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How to Stake Axie Infinity ($AXS) Tokens

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What Is Axie Infinity?

Axie Infinity is a trading and battling game that allows players to collect, breed, raise, battle, and trade creatures known as axies, which are digitalized NFTs. The game uses a play-to-earn model where anyone can earn tokens by playing the game or contributing to their ecosystem. Players need to purchase a minimum of three axies to play the game. The platform has two native tokens, namely AXS (Axie Infinity Shards) and SLP (Smooth Love Potions). Both are ERC-20 tokens.

AXS token holders who are not interested in playing can delegate their tokens to other parties. And in return, they will receive freshly issued AXS tokens.

In this article, we will explain how you can buy and stake the AXS token and earn rewards.

Axie Infinity Staking Dashboard

To stake your AXS token, visit the staking dashboard.

The dashboard only allows you to connect with Ronin’s wallet.

Install Ronin Wallet

Ronin is an Ethereum sidechain designed specifically for blockchain games. The wallet allows the users to play Sky Mavis and other decentralized applications running on Ronin.

To access the staking dashboard, users need to install the Ronin Wallet. It is a browser extension wallet that users can download for their Chrome or Firefox browser.

Axie Infinity

Click on your desired browser link. We are installing it for the Chrome browser.

Click on Add to Chrome, and you will see the below icon appearing on your browser extension.

Axie Infinity

Setup Ronin Wallet

Click on the Ronin wallet icon to initiate the setup process.

It will provide you with two options:

  • Create New Wallet
  • Restore Wallet

Create a Wallet

If you are a new user, then click on I’m new. Let’s get set up!

The application will ask you to set up a wallet password and show you the seed phrase that you need to store safely. Next, it will ask you to verify some of your seed phrases. Once you verify your details, the wallet will be created.

Axie Infinity

Now go to the staking dashboard again and connect your wallet.

As you can see from the below screenshot, the staking dashboard now connects with the Ronin wallet.

Get the AXS Token

You can get the AXS token from many famous platforms like Binance, FTX, Huobi, etc. Check the link here to get the list of all supporting platforms that allow you to buy the AXS token.

As you can see from the below screenshot, we have some AXS tokens in our BINANCE exchange account.

Axie Infinity

Ronin is an Ethereum Layer 2 solution, so users need to first transfer the AXS token to their Ethereum Wallet (MetaMask wallet).

Click on the Withdraw button against the AXS token and enter your Ethereum wallet address. Set the network as Ethereum and enter the amount of tokens that you wish to transfer. Finally, confirm the withdrawal process.

The amount will be available to your MetaMask wallet within a few minutes.

Transfer From Ethereum to Ronin

To transfer the AXS token from the Ethereum network to the Ronin chain, we have to use the Ronin bridge.

Visit the bridge with this link. You will find the below page.

Axie Infinity

To deposit, click on the deposit section. The below window will appear where you need to fill in the following details:

  • To and from network
  • Ronin wallet address
  • Asset
  • The amount you wish to transfer

Confirm the process. Note that you need to have sufficient ETH in your METAMASK wallet to cover the gas charges.

Once the deposit process is complete, you can see the AXS token balance in your staking dashboard.

Axie Infinity

Click on the Approve AXS button to allow the staking dashboard to use your AXS tokens in a transaction. You will find You’ve Used Your Today Free Transactions in Ronin Wallet warning message here.

Be careful with this step. We are explaining the solution below.

How to Remove the You’ve Used Your Today Free Transactions in Ronin Wallet Warning

Visit the Axie Infinity marketplace and click on Login (highlighted in the below screenshot). Now, log in with your Ronin wallet.

This step is very important. If you skip this step, you will constantly get the You’ve Used Your Today Free Transactions in Ronin Wallet warning message and will not be able to confirm the transaction until you perform this step.

After you complete this step, you will be able to confirm the Approve AXS transaction.

Axie Infinity

As you can see from the above screenshot, Ronin offers you to perform 100 transactions in a day for free. Confirm the process.

We can now proceed with staking the AXS token.

Stake

When the user completes the Approve AXS transaction, the Stake button becomes visible in the staking dashboard.

To stake your AXS token, click on it. A window will appear where you need to enter the amount of AXS tokens that you wish to stake.

Confirm the process by hitting on the Stake button. You can see your tokens have now moved to the staked balance.

Axie Infinity

You can check your earned rewards in the Claimable Rewards field. Users can perform the two activities on the earned reward:

  • Claim – Token will move to wallet balance.
  • Restake – Token will add to the staked balance.

Important: Users can claim the rewards only once in 24 hours.

Unstake

At any time, users can unstake (partial/complete) their AXS token balance.

To unstake, click on the Unstake button. A window will appear where you can enter the amount of AXS tokens that your wish to unstake.

Click on Unstake. Remember to claim your rewards separately. It doesn’t get withdrawn when you unstake your tokens.

 

Resources: Axie Infinity blog 

Read More: How To Transfer ERC-20 Tokens Cheaper and Faster Using Optimistic Ethereum

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 10/10/2021

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