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Where & How To Stake Axie Infinity (AXS) In Australia 2024: Detailed Guide

Axie Infinity emerged as a leading play-to-earn NFT game, garnering immense popularity. However, the question arises: how can one stake its native token, AXS? 

Staking plays a crucial role in numerous crypto networks. Notable examples include Cardano and Ethereum, where staking is vital for verifying their respective blockchains’ transactions. 

Now, let’s explore the mechanics of Axie Infinity staking and determine when you can commence staking AXS.

What Is Axie Infinity (AXS) Staking?

Axie Infinity offers a staking feature for its native cryptocurrency, Axie Infinity Shards (AXS), allowing users to participate actively in the ecosystem. By staking AXS, you contribute your tokens to the network’s transaction validation, ensuring the seamless operation of the ecosystem. As a reward for your participation, you receive newly minted AXS coins.

The staking rewards depend on the tokens staked on the blockchain. The more tokens you stake, the higher your potential rewards. The platform also offers extra incentives for those who stake their tokens for fixed periods, like three, six, or twelve months.

Previously, staking rewards exceeded 400%, but the annual APR stabilised at around 89%. However, due to the possibility of withdrawing and reinvesting the funds, including the earned interest, the APY can easily surpass 200%, creating compound interest.

Within the AXS ecosystem, you can use the “restake” command, which automatically withdraws and re-deposits funds, including the interest. This allows for compounding effects, as your rewards are calculated based on the total staked amount, not just the original deposit.

To illustrate, if you initially deposited 10 AXS and earned 1 AXS in interest, clicking “restake” would increase your staked amount to 11 AXS, and you would receive an 89% APR on the total of 11 AXS.

Advantages & Disadvantages of Staking Axie Infinity 

Undoubtedly, you are familiar with the primary advantage of staking AXS: earning substantial rewards on your cryptocurrency. However, there are other compelling reasons and potential risks to consider. Let’s delve into these aspects and gain a comprehensive understanding.

Pros of AXS Staking

Make Your AXS Work for You: Instead of letting your crypto idle in your wallet, you can put it to work and earn interest through staking. This provides an excellent opportunity to generate passive income from the coins you intend to hold for the long term.

No Special Equipment Needed: Unlike Bitcoin mining, staking AXS is easy without specialised hardware. Simply register for free on platforms like CoinSpot or Ronin Wallet, and you can start staking your AXS within minutes.

Empowered Governance Rights: When you stake your AXS, you gain voting rights, enabling you to contribute to the Axie Infinity ecosystem’s decisions. This involvement ensures that the game continues to operate in a manner that benefits the community.

Cons of AXS Staking

Despite the benefits it offers, staking Axie Infinity does come with a few potential drawbacks to consider.

Regulatory Landscape: Staking and cryptocurrencies are subject to varying regulations across jurisdictions, including Australia. Awareness of the risks associated with unregulated activities within your country is crucial.

Price Volatility of AXS: Coins like AXS are highly volatile, often experiencing significant fluctuations within a single day. If you invest heavily in AXS and the price drops, you may face substantial losses, especially if your tokens are locked for a specific period. In such cases, you cannot sell your staked AXS to mitigate losses during a market downturn.

Smart-Contract Risk:  Although the likelihood is low, there is a non-zero probability that a black-hat hacker could potentially exploit vulnerabilities in the smart-contract wallet. In the unfortunate event of a hack, you might lose your staked AXS coins or miss out on receiving rewards.

How to Stake Axie Infinity (AXS) in Australia?

In Australia, the most convenient method to stake Axie Infinity is through the CoinSpot platform. CoinSpot offers the highest interest rate for AXS stakers, providing an impressive 78% Annual Percentage Yield (APY). In comparison, alternative platforms like SwyftX offer a slightly lower rate of 74% for Axie Staking.

Step 1: Sign up with CoinSpot

To start, visit the CoinSpot homepage and click “Register” in the top right corner. Fill in your email, create a password, prove you’re not a robot, and click “Create Account.”

After creating your account, complete the verification process by clicking the “Complete Verification” button and following the prompts. This includes verifying your email address, providing your details, and uploading a photo of your driver’s licence.

Step 2: Deposit into your account

Once your account is verified, deposit AUD into your CoinSpot account to purchase AXS. Click “Deposit Funds” under the CoinSpot logo and choose your preferred deposit method, like POLi. Enter the deposit amount, select your bank, and complete the transaction.

