Axie Infinity was announced has launched a staking program for its native token Axie Infinity Shards (AXS).
Owners can start staking their AXS right away, with rewards activated after 24 hours to ensure fairness across time zones around the world, according to an announcement by Axie Infinity on May 30th.
“Staking is a way for us to reward long-term owners by blocking their AXS tokens,” the company said, adding that staking can also allow gamers to earn AXS rewards.
Team Axie plans to stake voting rights in the use of Community Treasury. Axie Infinity’s Community Treasury holds over 18 million AXSs valued at over $ 1.4 billion at the time of writing.
A total of 2 million AXS will be distributed in the first month of the staking program. Approximately 58 million of the 270 million total AXS are in circulation and the rest of the unpublished tokens are released through staking, game rewards, and the ecosystem’s reward structure.
Launched in 2018, Axie Infinity is an NFT game that allows players to collect, breed, breed, battle, and trade Axies, which are essentially NFT in-game items with different attributes and powers acts.
Axie Infinity grew rapidly from the start in the Philippines, where people realized that by playing Axie Infinity they could make three times the minimum wage in one month. This proves that the play-to-earn model is very relevant at a time when the pandemic has resulted in so many people losing their jobs.
The Axie Infinity collection generated over $ 765 million in sales, representing approximately 83% of total NFT in-game sales in August. While DappRadar reported in May that the average transaction in the Axie Infinity NFT collection was $ 226, that figure has almost doubled since then. Players must have at least three Axie characters to play. It currently has 1.5 million daily active players.
Axie Infinity is published by Sky Mavis studio which, like other Synthetic Teamese startups, was founded by Synthetic Teamese people although the team and office are in the country but registered in Singapore to pay taxes with the aim of reaching worldwide.
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According to AZCoin News