Where to stake Axie Infinity

Where to stake Axie Infinity

Robert McDougall 

January 2, 2023

Cryptocurrency

Where To Stake Axie Infinity?

One of the most popular staking coins among long-term investors is Axie Infinity Shards (AXS). Aside from earning rewards, staking AXS has other benefits. In this article, we are going to compare the best places for staking AXS.

Top 2 Platforms For Staking Axie Infinity - Reviews (2023)

If you need a beginner-friendly, centralized crypto exchange that features the AXS staking option, these two platforms are perfect for you. Both are very simple to use and remove the need to use the native wallet or find a validator.

Advantages

  • No commission or staking fee

  • Quite competitive reward rates

  • All-in-one platform

  • No lock-up periods

  • Outstanding security

  • The native AXS staking platform 


Disadvantages


  • Not the most user-friendly interface


  • Considerable transaction fees

1. Binance

One of the main benefits of using Binance, the world’s leading crypto exchange is the ability to stake, buy, trade, and sell tokens on the same platform. Widely-known for its deep liquidity, Binance is also popular for its low trading fees. They also offer a wide selection of earn features and crypto offerings. 

When it comes to staking, Binance does an outstanding job and is better than most competitors. It allows users from all over the world to earn staking rewards on hundreds of tokens, including AXS. However, there are locked durations on Binance, with the maximum being 90 days. 

The minimum holding period is 30 days. The minimum amount of tokens to start staking is 0.001 AXS and the maximum is 1,000 AXS. Believe it or not, staking AXS on Binance can get you up to 63.87% APY in rewards. But, if you decide to lock your tokens for a bit longer, let’s say 90 days, you can get up to 104.62% APY for staking only 2 AXS. 

Even though Binance offers outstanding reward rates, it can be difficult to navigate the platform if you have no previous experience. Nevertheless, with Binance, there are zero fees for staking and no commission fees. This platform also allows you to earn rewards by investing AXS in a flexible savings account. 

2. Ronin Wallet

Another great option for staking AXS is the Ronin Wallet which is the official Axie Infinity wallet. Ronin Wallet was created to cut down on the transaction load on the smart contract network. It also offers very high scalability as well as low transaction fees. Furthermore, Ronin allows users to interact with the AXS ecosystem either through a mobile app, which is supported by both Android and iOS devices, or a web browser. 

The Ronin Wallet also has a great staking reward rate of 68% APY. However, unlike Binance, Ronin doesn’t have a lock-up period. It allows you to claim your staking daily rewards and restake them whenever you want. 

Ronin Wallet has some transaction fees that are usually measured in Gwei. The exact figure depends on the transaction volume on the network at the moment. Ronin allows users to stake with a hardware wallet such as Ledger Nano. If you decide to do this, you have to use the “Live” option to claim staking rewards. 

Aside from staking AXS, you can also stake ERC-721 tokens as well as NFTs. Mainly, these are virtual parts of the land and they generate AXS rewards daily. Not only that, Ronin is a non-custodial wallet, meaning the owners of the assets are responsible for them. This is a considerably more secure way to store tokens than with an exchange such as Binance. 

How To Stake AXS

Although Ronin Wallet makes a great option for AXS staking, our top pick is Binance. While Binance may not have the most user-friendly interface, it is still a better option for beginners than Ronin Wallet. Plus, there are no commission or staking fees with Binance. Therefore, if you want to start staking AXS on Binance, follow these detailed steps.

1.Create An Account

In order to start staking AXS you need to create a Binance account. Once you open up the Binance website, you will see the “Register Now” button. Once you click on it, you will have to select the “Individual Account” option and provide your phone number, password, and email address. 

2. Complete The ID Verification Process

Due to its regulated status, Binance requires users to complete the KYC (know-your-customer) process. Click on the “Verify” button on your profile icon and upload a copy of your official passport or driver’s license. Complete the face verification exercise and wait for the verification process to be approved. 

3. Buy Or Deposit AXS

The next step is buying AXS. Since Binance offers multiple choices, you will be able to choose between PayPal, credit/debit cards, and bank wire transfers. Use the USDC/BUSD/USDT stablecoins to purchase AXS tokens on the Spot trading platform. 

Those who already own AXS in some other crypto wallet can also transfer their tokens to the Binance trading account. Just tap the “Wallet” button at the bottom of your screen and click on the “Deposit”. 

Select the “Crypto” option and type “AXS”. At this point, you will be asked to select the network you want to use to send your assets through. After the deposit has been executed and after all the confirmations have been made your tokens will be deposited directly into the Spot Wallet.

