Axie Infinity launches staking feature! Simultaneously rewards 10,000 existing players with a total of $60 million worth of AXS.
Play-to-Earn game Axie Infinity, while not as hot as it was in July and August, remains the most profitable blockchain application. On the 30th, the staking feature in the governance token AXS project was finally launched, bringing a new wave of discussion to the project.
Table of Contents
AXS Launches Staking Feature
According to the announcement, users can now start staking AXS and begin earning staking rewards within 24 hours. Stakers can participate in voting and decide on the use of community funds. The staking rewards come from a pre-designed token allocation of 29% of the total supply, gradually unlocking over time.
It is reported that two million AXS will be distributed in the first month. The total supply of AXS is 270 million, with approximately 58 million currently circulating in the market. The remaining supply will be released through staking rewards, game rewards, and ecosystem incentive programs.
Early Community Members Eligible for Airdrop Worth $60 Million!
According to the announcement, Axie Infinity will airdrop around 800,000 AXS to approximately 10,000 early community members based on a snapshot taken on October 26, 2020, currently valued at around $60 million.
To be eligible, Axie Infinity provided the block snapshot at: https://etherscan.io/block/11130500. The airdrop will take into account ownership of Axies, land, market activities, and battles, and rewards will be sent to the corresponding Ronin address of the previously used Ethereum address.
Axie Infinity Continues to See Impressive Profits
Despite the NFT market being very hot, Axie Infinity's profits are surpassing other blockchain applications. Although AXS currently does not have profit-sharing functionality, its governance rights may potentially introduce such a mechanism in the future, while avoiding securities implications. In theory, the introduction of staking, besides expected benefits in terms of locking market circulation, may also attract institutions seeking governance rights to increase their positions.
At the time of writing, AXS is at $76, with a daily increase of 7% and a decline of 18% from its all-time high. The project's long-term plans include land applications, burnable Axies, and the launch of a decentralized exchange.