What is Axie Infinity?
Axie Infinity a universe filled with collectible creatures called Axies. Axie aims to create a player-owned economy where players have complete ownership of their digital assets and can buy, sell, and trade them just like physical trading cards and collectibles. It also aims to create a social network and earning platform powered by the strong community and opportunity to truly own resources earned within the games. The token that powers Axie Infinity is AXS and it is exclusively used for trading, staking, in-game utilities, and governance votes on the network. This tutorial will show you how to stake your AXS tokens on the Ronin network.
- View the current AXS staking APR here
- Use the AXS Staking Calculator to estimate your rewards
- Lockup: 1 day
- Minimum amount required for staking: No minimum
- Estimated time needed to stake your AXS in your wallet: 1 minute
- Recommended AXS staking wallet: Ronin wallet
- Steps to stake:
- Go to the AXS Staking Dashboard and connect your wallet
- Enter the amount of stake
- Confirm and happy staking 🤘
Where to buy AXS
You can get AXS tokens at a cryptocurrency exchange, at a DEX, or within select wallets. You should always do your own research when selecting a reputable cryptocurrency exchange. For best security, it is not recommended to leave your tokens on an exchange, but transfer them to your non-custodial or cold/hardware wallet after procuring them.
Axie Infinity wallets
AXS has a variety of non-custodial wallets for you to choose from. We recommend that you use a hardware wallet such as Ledger to store the tokens. For staking, we suggest using the Ronin wallet. Compatible wallets include:
How to connect Axie Infinity (AXS) to Ronin
When setting up your Ronin wallet, it will automatically create an AXS account for you.
Important things to note
We’ve shown the mnemonic phrase for teaching in this tutorial. In reality, do NOT show anyone your mnemonic phrases! Store them well as you can use them to restore your wallet.
How Staking Rewards for Axie Infinity (AXS) are Generated
Learn how rewards are generated in the FAQ section titled ‘How are the rewards generated’’ here.
How to stake Axie Infinity (AXS)
Step 1: Make sure you have a Ronin wallet
Stake your AXS tokens using Ronin wallet or Trust wallet amongst others. We will use the Ronin wallet in this staking tutorial.
As a popular wallet in the Axie Infinity ecosystem, Ronin offers users the ability to stake tokens, access blockchain apps, and manage multiple tokens in one wallet. Simply connect your Ledger to Ronin wallet or use Ronin wallet directly to stake AXS. Install the Ronin wallet browser extension or download the Ronin wallet here. Deposit your tokens into this wallet before continuing onto step 2.
Step 2: Go to the Axie Infinity staking portal and start staking
After entering your wallet, start staking by following the steps below:
- On the staking dashboard, click on ‘Approve AXS’ and then ‘Confirm’
- Click on ‘Stake’
- Enter the amount of AXS tokens you would like to stake, press ‘Stake’
- Press ‘Confirm’ to finalize the transaction
We recommend you to leave at least 0.01 RON tokens for gas fees. This cost will vary depending on the network activity on Ronin network.
Congratulations! You have now staked your AXS tokens and will start earning those juicy staking rewards.
Step 3: Track staking portfolio
- Track your AXS staking rewards on the staking dashboard.
- Monitor governance proposals on Axie Infinity that may impact the staking mechanism.
- Track the current and historical reward rates and staking ratio of Axie Infinity by visiting the AXS asset page. To make better staking decisions, it’s essential to understand these relevant data points. To learn how these data points could impact your staking rewards, please read more in the FAQ section named “How are the rewards generated” on the AXS asset page.
Step 4: How to Unstake AXS
To unstake your AXS tokens, follow the steps below:
- On the staking interface, click on ‘Unstake’
- Enter the amount of tokens you would like to unstake
- Press ‘Confirm’
Maximizing Staked AXS
Now that you have staked your AXS, you have 4 options which can be used to change your position. These options appear on the AXS Staking Portal. The options are:
- Stake more
- Claim reward
- Restake reward
You can stake more AXS tokens by repeating Step 2 shown above.
You can claim rewards by clicking on ‘Claim’ on the staking interface.
By restaking, you are claiming your rewards and staking them again. However, note that every time you claim rewards (Claim or Restaking), you’ll need to wait 24 hours before you can do another claim or restake. By using our AXS staking calculator, you can calculate the optimal re-stake frequency for your amount of AXS.
You can unstake your positions by following Step 4 shown above.
Staking is essential to gaming protocols like Axie Infinity and comes with many benefits for investors and the network:
- Investors earn yield from token emissions and/or transaction fees
- Stakers become eligible for airdrops as many protocols prioritize granting these benefits to them
- Staking helps to secure the protocol
- Stakers can participate in governance, as many protocols allocate governance rights based on the amount of tokens staked
Congratulations! You are now not only getting the most out of your investment with compounded returns. YOU are also (in-)directly contributing to the the security of Axie Infinity and thus contributing to the long-term success of your investment! Axie Infinity needs active stakers like you to become successful long-term.
Now share the tutorial with your friends so they can get to start staking as well!