Axie Infinity garnered the community’s attention with its impressive performance. Here’s a quick guide on how to stake AXS.
Axie Infinity brings forward a universe that’s expired by Pokémon where players can earn tokens through contributions to the ecosystem and skilled gameplay. Users are able to collect, battle, raise, and build the kingdoms their virtual pets deserve.
The biggest difference between traditional games and Axie is that the blockchain-based economic design is used to reward Axie’s players for their contributions to the ecosystem. This is a relatively new model of gaming that has been commonly referred to as ‘play to earn.’
AXS, or Axie Infinity Shards, represent the governance token of the Axie Universe and holders will be able to claim rewards by staking, playing the game, and participating in certain governance votes. In this guide, we take a look at one of the features in particular – staking AXS.
Axie launched its staking program at the end of September 2021.
For those of you who’re unfamiliar, staking in the crypto world means locking in your tokens in exchange for interest. In the case of Axie Infinity, what drew investors in was the high returns.
The APY was initially around 400%. However, as more AXS got staked, the APY decreased and is currently at around 190%.
Before You Start
Security first! In crypto, you’re your own bank. However, this comes with a lot of risks.
To avoid any losses, you must make sure to double-check the URLs you enter, as well as any wallet addresses you’re depositing coins to. A good idea here is to send a small amount (dust) before sending the rest of your coins. Yes, sometimes the transaction fees will be higher than the amount sent, but this is an extra step to protect your funds.
Remember that if you send your money to the wrong address or become a victim to a phishing scam – your coins will be lost and you won’t be able to retrieve them.
Also, in regards to staking itself, there are risks to consider as well: Right off the bat, as with anything crypto-related, volatility is a factor to keep in mind. Things change quickly – be prepared for it.
Second, when you stake, you’re temporarily not in control of your funds – they are being handled by a smart contract or by the entity behind the project. There’s a non-zero chance of failure which can lead to funds being lost. On the other hand, when there is risk there should be a remarkable reward or a high APY in other words.
How to Stake AXS – Step by Step Guide
- Make sure you’re holding any AXS tokens. If not, you can buy them on crypto exchanges such as Binance.
- Install the Axie dedicated wallet, which is the Ronin wallet extension for Google Chrome and Mozilla Firefox. Select a password and backup your seed. Below you’ll find more information on how to install Ronin.
Tip: Trezor is integrated with the Ronin wallet, it’s advisable to have one if possible. You can read more details below.
- Register on the Axie Marketplace. Use the top right blue “Login” button. You will then need to verify an email address and create a password. This step is critical. Otherwise, you won’t be able to proceed and you’ll receive the following error message while trying to send funds: “You’ve Used Your Today Free Transactions 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 is running on the Ron network, so you must transfer only via this network (and not from any other ERC-20 or BSC wallets).
If you withdraw from an exchange, make sure you select the Ron network. Binance supports this option, but please note: when withdrawing from Binance to RON, choose the RON network and insert your Ronin address after replacing the ronin: prefix with 0x, and always withdraw a small test amount.
- If your AXS are on the ERC-20 network (wallet address starts with “0x”), then you can use the Ronin bridge option to swap them into Ron Network’s AXS. Below I describe how to use the bridge.
- Go to the AXS Staking dashboard, use the “stake” button, then select the desired AXS amount – press “stake” again, and approve the transaction via your Ronin wallet that pops up.
- Your AXS are now staked. You can use the staking dashboard to see your rewards live, as well as the current APY which is changing over time.
- If you wish, you can claim your rewards or restake them. To unstake, simply use the red Unstake button, which is located under the Stake button.
How to Install Axie’s Ronin Wallet?
As mentioned above, double-check you’re installing the correct extension by clicking the appropriate links.
Security tip: to avoid fake apps, use the above links and always make sure the app has a reasonable number of downloads, in this case, Ronin’s chrome extension currently has more than 2 million downloads.
Once installation is complete, open your extension and set up a new wallet (you can also restore a wallet in case you already have one). You will be prompted to choose a password, and most importantly, you will receive your 12-word paraphrase on the next screen. Those words represent the private key.
Remember, anyone with these words can gain access to your coins. Back them up offline; read here for further private key security tips.
Now you’re all set. Your new wallet has a public address, and this is where you will need to send your AXS coins to.
How to Connect Your Trezor to Ronin Wallet?
Hardware wallets are considered the most secure. If you will be staking and/or holding any considerable amount (for example – from $5k worth and above) – it’s advisable purchasing a Trezor wallet.
Connecting your Trezor is very simple and similar to Metamask’s hardware wallet connect.
Use the top-right menu button on the Ronin extension, then select: “Connect Hardware Wallet.” You will be prompted to allow access, and then you can choose any available ERC-20 address. Remember, you’re 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 address is the same.
How to Use the Ronin Bridge?
As mentioned above, AXS tokens are running on both ERC-20, BSC (Binance Smart Chain), and Ron Networks. Staking is available only via the Ron Network.
If your tokens are on the BSC network, you can deposit them into Binance and then withdraw via the other two networks.
It’s most likely that your AXS are stored on an ERC-20 Ethereum-based address (starts with “0x”).
If that’s the case, you will need to convert them into Ron Network’s AXS. For this purpose, there is the Ronin bridge.
You will need a Metamask wallet, where the funds you wish to transfer should be put on. On the Ronin bridge website, once you’ve connected to Metamask you will need to allow access to the Ronin bridge.
After this is confirmed, the process is fairly easy: From the main menu, select Deposit:
After that, fill in the details: Your Ronin wallet address: again – double-check you’ve entered the correct address, the token you wish to convert (AXS in this case), and the desired amount to convert:
Now, press “Next,” approve on Metamask, wait for a pop-up window for the transaction confirmation, and that’s it!
Important: As of writing these lines, the bridge fee is relatively high. So it’s better to convert all tokens at once instead of in batches.
After receiving transaction confirmation by Metamask, it should be taking a few more minutes, and you will be able to see your coins via the Ronin wallet.