Axie Infinity has announced the launch of a staking program for its native token, Axie Infinity Shards (AXS).
It has been reported that AXS holders can start staking their tokens, while the rewards had been activated in 24 hours to ensure all time zones could be stake beforehand.
The Axie Infinity team said:
“Staking is a way for us to reward our community members for having a long-term mindset and locking up their AXS tokens.”
However, the team plans to give voting rights and “a say over the use of the Community Treasury” by staking. The Community Treasury of Axie Infinity holds more than 18 million AXS tokens worth over $1.4 billion as of September 30.
The report said that a total of 2 million AXS tokens will be distributed during the first month of the staking program. About 58 million of the set cap of 270 million AXS tokens are in circulation, and the rest will be released through staking, gameplay rewards, and ecosystem reward structures.
Thus, AXS tokens, which are also listed on several crypto exchanges, represent a little slice of the game’s universe. In addition to directly purchasing them, players can also earn in-game achievements, such as placing high on leaderboards or winning tournaments.