- You can now stake your AXS! Rewards will be turned on in 24 hours. Axie team will upgrade the staking system over time with the goal of creating fundamental ownership of the ecosystem we’ve all created together.
- They are distributing AXS tokens to their founding community member’s Ronin wallets based on the snapshot taken on October 26th, 2020.
Today, they’re delighted to announce the launch of our AXS staking program!
This is an important step towards their long-term goal of genuine co-ownership of Axie Infinity with community members that contribute meaningfully to our rapidly growing movement.
Staking Axie infinity token 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.
These initial rewards are taken from a pool set aside to encourage you to lock up your AXS.
Over the months and years to come, staking will ultimately enable community members to jointly make decisions on the future direction of Axie, including having a say on the uses of the Community Treasury.
What is AXS?
Axie Infinity Shards (AXS) were introduced in November 2020 to ensure Axie becomes the first game owned by the community that plays and supports it.
Today, AXS tokens can be earned by placing on the leaderboard during their PVP Seasons and by winning tournaments.
They can also be purchased on various crypto exchanges around the world.
As they progress through their journey, there will be many new ways to earn AXS both through gameplay and contributions to the ecosystem.
If you don’t own any AXS yet, there’s no need to worry! AXS has been designed to seek out those that deserve and want it the most.
Each AXS token represents a little slice (shard) of the Axie universe. Staking is a way for us to reward their community members for having a long-term mindset and locking up their AXS tokens.
By staking your AXS you’ll be able to earn AXS rewards when you lock up your tokens through the staking dashboard.
In the future, staking AXS will give you voting rights and a say over the use of the Community Treasury which now holds over a billion dollars in tokens.
This launch is an incredible moment for their community and their goal of sharing the value of the ecosystem with their beloved Lunarians.
The Numbers
During the first month of staking, they will distribute 2,000,000 AXS. This is 64,516 AXS per day and 2.24 AXS per block (there are ~28,800 blocks in a day).
They are currently working on updating their staking math with Delphi Digital based on new data and findings from across the industry.
They will not touch the total supply but will smoothen and perhaps lengthen the emission schedule.
As a refresher, the max supply of AXS tokens is set at 270 M.
There are currently around 58 M AXS tokens circulating, with the rest of the supply to be released over time through staking, gameplay rewards, and ecosystem reward structures.
As thousands of new players are now joining our community each week, it becomes important to begin releasing these tokens over time so that everyone in the community has opportunities to hold a piece of the Axie universe.
The Future
This is a minimum viable staking dashboard. Over time, along with their community, they will upgrade it in line with their principles of co-ownership and co-creation.
The governance of decentralized communities is still in a very early stage and they will be taking note of promising experiments that use tokens to empower the users and builders of the future.
They believe that the next round of building in crypto will be centered around social coordination and governance tooling.
While they have many strong opinions about how to do this effectively, they’ll be watching this unfold for inspiration as they think about how to orchestrate a revolution using the token and community design.
A Gift For their Founding Members
Last year, we announced that at some point in the future, they would recognize approximately 10,000 of their founding community members with a gift of AXS tokens.
Today, they will distribute 800,000 AXS to these missionaries that helped form the bedrock of their digital nation.
This is over 50,000,000 USD worth of tokens and represents their commitment to making sure that Axie becomes a community-owned game.
The snapshot was taken at this Ethereum block: https://etherscan.io/block/11130500.
The snapshot took into account Axies and land owned, marketplace activity, and battles won through their application.
When they took the snapshot they were quite busy and gearing up for the launch of the AXS token.
The snapshot gave us the data necessary to come back to the gift at a later date.
They did some initial modeling and projections of hypothetical drops at that time and decided to revisit the math when they had more time to digest.
In retrospect and in full transparency it would have been best to lock in a certain amount and communicate it to the community at the time.
They did not do this but this also meant that they had the flexibility to adjust the math to reward true believers more as they gave the gift greater thought over time.
That said, in reflecting back to that time, they couldn’t have imagined that they would be able to reward their founding community members in such a meaningful way.
They will send your gift to the Ronin address attached to your old Axie Ethereum address. If there is no attached address, they will send it to your Ethereum address on Ronin.
You can simply import the address into your Ronin wallet and you will find your gift.
Final Verdict
Staking is a way for us to reward our community members for having a long-term mindset and locking up their AXS tokens.
By staking your AXS you’ll be able to earn AXS rewards when you lock up your tokens through the staking dashboard.
In the future, staking AXS will give you voting rights and a say over the use of the Community Treasury which now holds over a billion dollars in tokens.
In the future, they may upgrade their staking system to give better rewards to those that have measurably added value to the Axie ecosystem prior to claiming.
There is still much research and experimentation to be done in this aspect of governance.
The stakers who are not players or interested in participating in governance could be able to delegate their required “work” to other parties.
This might lead to a future where guilds or corporations with massive amounts of AXS will need to look for talented players who can ensure a high enough Axie score to collect weekly yield.
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