AXS staking walkthrough: Can you actually make money?

AXS is the governance token of Axie Infinity.

I started staking in 2021. This time, I will explain the staking method of AXS.

There are four main staking steps:

Buy AXS

AXS can be purchased from an overseas account called Binance.

If you haven’t registered yet, please see the method below ⇩

\ Fee discount benefits available /

[jin-button-shiny visual=”shiny” hover=”down” radius=”50px” color1=”#54dcef” color2=”#0794E8″ url=”https://accounts.binance.com/ja/register?ref=87469184″ target=”_self”]Open a Binance account[/jin-button-shiny]

The easiest way to buy AXS is to go to the Binance conversion page ( https://www.binance.com/ja/convert ) and convert your virtual currency type (USDT here) to AXS.

Alternatively, you can purchase it from the market page ( https://www.binance.com/ja/trade/AXS_USDT?layout=pro&theme=light ), selecting AXS. (This is recommended if you want to decide the price you want to buy, but it will take time if the price you want to buy is far from the market price)

 

Send money to Ronin Wallet

From the Binance wallet page ( https://www.binance.com/ja/my/wallet/account/main ), search with AXS and display AXS. Click the “Withdrawal” button.

On the withdrawal page, enter your Ronin wallet address.

The address confirmation method is as follows ⇩

Select “Ronin” for the network.

* If “Ronin:” is attached to the address at this time, delete it and add 0x at the beginning Otherwise, you will not be able to send money correctly.

After entering the amount you want to send, click the withdrawal button.

I think you will be required to have two-step verification when you withdraw. If you do this and confirm it, it’s OK.

It should be reflected in a few minutes, so wait patiently … If you can make a deposit, move on to the next stage!

Staking on the staking dashboard

Access the Staking Dashboard and click on the Wallet connect in the upper right corner.

Connect your wallet.

(* Ronin wallet must be installed on the screen and logged in in order to make a wallet connect. So, please open it with a browser that has Ronin wallet.)

When the wallet is connected, the wallet name will appear under My AXS Staking as shown below.

 

Click the Stake button

A screen for staking will appear, so enter the amount you want to stake and press the stake button.

The details of the transaction will be displayed, so click the Confirm button.

That’s it! Wait a few minutes and refresh the screen and you’ll see it reflected.

 

 

Receive rewards / stop staking

When you actually start staking, the display will change to the one shown below.

Press the Claim button if you want to receive the interest received by staking, or press the “Restake” button if you also want to stake interest.

The meaning of staking in Axie

What is staking in the first place? You may think how much worth it?

If you have AXS, it corresponds to “AXS Holders” on the left side of the image below.

By staking AXS, stakes AXS can be rented by others. Of course, it is not possible to lend it for free, so the interest as a reward will come to the stakes …!

 

How much can you earn …? About the part

As of October 25, 2021, AXS Staking has an APR of 129%. * Annual Percentage Rate

This means that you will get a return of 129% of the amount you stake in the year.

For example, if you steak 100,000 yen worth of AXS, 10 x 129% = 12.9.

That you have 129,000 yen at hand.

Considering that the interest rate of a bank is about 0.01%, you can see how good the yield is.

Last note

I think that it is high for people who are not accustomed to staking AXS and the hurdle to get it, but I think that APR around 130% is not bad .

On the first day of staking, the APR was about 1000%, but as many people stake, this APR has declined.

This APR could drop if more people enter the market.

Also, keep in mind that the value of AXS itself depends on the operation of Axie Infinity and investors.

It is possible that the value of the brand itself will be almost zero if it is staken and left unattended.

Of course, the official also wants to avoid such a situation, so I think that I will do everything I can, but it is recommended to check it regularly rather than leaving it completely unattended just because it is staking. (You can Restake or Claim the yield!)

Please make your own judgment about the future of AXS and invest in staking etc. ◎