How to stake AXS token?

What is AXS?
AXS token is what powers the world’s largest blockchain-based game
Axie-Infinity you can read more about the token and its utility here.

Why stake AXS?
In very simple terms, exorbitant returns. At the time of penning down this write-up, the rewards for staking the token were about 130% APR (Annual Percentage Rate). If you have made any kind of investment till date, I don’t have to tell you that this is quite high compared to any conventional models.

Even within the bizarre world of high returns crypto staking, AXS staking gives almost twice the returns when compared to another prominent model CAKE-staking.

Assuming AXS rewards stay on an average of about 95% APY, let us look at an example. For a $100K (USD) investment which translates to 750 AXS staked, you will get about 60 AXS as a reward every month. Today 1 AXS = 130 dollars. This will allow you to pocket a net profit of $7800 every month on the $100000 investment.

What are the risks?
With such high returns, it is very tempting to park all your life-saving in AXS and take early retirement. With high rewards, comes even HIGHER RISKS. Crypto is an ecosystem. It is evolving and it looks to have a promising future. But right now, it is highly volatile. A ban in a country for crypto mining, an exchange getting hacked, or sometimes can even no news can spook the investors to dump $BTC. When this happens, all the dominoes start falling one after the other and every single crypto token in the universe crashes.

AXS price has skyrocketed since last year, and it has been growing at a pace faster than even BTC and ETH. It is up 60x from last year’s price and has nearly 2 million players playing their game every day. Something as simple as a sudden increase in the attrition of players can cause the price to come down dramatically. If you have understood the risks and are feeling adventurous, read on to get started.

How to stake?

Step 1: You need to buy AXS
All the major crypto exchanges around the world let you buy some AXS tokens I’ve used Binance for my illustrations you can choose any exchange you want.

Step 2: Install Ronin Wallet
It's a simple Chrome extension like Metamask you can download it from here.
Create a new wallet > create password > copy the seed phrase and keep it safe. Upon adding the extension you should be able to see the Ronin wallet.

Step 3: Transfer AXS from exchange to Ronin wallet
Under the wallets tab > Spot & Fiat you will find the list of all tokens, find the AXS token, and click up withdraw you will pop into a new window where you need to paste the address you just copied from your Ronin wallet extension.
You need to replace the “ronin:” with “0x” ( Zero-x), I've added a screenshot below for better understanding.

Choose your desired AXS amount you want to stake and click withdraw you might have to follow the standard procedure like mobile pin verification & google-2FA. You might be able to check the status of your transaction on the same page under the Recent withdrawals section. Typically this transaction should take 4–8 minutes based on network traffic.

Step 4: Staking AXS
Log on to https://stake.axieinfinity.com/ and connect your Ronin wallet. As soon as you connect you will be able to see the available AXS balance in your wallet on the My AXS Stalking dashboard.

Choose the amount you want to stake and go ahead with staking you can claim your rewards or re-stake the rewards but do note you may be able to claim only once every 24 Hrs. After you claim the claimable rewards goes back to zero.

That's it welcome to the world of Defi. This is my first rodeo in trying to make Crypto & Defi easily understandable and reachable to newcomers of the space.

Comments & follows are appreciated. Here’s my Twitter lets chat Defi.

Personal Note: To do this stake I moved a portion of my profits from a 9x flip on an Ethereal NFT. It will be rude on my part if I don't mention Radlaserfalcon for putting me up on their whitelist so that I could mint them at 0.0678 ETH and Sell one for 0.5 ETH.

Disclaimer & Credits: Investing in volatile assets like cryptocurrency has a risk of loss in capital invested hence kindly consult your financial advisor/planner before taking any investment decisions.
Screenshot and Images are property of Axie-Infinity I’ve used them for explanation purposes only and do not claim any right.