Stake AXS

1. What Is Axie Infinity (AXS)?

Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. To learn more about this project, check out our deep dive of Axie Infinity. Inspired by popular games like Pokémon and Tamagotchi, Axie Infinity allows players to collect, breed, raise, battle and trade token-based creatures known as Axies. These Axies can take various forms, and there are more than 500 different body parts available, including aquatic, beast, bird, bug, plant and reptile parts. Parts from each type class come in four different rarity scales: common, rare, ultra rare and legendary — and Axies can have any combination of body parts, making them highly variable and often rare and unique. Each Axie is a non-fungible token (NFT) with different attributes and strengths and can be entered into 3v3 battles, with the winning team earning more experience (exp) points that are used to level up an Axie's stats or evolve their body parts. These Axies can be bred together to produce new and unique offspring, which can be used or sold on the Axie marketplace. The Axie Infinity ecosystem also has its own unique governance token, known as Axie Infinity Shards (AXS). These are used to participate in key governance votes and will give holders a say in how funds in the Axie Community Treasury are spent.

2. Who Are the Founders of Axie Infinity?

Axie Infinity was created in 2018 by Sky Mavis — a technology-focused game developer with a team primarily based in Vietnam. It was co-founded by Trung Nguyen and Aleksander Larsen. Trung Nguyen is the current CEO of the platform. Nguyen graduated with a BS in computer software engineering, and worked as a software engineer at Anduin Transactions prior to founding Axie Infinity. Former competitive gamer Aleksander Larsen is also credited as a co-founder and COO of the platform. Larsen has been working in blockchain gaming since 2017. He previously worked as the executive security officer for the Norwegian Government Security Organization and still sits as Secretary of the Board of Directors at the Blockchain Game Alliance. In total, the Axie Infinity team consists of 25 full-time employees — many of whom have experience with game development.

3. What Makes Axie Infinity Unique?

Each Axie possesses six out of the hundreds of different potential body parts — each of which has its own battle move. This produces essentially endless variety among Axies, with most Axies having relatively weak statistics, while those with the strongest combination of body parts can have incredible stats. Unlike some other blockchain-based battling and breeding games, each Axie can only be bred a total of seven times to help control the population of Axies. Axie Infinity has its own mating hub to help players find a suitable match to breed their Axie with to stand the best chance at producing a rare or powerful offspring. It costs 0.005 ETH in addition to Small Love Potion (SLP) tokens to breed Axies. AXS token holders will soon be able to stake their tokens to receive regular rewards. But unlike some other stakeable assets, AXS holders will also need to vote and play to claim their rewards.

4. How Does Axie Infinity Work?

The gameplay of Axie Infinity is focused on fighting & breeding Axies. It consists of the following steps: buying Axies, participating in battles with other players, breeding Axies, and selling them on the marketplace. Players need to have an Axie to join the battle and select Adventure Mode (PvE) or Arena Mode (PvP). Axies can be bred, but each Axie cannot be bred more than 7 times. Lunacia is the homeland of digital creatures. It is divided into tokenized parts where players can search for resources and upgrade their plots. On the marketplace, players can trade their Axies and land plots. A key feature of Axie Infinity is community engagement, where each member contributes, participates in governance, and generates content. The developers have also introduced a number of mechanics that distinguish Axie Infinity from its analogs. For instance, built-in population control. Furthermore, a wide range of Axies due to various combinations of attributes builds additional demand among gamers and collectors of rare NFTs. To solve the scalability problem, Axie Infinity created its sidechain on Ethereum called Ronin Network. It ensures instant transactions not involving the Ethereum blockchain. Users can safely store AXS and collectible NFTs in Ethereum and Ronin wallets, and send tokens from Ethereum wallet to Ronin wallet via Ronin Bridge.

5. How Many Axie Infinity (AXS) Coins Are There in Circulation?

he native ecosystem token, Axie Infinity Shard (AXS), was launched in November 2020. AXS is the central mechanism for running the Axie Infinity game. Players can buy, trade and earn tokens simply by playing it. In addition, the best players of the season receive rewards in AXS. Moreover, AXS serves as a governance token that allows holders to vote on gameplay changes and influence the evolution of the platform. Axie Infinity (AXS) tokens have a total supply of 270 million tokens. Out of this, around 53.5 million tokens were in circulation as of mid-November 2020. In total, 11% of the total supply was allocated to participants in the Binance Launchpad IEO sale (each Axie Infinity token price was $0.10) and 4% was sold in a private sale. In addition to this, 29% is allocated for staking rewards, 20% to the play-to-earn pool, 21% to the team, 7% to advisors and 8% to the ecosystem fund. Based on the current release schedule, as indicated by Binance Research, 100% of AXS tokens will be circulating by early 2026.

6. How Is the Axie Infinity Network Secured?

The Axie Infinity (AXS) token is an ERC-20 token launched on the Ethereum blockchain. As a result, it is secured by Ethereum’s proof-of-work (POW) consensus mechanism. In early 2021, Axie Infinity plans to migrate its NFT tokens, including Axies, Land and other in-game item tokens from the Loom Network to a custom-built sidechain on Ethereum known as Ronin. Ronin is an application-specific sidechain built just for Axie Infinity. It is being developed by Sky Mavis — the development firm behind the Axie Infinity game, and is designed to support almost instant transaction confirmations, reduced gas fees and be capable of helping Axie Infinity scale.

