Axie Infinity to stake and airdrop native token AXS
Popular blockchain game Axie Infinity announced on the 30th that it has started staking its native token AXS and would reward early players with $60 million AXS Airdrop.
The company wrote:
“Staking allows you to lock up your precious AXS to earn AXS rewards. Reward distribution will start tomorrow, this is to ensure that our AXS holders in all time zones have a chance to stake before rewards are turned on.”
Axie Infinity is a ‘play-to-earn game’ that trains and fights NFT (non-fungible token) characters. Users need to buy an NFT character to play the game and the NFTs are tradable on exchanges. The game has gained immense popularity in countries such as the Philippines, Indonesia, and Brazil.
The Axie Infinity Shards (AXS) token was introduced in November 2020 and can be earned by winning in-game contests and winning tournaments. Axie Infinity currently holds more than $ 1 billion worth of tokens as a community asset and in the future, users will also be able to vote on how to use this asset by staking AXS tokens.
In the first month, Axie Infinity will offer 2 million AXS staking rewards equivalent to about $150 million at the current token price.
According to the official announcement, the maximum supply of AXS tokens is 270 million. And about 58 million of these are in circulation. The rest are expected to be gradually released through staking, gameplay rewards, and Axie Infinity’s reward system.
At the same time, the company announced that it will airdrop free tokens to early players on October 26, airdropping over 800,000 AXS, which is currently equivalent to about $60 million.
The tokens will be distributed to 10,000 eligible players via a wallet on Ethereum’s sidechain Ronin.
The post Axie Infinity to stake and airdrop native token AXS appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow