The community was drawn to Axie Infinity by its outstanding performance. Here is a brief explanation of how to stake AXS.
Axie Infinity offers forward a cosmos that’s expired by Pokémon where players can acquire tokens by contributions to the environment and competent games. Users can gather, fight for, develop, and establish the kingdoms that their virtual pets deserve.
The main distinction between Axie and other games is how its participants are compensated for their contributions to the ecosystem using a blockchain-based economic model. This type of gaming is relatively new and is frequently referred to as “play to earn.”
AXS, or Axie Infinity Shards, represent the governance token of the Axie Universe and holders will be able to claim prizes by staking, playing the game, and voting in particular governance votes. In this guide, we take a look at one of the features in particular – staking AXS.
The Axie staking program was introduced towards the end of September 2021.
Staking, for those of you who are new, is the practice of locking away your tokens in return for interest in the cryptocurrency world. Investors were drawn to Axie Infinity because of the large returns.
The initial APY was close to 400%. The APY, which is now about 190%, fell as more AXS were staked.
Protection first! You are your own bank in the crypto world. However, there are numerous risks involved.
You must double-check the URLs you input and any wallet addresses you are putting bitcoin to in order to prevent any losses. Sending a tiny amount (dust) first, then the remainder of your cash, is a smart move in this situation. Yes, there are times when the transaction fees exceed the amount sent, however this is an extra precaution to safeguard your assets.
Keep in mind that your coins will be lost and you won’t be able to get them back if you send your money to the incorrect address or fall for a phishing scam.
There are risks associated with staking itself as well, including the following: The first thing to bear in mind is volatility, as with anything crypto-related. Be ready for sudden changes in the world around you.
Second, when you stake, your money is temporarily managed by a smart contract or by the organization behind the project; you no longer have control over it. Failure has a non-zero probability and might result in money loss. However, when there is danger, there should also be a noteworthy gain, or a high annual percentage yield, to put it another way.
AXS Staking: A Step-by-Step Guide
- Verify whether you possess any AXS tokens. Otherwise, you can purchase them on cryptocurrency exchanges like Binance.
- Install the Ronin wallet extension for Google Chrome and Mozilla Firefox, the dedicated Axie wallet. Make a seed backup choice and choose a password. Learn more about installing Ronin here.
- On the Axie Marketplace, sign up. Use the blue “Login” button at the top right. After that, you’ll need to make a password and confirm your email address. This action must be taken. If not, you won’t be able to move forward and will see the warning “You’ve Used Your Today Free Transactions in Ronin Wallet” when attempting to send money.
- Add your Ronin wallet to your AXS tokens. The format for your Ronin wallet address should be “Ronin:xxxxxx”.
You must only transfer via the Ron network because Ronin is running on it (and not from any other ERC-20 or BSC wallets).
Make sure to choose the Ron network when withdrawing from an exchange. Binance supports this option, however take note that you must select the RON network, enter your Ronin address after replacing the ronin: prefix with 0x, and always withdraw a tiny test amount when withdrawing to RON from Binance.
- You can switch your AXS into Ron Network’s AXS by using the Ronin bridge option if your AXS are on the ERC-20 network (your wallet address begins with “0x”). How to use the bridge is shown below.
- Use the “stake” button on the AXS Staking dashboard to select the desired AXS amount, then hit “stake” once more to confirm the transaction using the Ronin wallet that appears.
- You have now staked your AXS. The staking dashboard allows you to view both your rewards in real time and the current APY, which is fluctuating over time.
- You have the option of claiming or keeping your prizes. Simply press the red Unstake button, which is next to the Stake button, to unstake.
How Do I Install The Ronin Wallet By Axie?
The official Axie Infinity wallet is called Ronin, and like MetaMask, it is accessible as a browser extension for both Mozilla Firefox and Google Chrome.
As previously said, make sure you’re installing the right extension by clicking the relevant links.
Open your extension when installation is finished to create a new wallet (you can also restore a wallet in case you already have one). On the following screen, you will be asked to select a password and, more significantly, you will be given your 12-word paraphrase. Those letters stand in for the private key.
Keep in mind that anyone who knows these words has access to your coins. To protect your private keys further, read this article for additional advice.
You’re now ready to go. You must transmit your AXS coins to the public address listed in your new wallet.
How Do You Link a Ronin Wallet to a Trezor?
The safest options are thought to be hardware wallets. It is advised to get a Trezor wallet if you plan to stake and/or hold any sizeable amount (for example, $5k and above).
It’s incredibly easy to connect your Trezor, and the process is comparable to that for Metamask’s hardware wallet.
Select “Connect Hardware Wallet” by using the Ronin extension’s top-right menu button. You will be asked to provide access before being given the option to select any ERC-20 address. Keep in mind that you are on the Ron network, not the Ethereum network.
What is the Ronin Bridge Used For?
AXS tokens are supported by ERC-20, BSC (Binance Smart Chain), and Ron Networks, as was already mentioned. Staking is only accessible through the Ron Network.
You can deposit your tokens into Binance and withdraw them via the BSC network or the other two networks if your tokens are on the BSC network.
Your AXS are most likely saved on an ERC-20 Ethereum-based address that begins with “0x.”
You must convert them into Ron Network’s AXS if that is the case. The Ronin bridge can be used for this.
You’ll need a Metamask wallet, where you should store the money you want to send. Once you’ve established a connection with Metamask, you must grant access to the Ronin bridge on the website.
Once this is verified, the procedure is quite simple: Pick Deposit from the main menu.
Then, add the information: Verify once more that you have provided the proper address, the required amount to convert, and the token you intend to convert (in this case, AXS) for your Ronin wallet:
The final step is to click “Next,” authorize using Metamask, and wait for a pop-up window to finalize the transaction.
Important: The bridge toll is now quite high as of the writing of these paragraphs. Therefore, it is preferable to convert all tokens at once rather than in batches.
It should only take a few more minutes after you receive Metamask’s confirmation of the transaction before you can access your money using the Ronin wallet.