7. Where Can You Buy Axie Infinity (AXS)?

As of October 2021, Axie Infinity (AXS) is available to trade on numerous exchange platforms, including top exchanges like: Binance, Huobi Global, Coinbase, Bithumb, KuCoin, Gate.io and Kraken. The link between Axie Infinity Smooth Love Potion has lead to numerous trading pairs being offered, including SLP to ETH and SLP to BNB. However there is substantial interest in the Philippines for the SLP to PHP price, in Australia for the SLP to AUD and Europe for the SLP to EUR prices. It is listed with numerous Axie Infinity price pairs, including popular ones like: AXS/USDT, AXS/BTC, AXS/BUSD and AXS/BNB. As the game has risen in popularity, interest in the AXS to PHP, AXS to AUD and AXS to EUR.

8. Axie Infinity Gameplay

Axie Infinity invites users to earn tokens through all sorts of aspects of gameplay. It also allows players to breed, grow and trade ecosystem game characters aka non-fungible tokens (NFTs) – Axie creatures. Those virtual pets have their own class, particular characteristics and a set of attributes. Axies are collectible and can also be sold on the in-game marketplace called P2P Axie. Axies are made up of a set of stats as class and body parts, indicating their features and rarity level. Distinctive ability cards that are directly related to a configuration of characteristics are the center of the gameplay. Each Axie is a unique NFT owned and controlled by its user.

9. Play-to-Earn Model

Axie Infinity is one of the pioneers of the Play-to-Earn (P2E) concept, where gamers earn crypto and NFTs through gaming activity. As part of the online game, users participate in turn-based battles, but the main difference is that gamers have control over their characters, land plots, resources and other in-game items of the universe. Thus, Axie Infinity is an open digital universe, where the economy is controlled by its players. Ownership of in-game assets and unique digital items is verified via NFTs. The tokens act as a receipt proving the right to property. Hence, users can both sell their Axies to other players and store them securely in crypto wallets like Trust Wallet, Binance Chain Wallet, or Ronin Wallet. The last one was specially designed for Axie Infinity.

10. Related Pages:

Check out Ethereum (ETH) — the blockchain that hosts the Axie Infinity game. Check out Small Love Potion (SLP) — the token needed to breed Axies. Read about non-fungible tokens (NFTs) with CoinMarketCap Alexandria. Want to keep track of Axie Infinity prices live? Download the CoinMarketCap mobile app! Discover the latest crypto insights, news and trading analysis with CoinMarketCap Alexandria.

11. What is Blockchain?

Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers in a verifiable and permanent way. It forms the underlying technology for cryptocurrencies like Bitcoin and enables transparency, security, and immutability.

12. What is Cryptocurrency?

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology, and facilitates secure and transparent peer-to-peer transactions.

13. What is Bitcoin?

Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a decentralized peer-to-peer network and is used for secure, transparent, and censorship-resistant transactions.

14. What is the difference between Bitcoin and Altcoins?

Bitcoin is the original and most widely recognized cryptocurrency, while altcoins refer to any other cryptocurrencies besides Bitcoin. Examples of altcoins include Ethereum, Ripple (XRP), Litecoin (LTC), and many others.

15. What is Staking?

Staking involves participants locking up a certain amount of cryptocurrency in a wallet to support the operations of a blockchain network. It is commonly associated with proof-of-stake (PoS) and delegated proof-of-stake (DPoS) consensus mechanisms, where participants receive rewards for helping secure the network.

16. How Can I Stake Cryptocurrency?

To stake cryptocurrency, you typically need to choose a platform or network that supports staking. Transfer your tokens to a compatible wallet, follow the staking instructions provided by the platform, and lock up the desired amount of cryptocurrency. Once staked, you may start earning rewards.

17. What Are Staking Rewards and How Are They Calculated?

Staking rewards are incentives provided to participants who lock up their cryptocurrency to support the network. The amount of rewards varies and is influenced by factors such as the network's inflation rate, the total amount staked, and the specific rules of the staking protocol.

18. Can I Unstake My Cryptocurrency at Any Time?

The ability to unstake and withdraw your cryptocurrency depends on the specific staking protocol and network. Some platforms may have lock-up periods or unbonding periods during which your staked tokens are inaccessible. Always check the terms and conditions of the staking service.

19. What are the Risks of Staking?

Staking comes with risks, including the potential loss of staked funds if a participant behaves maliciously or fails to fulfill their responsibilities. Market volatility can also impact the value of staked tokens. It's crucial to thoroughly research the staking protocol and understand the associated risks.

20. Can I Lose Money by Staking?

While staking is designed to be a rewarding activity, there is a risk of losing money, especially if the value of the staked cryptocurrency decreases or if the staking protocol encounters security issues. It's important to consider both the potential rewards and risks before participating in staking.