Axie Infinity staking service will be active starting today. The developers distributed 800.000 AXS tokens in an airdrop to reward their first users.
Holders of Axie Infinity Shards (AXS) tokens can now stake within the game platform. Axie Infinity developers have reported on the new way to generate in-game yields blockchain yesterday. In a publication blog, the creators of the game informed their users that they can now stake their AXS tokens to earn rewards through their new staking program.
The new staking service's reward distribution begins today, the release said. Axie Infinity developers said that this will give all AXS token holders, across all time zones, the opportunity to stake their tokens before rewards are activated.
Staking allows users of the blockchain game to lock and stake their AXS tokens to earn rewards in the token, as well as gain voting rights and participation in decision-making on the future of the platform, including voting on the uses and distribution of the Axie Infinity Community Treasury. Staking will also contribute to strengthening the blockchain network, ensuring its operability and performance.
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Over 2,5 million AXS staked
According to data According to DappRadar, AXS holders have already staked nearly 2,5 million tokens, worth almost $200 million, within hours of the new service being announced.
Axie Infinity will distribute 64.516 AXS tokens per day as rewards to its users, for a total of 2 million tokens in the first month, the team reported. The Axie Infinity developers also recalled that the maximum supply of AXS will be 270 million tokens and that this will not change in the future. Currently, there are about 58 million AXS tokens in circulation, representing 21,4% of the total supply of the token. The remaining 78,5% will be released progressively through staking, in-game rewards, and other structures within the ecosystem.
The Axie Infinity development team published a tutorial for those interested in starting to stake their AXS tokens on the platform.
800.000 AXS Airdrop
Axie Infinity also launched an airdrop, with a total of 800.000 AXS tokens worth $60 million, to reward its early adopters. The tokens were distributed for free to users who started using Axie before October 26th last year. The airdrop is a way to acknowledge the community’s support and trust since the project’s inception.
The news has boosted the price of AXS by more than 5% in the last few hours. At the time of this writing, AXS is trading on the markets with a value of $75,5 per token, according to data from CoinGecko.
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