The biggest NFT-based play-to-earn game on the Ethereum blockchain has launched a staking program for their native token. In a recent announcement, Axie Infinity state that from today, its users can stake their Axie Infinity Shards or AXS to get rewards.
Starting from today, people who own AXS can stake their tokens and claim rewards as soon as after 24 hours. The reason behind making people wait for 24 hours before activating rewards is that the team of Axie Infinity wanted to be sure that each time zone had the opportunity to stake in advance.
Following the announcement, the Axie Infinity team stated this:
“Staking is a way for us to reward our community members for having a long-term mindset and locking up their AXS tokens.”
Through staking, the team is aiming to give the players voting rights and a say over particular changes in their platform. Moreover, over 18 million AXS are within The Community Treasure of Axie.
Over the first month of the program, about 2 million AXS tokens will be allocated to users who stake their AXS proportionally. Considering that only about 60 million (out of the 270 million) AXS are in circulation, this allocation is not supposed to have that much of an impact on the market performance of AXS.
Axie Infinity was launched back in 2018 and has since attracted hundreds of thousands of new players. As mentioned before, Axie Infinity is a play-to-earn game where players can collect, raise, breed, and battle their Axies – NFTs that represent their characters with unique traits.