Axie Infinity Launches AXS Staking Program

By Shiela Bertillo

Axie Infinity, a play-to-earn non fungible token (NFT) game by Vietnam-based Sky Mavis, announced the launch of a staking program for its in-game token, Axie Infinity Shards (AXS). Staking allows the players to lock up AXS to earn AXS rewards. 

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“This is an important step towards our long term goal of genuine co-ownership of Axie Infinity with community members that contribute meaningfully to our rapidly growing movement.” Axie Infinity stated.

Axie Infinity Shards (AXS) are governance tokens in the game which can be earned by ranking on the leaderboard during Player vs. Player (PVP) Seasons and by winning tournaments. AXS can also be purchased on various crypto exchanges.  

Accordingly, the developers assured its players that many new ways to earn AXS will be added soon, both through gameplay and contributions to the ecosystem, because “AXS has been designed to seek out those that deserve and want it the most.”

“By staking your AXS you’ll be able to earn AXS rewards when you lock up your tokens through the staking dashboard. In the future, staking AXS will give you voting rights and a say over the use of the Community Treasury which now holds over a billion dollars in tokens.” Sky Mavis said in a statement.

Taking this initiative, game developers are recognizing how the governance of decentralized communities is still in a very early stage and are taking note of how the tokens empower the users. As they “believe that the next round of building in crypto will be centered around social coordination and governance tooling.”

AXS Airdrop to Founding Community Members of Axie Infinity

Fulfilling its promise to its 10,000 founding members, Axie Infinity distributed 800,000 AXS to their “missionaries that helped form the bedrock of our digital nation.”

“This is over 50,000,000 USD worth of tokens and represents our commitment to making sure that Axie becomes a community-owned game.”

Currently, there are 58 million AXS in circulation, with 200M AXS to be distributed in the first month, from the max supply of 270M AXS tokens. The rest of the supply will be released over time through staking, gameplay rewards, and ecosystem reward structures.

The developers noted the significance of releasing more tokens over time considering the player surge each week “so that everyone in the community has opportunities to hold a piece of the Axie universe.”

This article is published on BitPinas: Axie Infinity Launches AXS Staking Program

Source: https://bitpinas.com/feature/axie-infinity-launches-axs-staking-program/