4. Stake AXS Tokens

Go to the Binance Earn platform and swipe left on the wallet option. The “Earn” button will pop up and you will be asked to select the digital asset you want to earn interest from. Once you select AXS, type in the amount you want to have locked up for staking. Click on “Confirm” to finish the process. There, you have managed to stake your AXS and earn interest on it!

Upsides And Downsides to Staking AXS

Despite the downtrend of the market, staking has seen a remarkable growth lately. AXS is, at the moment of writing, among the most in-demand coins due to the popularity of the game and user base. So, what are the ups and downs of staking AXS tokens? 

Despite the downtrend of the market, staking has seen a remarkable growth lately. AXS is, at the moment of writing, among the most in-demand coins due to the popularity of the game and user base. So, what are the ups and downs of staking AXS tokens? 

upsides

  • Earn passive income on AXS

Instead of just letting the digital assets stay idle, you have the opportunity to lock them and earn newly minted ones. This can, over time, become a very viable way of generating income.

  • No equipment needed

Verifying transfers on PoW (proof-of-work) protocol very often required technical expertise as well as specialized hardware. Staking, on the other hand, offers a user-friendly means to validate and secure the transfers without any equipment. 

  • Governance

Another great thing about staking AXS is the voting rights. Users who stake AXS have a say in the operations of the Axie Treasury. They can decide whether an addition of new updates and gameplays is needed.

Downsides

  • Tokens can be lost

Keep in mind that although staking is considered a secure way of maintaining the security of the network, it isn’t 100% safe. There have been numerous cases of security breaches where millions of investors lost their funds. This is something you should pay special attention to if you are planning on staking with a lock-up period as you won’t be able to initiate a withdrawal.

  • Digital assets can be slashed

A slashing penalty is instituted for poor internet connections or some mistakes made. Therefore, if you want to avoid losing a significant amount of funds, you need to do detailed research to find proven validators.

  • Cryptocurrencies are volatile

Since assets don’t actually have items in the real world backing them up, they are prone to price fluctuations and volatility.

What Is AXS?

Developed by Sky Mavis in 2018, Axie Infinity is a blockchain game inspired by a very successful anime battle game, Pokemon. Axie Infinity offers great P2E (play-to-earn) experience as players retain ownership of their assets in-game. The platform also allows users to exchange AXS tokens for real fiat on their marketplace. 

Moreover, Axie Infinity utilizes SLP (Smooth Love Potion) which you can earn in the game and then trade in the NFT marketplace later for real fiat. AXS has grown in value along with the overall game and remains the focal point of the ecosystem due to the multiple use cases. Players can earn the token from participating in governance, playing the game or staking their tokens to accrue more. 

As of now, about 11% of the digital asset has been sold and about 20% is assigned for the P2E feature. AXS is expected to be unlocked fully by 2026. At the height of the crypto boom in November 2021, this digital asset surged into an ATH of $165.37, making it one of the most valuable cryptocurrencies by trading volume. 

How Does AXS Staking Work?

Investors who pledge and stake their AXS tokens further the overall security of the network and thus are given newly minted tokens. At the time of writing, the APY for staking AXS is 69%. Stakers can also become members of the community and participate in the governance process of the protocol through the treasury of the Axie Infinity community.

How Much Can You Earn Staking AXS?

Staking AXS via Ronin Wallet, for instance, pays out 69% APY at the time of writing. Still, the amount of newly minted tokens you can earn depends on the portfolio of your digital asset. For example, someone who stakes 1000 AXS tokens would probably earn about 600 in a year. Converted to fiat, this could be up to $500,000 in return. 

What Can I Do With Staking Rewards?

The rewards you earn from staking AXS have several utilities. One of the most essential ones is voting rights. This allows you to participate in the decision-making process regarding the spending of the Treasury funds of the Axie Infinity community. You can also restake the token rewards on the network. 

This increases the ROI of the investors. However, this is only possible for those who stake the tokens with the native wallet (Ronin). Plus, the holders of AXS can use the rewards to develop their Axies for in-game battles.

Our Final Verdict

Learning how to stake crypto properly and what platforms to use is a viable way for investors to earn passive income. AXS staking is one of the best ways to earn additional tokens that you can later sell, or use them to accrue even more. 

We highly recommend you to check out Binance for high interest rates and zero staking fees. Those who find flexible staking a better option and want to use the official AXS wallet should go with Ronin Wallet.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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