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The massively popular non-fungible token game of “Axie Infinity” did some tweaks a couple of days ago as its developer Sky Mavis rolled out a staking program in the NFT title. “Axie” fans are now able to stake their Axie Infinity Shard (AXS) tokens as they will soon be rewarded according to reports.
Axie Infinity and staking
That’s right, “Axie Infinity” players can now begin staking their AXS tokens as the rewards of doing so will be activated within 24 hours. The reason behind it is to make sure that all time zones could stake beforehand.
A Way to give to the Axie community
The devs stated that staking is an avenue for them to give back to their community members “for having a long-term mindset and locking up their AXS tokens.” A voting feature is said to be in the works according to the “Axie” dev team, alongside the ability of players to voice out over the usage of the so-called Community Treasury.
Further, about two million AXS tokens will be rolled out during the staking feature’s first month. As of writing, there are about 58 million out of the set cap of 270 million AXS tokens that are in circulation. That said, it was also learned that the remainder of it will be rolled out via staking, ecosystem reward structures, and gameplay rewards.
Axie Infinity price jump
Meanwhile, “Axie Ininity’s” price has jumped well above $118 at the time of writing following the release of a massive airdrop to early supporters including the above-mentioned staking feature for AXS tokens.
If the recent data is anything to go by, it shows that the AXS token’s price has skyrocketed to a record high at $118 from its original price of $47.92. Now that’s 145 percent higher, not to mention that the token’s 24-hour trading volume took a huge leap from $421 million to $1.95 billion.
Currently, “Axie Infinity” is offering an annual percentage rate (APR) of 240 percent for stakers with the rewards arriving from a 78.3 million dedicated pool of AXS tokens that have been kept by the dev team.
AXS tokens have been performing exceptionally these past few days as the reasons behind it include the rolling out of these so-called community airdrops for early adopters of the game, the staking feature for the said token, and the emerging popularity of play-to-earn-titles.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
