and a solid community at the base that continues to play (to be clear, the game of Axie Inifnity reminds in many ways those of Pokémon).
Suffice it to say, the price of AXS has risen from around $0.15 in November 2020 to over $150 in November 2021 (current price here). Also, it's good to consider the APR obtainable when you decide to put AXS into staking.
At first the figures exceeded 400%, but now the annual APR has stabilized at around 89%. Considering the possibility of withdrawing and redepositing the funds including the interest earned, creating compound interest, the APY can easily exceed 200%.
This is interesting when you know how to put AXS in staking without paying fees. Yes, on the AXS ecosystem it is possible to use the restake command, which automatically withdraws and deposits funds including interest.
To be clear, if we have deposited 10 AXS and accrued 1 AXS of interest, by clicking on restake we are going to stack 11 AXS, getting 89% APR not on 10, but on 11. In the long run, we understand the potential of stacking AXS.
In the example, we have a wallet that deposited 2 AXS, and in about 90 days got almost 1 AXS. In counter value, we are talking about $100 deposited and $50 earned, considering the current price of the token.
Putting AXS into Staking: Requirements
Before we find out how to put AXS in staking, we need some requirements:
- Wallet Ronin. You can download Ronin from here, and open one just like with Metamask.
- AXS tokens. You can easily buy them on Binance, KuCoin, FTX or any other Exchange.
Once the wallet is open and the AXS are ready, we are ready to go.
N.B. Questa operazione va necessariamente eseguita da PC, in quanto non è disponibile nessuna versione di Ronin Wallet. Mai scaricare app o presunte piattaforme se non quella ufficiale dal sito di Ronin.
Step 1: Send AXS from Binance to Ronin Wallet
As first thing, we need to send our AXS within Ronin wallet. Let's copy the wallet address via the appropriate button.
After that, let's paste it on Binance.
Now we need to be careful. As we can see from the screen, Binance will report an error when we paste our address.
This is because there is the string "ronin:", which is not compatible with the RON chain. All we have to do is modify the ronin part, including the colon, with "0x" (without the quotes), as suggested by the platform itself.
It's always good to send a small part of the token as a test so we can understand if we have performed everything correctly. RON blockchain fees are negligible, so there's no need to worry.
Once we're sure we've done everything correctly, let's head over to stake.axieinfinity, where we can finally put AXS into staking.
Step 2: Get free transactions
We are now in the dashboard for staking AXS. The only thing we will need to do is approve the smart-contract so that we are enabled for staking.
Let's head over to approve and click. You'll immediately notice an error saying you don't have enough free transactions to use.
How to solve it? Very simple. Just go to marketplace.axieinfinity and click on "Login With Ronin Wallet".
Once you're in, just sign up by following the steps and update your staking dashboard and we'll have a whopping 100 free transactions per day.
Then, we immediately approve the contract, and now we'll have the stakes and unstake buttons available.
Step 3: How to put AXS in staking
Staking AXS is very simple. We click on stake, select the amount of AXS to be staked, and confirm.
When we want to create a compound interest, all we need to do is clicking on restake. The restake can be done every 24 hours. At the same time, the moment you select restake, you will not be able to claim for 24 hours.
It's like having a lock on your deposits, but really insignificant. If you click claim, however, the tokens will return to our Ronin Wallet, and you can use them on the Axie ecosystem or send them elsewhere.
Conclusions
We have ascertained that knowing how to put AXS in staking without paying any fee can be very convenient for those who firmly believe in the project.
Logically, all the risks of the case should be taken into account: strong price drop, problems with protocol hacks and all the risks arising from cryptocurrencies in general.
There are also several staking solutions for AXS on Binance, even up to 104% APR. The difference, however, is that the funds have to be blocked for 30, 60 or 90 days.
Also, you can't enjoy the magic of compound interest in the same way.
The original version of this article is published here. I also published an Italian versionhere on publish0x!
**This article was written by the GoInvest team. Each guide is for informational purposes only and does not suggests any form of investment or savings plan or, much less, financial advice. You can read our official articles in our website.
This guide is intended for informational purposes only. We don't assume any responsibility for losses incurred during these steps or during the investment period.Do your research and be responsible.
