Axie Infinity offers a world of Expired Pokémon where players can earn tokens through contributions to the ecosystem and skilled gameplay. Users can collect, fight, raise and build the kingdoms that their virtual pets deserve.
The biggest difference between traditional and Axie games is that a blockchain-based economic design is used to reward Axie players for their contributions to the ecosystem. This is a relatively new gaming paradigm that is generally referred to as “play to win”.
AXS, or Axie Infinity Shards, is the governance code for the Axie Universe and game holders will be able to claim rewards by betting, playing the game and participating in certain governance votes. In this guide, we look at one feature in particular – Staking AXS.
Axie launched its staking program at the end of September 2021.
For those of you who are unfamiliar, staking in the crypto world means locking your tokens in exchange for interest. In the case of Axie Infinity, what attracted investors was the high returns.
The APY rate was initially around 400%. However, as more AXS accumulated, the APY declined and is currently at around 190%.
before you start
Security first! In crypto, you are your own bank. However, this comes with a lot of risks.
To avoid any losses, you should make sure to re-check the URLs you enter, as well as the addresses of the wallet in which you deposit coins. A good idea here is to send a small amount (dust) before sending the rest of your coins. Yes, sometimes the transaction fees are higher than the amount sent, but this is an extra step to protect your money.
Remember that if you send your money to the wrong address or become a victim of a phishing scam, you will lose your coins and you will not be able to get them back.
Also, in terms of downtime, there are risks to consider as well: Immediately, as with anything crypto-related, volatility is a factor to consider. Things change quickly – be prepared for that.
Second, when you contribute, you are temporarily not in control of your money – it is handled through a smart contract or by the entity behind the project. There is a non-zero chance of failure which can result in the loss of funds. On the other hand, when there is risk, there must be a great reward or a high APY in other words.
How to bet on AXS – step by step guide
- Make sure you hold any AXS tokens. If not, you can buy them from cryptocurrency exchanges like Binance.
- Install Axie Custom Wallet, the Ronin Wallet Extension for both Google Chrome and Mozilla Firefox. Specify a password and back up your seeds. Read here more about how to install Ronin.
Tip: Trezor is integrated with the Ronin wallet, and it is recommended that you have one if possible. You can read more details below.
- Register on the Axie Marketplace. Use the right blue button “Login”. You will then need to verify the email address and create a password. This step is crucial. Otherwise, you will not be able to proceed and you will receive the following error message while trying to send money: “You used your free transactions today in Ronin Wallet.”
- Transfer your AXS tokens to your Ronin wallet. Your Ronin wallet address should be in the following format: “Ronin:xxxxxx”
Please note: Ronin works on the Ron network, so you should only transfer via this network (not from any other ERC-20 or BSC wallets).
If you opt out of an exchange, be sure to select the Ron Network (supported by Binance).
- If your AXS is on an ERC-20 network (the wallet address begins with “0x”), you can use the Ronin bridge option to swap it into Ron Network’s AXS network. Here’s how to use the bridge.
- Go to the AXS staking dashboard, use the “Stake” button, select the desired AXS amount – press “Stake” again, then accept the transaction via the Ronin wallet that pops up.
- Your AXS is now a hostage. You can use the staking dashboard to see your rewards live, as well as your current APY that changes over time.
- If you wish, you can claim your rewards or get them back. To uninstall, simply use the red Unstake button, located below the Stake button.
How to install Ronin Wallet from Axie?
Ronin is the official Axie Infinity wallet, and just like MetaMask, it is available as a browser extension for both Google Chrome and Mozilla Firefox.
As mentioned above, double-check that you have installed the correct extension by clicking on the appropriate links.
Security Tip: To avoid fake apps, use the links above and always make sure the app has a reasonable number of downloads, in this case Ronin chrome extension currently has more than 2 million downloads.
Once the installation is complete, open your addon and set up a new wallet (you can also restore a wallet if one already exists). You will be asked to choose a password and, most importantly, you will receive a 12-word paraphrase on the next screen. These words represent the private key.
Remember that anyone with these words can access your coins. Backup them offline; Read here for more private key security tips.
You are now ready. Your new wallet has a public address, and this is where you will need to send your AXS coins.
How to connect Trezor to a Ronin wallet?
Hardware wallets are the most secure. If you are going to collect and/or keep any large amount (for example – from $ 5 thousand and above) – it is recommended to buy a Trezor wallet.
Connecting Trezor is very simple and similar to connecting to a Metamask hardware wallet.
Use the top-right menu button on the Ronin extension, then select: “Connect Hardware Wallet”. You will be asked to allow access, after which you can choose any available ERC-20 address. Remember that you are not on the Ethereum network but on the Ron network.
Tip: The addresses are the same as on the Ethereum network, but instead of the “0x” prefix, the Ron Network prefix is “ronin:”. The rest of the title is the same.
How to use the Ronin Bridge?
As mentioned above, AXS tokens work on ERC-20, BSC (Binance Smart Chain), and Ron Networks. Staking is only available via Ron’s network.
If your tokens are on the BSC network, you can deposit them on Binance and then withdraw them across the other two networks.
Your AXS will most likely be stored on an Ethereum-based ERC-20 address (starting with “0x”).
If so, you will need to convert it to AXS from Ron Network. For this purpose, there is a ronin bridge.
You will need a Metamask wallet, where the funds you wish to transfer should be placed. On the Ronin bridge website, once you are connected to Metamask, you will need to allow access to the Ronin bridge.
After confirming this, the process is fairly easy: from the main menu, select deposit:
Next, fill in the details: Your Ronin wallet address: Again – double-check that you have entered the correct address, the token you wish to transfer (AXS in this case), and the amount required to transfer:
Now, press “Next”, agree to Metamask, wait for the transaction confirmation popup, and that’s it!
Important: As of this writing, the bridge fee is relatively high. So it is better to convert all the codes at once rather than converting them in batches.
After receiving the transaction confirmation from Metamask, it should take a few more minutes, and you will be able to see your coins via your Ronin wallet.
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