Key Takeaways
- Axie Infinity (AXS) offers high rewards for staking compared to other cryptocurrencies, with up to 43% APR.
- Binance and Ronin Wallet are considered the safest and best platforms for staking AXS.
- Binance is user-friendly and offers rewards ranging from 20.91% to 37.9% APR, but it is not available in the US.
- Ronin Wallet provides higher rewards at 43% APR and offers better security through user control of private keys but requires a more complex process to stake AXS.
Where To Stake Axie Infinity?
Axie Infinity is one of the most popular NFT and blockchain games, and they rely on their token AXS (Axie Infinity Shards) to operate. If you have looked at various cryptocurrencies you can stake (such as ADA, ETH, DOT, ALGO), you will notice that AXS has much higher rewards in comparison (up to 43% APR)! This makes it a popular cryptocurrency for those who are looking for high interest returns on their crypto.
It can be hard to find somewhere to stake AXS, but we have done our research and come up with two platforms. These are the ones we consider the safest and best places to earn interest on AXS.
Top 2 Platforms For Staking Axie Infinity in 2024
For a simple place to stake AXS, Binance and Ronin are the best platforms to consider. Both are user-friendly and do not require using the native wallet, nor do you need to find your own validator.
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#1. Binance
Binance is our first choice for earning crypto interest on AXS, because it is the easiest platform to do so. You can buy Axie Infinity Shards directly in Binance (with low fees of 0.1%) and then start staking within one minute. The rewards are also very attractive, at 37.9% APR when locked for 90 days. If you decide to lock it for 60 days, the rewards are 33% APR, and for 30 days it is 27.9%.
If you prefer to keep your AXS flexible, you can still earn an impressive 20.91% APR, which is so much higher than the other cryptocurrencies you can stake on Binance. There are also no fees to stake AXS, and they do not take any commission from the rewards you receive.
The only problem of staking AXS on Binance is that you cannot use it in the US. For US residents, you will need to use Ronin Wallet instead for staking Axie Infinity.
#2. Ronin Wallet
If you are unable to access Binance, or if you prefer higher rewards, then Ronin Wallet is the best option for staking Axie Infinity. At the time of writing, the estimated staking rewards are 43% APR. This is much higher than Binance's interest rate of 37.9%, and you also don't need to lock your AXS when you stake on Ronin.
Ronin Wallet is also a more secure option because it is a crypto wallet, so you are in control of your own private keys, as opposed to a crypto exchange holding them. For additional security, Ronin also allows you to stake your AXS using a hardware wallet like the Ledger Nano X.
The downside of using Ronin Wallet is that it is not as convenient as using Binance. You need to first buy some Axie Infinity on a crypto exchange, and then transfer the AXS to Ronin Wallet before you can stake it. Additionally, there are fees involved when you stake AXS.
How To Stake Axie Infinity (AXS)
We will run you through the steps on how to stake AXS using Binance, our preferred platform.
1. Sign up to Binance
The first thing you need to do is create a Binance account. Sign up by using your phone, email, Google account or Apple account.
2. Verify your identity
Binance requires users to verify their identity before they are allowed to use the exchange. While some crypto exchanges do not require KYC, Binance follows strict regulatory protocols, and you must submit relevant documentation to prove who you are.
3. Buy AXS (or Deposit AXS)
If you do not own any Axie Infinity Shards (AXS), then you will need to deposit money into your Binance account first, then navigate to the 'Buy' section of Binance. Simply select how much AXS you wish to purchase, and complete the transaction.
If you already own AXS and it is stored on another crypto exchange or wallet, then you need to go to the 'Deposit' section in Binance, and transfer the AXS from our other account to Binance. It may take a few minutes for the crypto to arrive.
4. Stake Axie Infinity
Now that you have AXS coins, you need to visit the Binance Earn section of the exchange. Type in Axie Infinity, or AXS in the search field, and then click on AXS when it appears. Select the duration you wish to lock your AXS for, or whether you prefer to leave it flexible, and then choose how much AXS you wish to stake. Finalise the process by confirming your staking.
Pros and Cons of staking AXS
You are probably aware of the main benefit of staking AXS, which is earning high rewards on your crypto, but what are some other reasons, and what are the risks involved? Let's take a look.
PROS
Instead of having cryptocurrency sit in your wallet doing nothing, you can lock them to earn interest. It is a great way to earn passive income on your coins that you plan on holding for the long-term anyway
It is easy to stake AXS, as you don't need any hardware like you would if you were mining Bitcoin. All you need to do is sign up for free to a platform like Binance or Ronin Wallet, and start staking your AXS in a few minutes.
When you stake your AXS, you are given voting rights. This is a great way to contribute to the Axie Infinity ecosystem and ensure that the game continues to run in a beneficial manner.
CONS
While staking crypto is generally quite safe, there is always risk involved in the world of crypto. If there are any hacks, you could lose your rewards, or worse, lose your initial staked AXS coins.
As you are probably aware, cryptocurrency's values fluctuate wildly even within a single day. Therefore, if you invest a lot into Axie Infinity, and the price drops, you could lose a large portion of your investment. This is particularly true if you locked your AXS for a certain time period. If the price of Axie Infinity begins to drop, and your coins are locked, you have no choice but to watch the value continue to plummet, as you cannot sell them to reduce your losses.
What does staking AXS mean?
You may know that staking your AXS tokens means you receive interest, like if you place your fiat currency in a bank account, but what is staking? Why do you receive interest when you stake your coins? When you stake AXS, you are making your tokens available to the network, in order to validate transactions and ensure the whole ecosystem runs smoothly. In return for your contribution, you receive newly minted AXS coins as incentive.
What is the best APY for staking AXS?
The rewards APY changes frequently based on the network, as well as the platform. At the time of writing, the best APY you can earn for staking Axie Infinity is 43% APR on Ronin Wallet.
Conclusion
While there are not many places to stake AXS, we have found the two best platforms to earn interest on your Axie Infinity coins. It is a great way to earn interest on your crypto, and the rates are as high as 43% APR which is much higher than most other cryptocurrencies. Sign up to Binance or Ronin Wallet and get started with staking Axie Infinity.