By Alicia Maher
Enthusiasts and players of the Ethereum-based game Axie Infinity now have the opportunity to stake their assets via a new functionality. The devs behind the gaming platform released a blogpost on Thursday informing players of the game and users of its native token (AXS) about the new utility. According to the post, users will get rewards when they stake their Axie Infinity Shards or AXS assets.
Axie Infinity is a play-to-earn NFT game that runs on Ethereum network and is powered by a native token AXS and another named Small Love Potion (SLP). Apart from having utility in the game itself, these assets entitle users and users to governance and voting rights in the platform’s ecosystem.
AXS Staking Rewards To be Activated on October 1st
With the new staking feature, AXS users can now find a more interesting and highly rewarding utility for their assets. Axie Infinity shared details of the staking feature in the Thursday blog post. Per the post, rewards on the pool will become active on October 1st to create room for users in all time zones to have their assets staked.
The Axie Infinity devs stated that the staking feature is a way to reward members of the community for their holding attitude and keeping their assets for long. Stakers will get rewards in AXS, the devs revealed in the post.
Part of the announcement reads that AXS users will be given voting privileges and ‘a say in how the Community Treasury is utilized’ on account of their stakes. The Treasury comprises 18 million AXS assets valued at $1.4 billion as of press time.
Stakers to Receive 2 Million AXS As Rewards
Within the first month of the initiative, 2 million tokens will be shared among participants. Breaking down the distribution process, the devs noted that 64,516 AXS assets will be shared daily and 2.24 AXS per block (in a day, there are 28,800 blocks).
AXS currently has a circulating supply of 58 million and a supply cap of 270 million. The devs have proposed releasing the rest of the tokens via staking, gameplay rewards and ecosystem reward structures.
The gaming utility of the AXS token has been a pivot for the growth of the token since the NFT game launched in 2020. Earlier this month, the token achieved an ATH of $82. AXS is listed and traded on several crypto trading platforms globally. On the gaming platform, players are allowed to trade, obtain and battle Axies which are NFTs with unique features.