Axie Infinity, a play-to-earn NFT sport primarily based on the Ethereum blockchain, introduced the launch of the staking program for its native token, Axie Infinity Shards or AXS.
AXS holders can begin staking their tokens whereas the rewards might be activated in 24 hours to make sure all time zones may stake beforehand, based on a Sept. 30 announcement.
“Staking is a means for us to reward our group members for having a long-term mindset and locking up their AXS tokens,” the Axie Infinity workforce mentioned as a part of the announcement, including that by staking, gamers can earn AXS rewards.
The workforce plans to provide voting rights and “a say over the usage of the Group Treasury” by staking. The Group Treasury of Axie Infinity holds greater than 18 million AXS tokens value over $1.4 billion on the time of writing.
A complete of two million AXS tokens might be distributed in the course of the first month of the staking program. About 58 million of the set cap of 270 million AXS tokens are in circulation and the remainder can be launched by way of staking, gameplay rewards and ecosystem reward buildings, the announcement reads.
Launched in 2018, Axie Infinity is a buying and selling and battling sport that allows gamers to gather, breed, elevate, battle and commerce Axies, that are principally nonfungible tokens (NFTs) with totally different attributes and strengths.
AXS tokens, that are additionally listed on a number of crypto exchanges, characterize a bit slice of the sport’s universe. Along with immediately buying them, gamers may also earn in-game achievements corresponding to happening on leaderboards or successful tournaments.