Step 3: Purchase AXS tokens

Once your AUD deposit has arrived, go to “Buy/Sell” in the top menu, search for AXS, and click “Buy AXS.” Select how much AUD you want to spend on AXS, then confirm the purchase when prompted.

Step 4: Stake AXS (Axie Infinity)

Now that you have AXS in your CoinSpot account, it’s time to stake it. Go to “Wallets” in the top menu, search for AXS, and click “Open AXS wallet.” On the left side, click “Earn” to access the staking feature. Enter the amount of AXS you want to lend or click “Lend all available.” Confirm the amount to start staking.

How to Stake Axie Infinity (AXS) in Ronin Wallet?

If you seek higher rewards, staking Axie Infinity on Ronin Wallet proves to be the optimal choice. The estimated staking rewards are 43% APR, surpassing Binance’s interest rate of 37.9%. Moreover, the advantage of staking with Ronin is that you do not need to lock your AXS tokens.

Step 1: Buying AXS Tokens

To begin staking Axie Infinity, you must buy AXS tokens. You can easily purchase AXS on crypto exchanges such as CoinSpot, Binance, Swyftx and Uniswap. The process may differ across exchanges, but you must sign up and deposit funds before buying the amount you want.

Step 2: Setting Up A Ronin Wallet

To stake on Axie Infinity, you’ll need a Ronin Wallet, a browser extension and part of the Ronin Network developed by Sky Mavis, the creator of Axie Infinity. Here’s a step-by-step guide for setting up your Ronin Wallet:

Download the Ronin Wallet Chrome or Firefox extension.

Access the Three-Dot menu in Google Chrome, proceed to Extensions in Settings, and add the Ronin Wallet extension.

Click the Puzzle icon beside the Three-Dot menu, and a pop-up window will appear with a “Get Started” button.

Click “Get Started” and choose the “I’m new. Let’s get set up” option.

Enter and confirm your password.

The Reveal Seed Phrase prompt will appear. Safely store the seed phrase, which serves as a recovery code for your wallet. Click “Confirm” to complete the setup.

Step 3: Creating a Ronin Bridge

Depending on the exchange where you bought your AXS, you may need a Ronin Bridge to transfer your AXS from the Ethereum Network to Ronin. Since Ronin Wallet only accepts specific standard tokens, you need the bridge to stake your AXS, an ERC-20 token. Follow these steps to set up the bridge:

Visit the Ronin Bridge website and navigate to Deposit.

Copy your Ronin Wallet Address on the Ronin Wallet Dashboard (next to your Account #).

Return to the Ronin Bridge website and paste your Ronin Address into the designated field.

Enter the number of tokens you want to bridge and click “Next.”

Confirm the deposit to complete the bridging process.

Note that you’ll need to pay a fee in ETH to finalise the bridging transaction, which depends on Ethereum gas prices.

Step 4: Staking Axie Infinity Tokens

With AXS acquired, Ronin Wallet set up, and tokens bridged, you’re ready to stake them. Follow these simple steps:

Go to the Axie Infinity Staking Dashboard and click the “Stake” button under the “My AXS Staking” section.

A pop-up will appear with an “Amount” field. Enter the desired staking amount or click “Max” to stake all your tokens.

Another pop-up with a “Confirm” button will appear. Click on this button to approve and complete your Ronin transaction.

You can check your staking balance in the “Total Staked” section on the “My AXS Staking” panel.

AXS Staking FAQs

Is AXS staking still worth it?

Axie Infinity continues to dominate the blockchain gaming industry, boasting a substantial user base of over 1.5 million daily players engaging with the game. AXS staking allows users to generate passive income from this valuable asset. With potential earnings of up to 104.9% APR and the added benefits of zero fees, AXS staking emerges as a lucrative and attractive means of generating profits.

When to Stake Axie Infinity (AXS)?

While the recommendation is for everyone to stake their AXS long-term, there are strategic opportunities for day traders to optimise their AXS staking. The ideal way is to stake AXS during low prices and withdraw when the value peaks. However, if the price rises, it’s prudent to retain a fixed portion of AXS even after withdrawals. By doing so, you can capitalise on potential future spikes.

Is Staking Axie on CoinSpot Safe?

Yes. Staking Axie on CoinSpot is considered highly secure. CoinSpot’s staking platform is one of Australia’s safest and most popular options. With a vast user base of over 2 million users, including prominent institutional investors, CoinSpot ensures a reliable and trustworthy environment for staking activities.

What Can I Do With AXS Staking Rewards?

Axie Infinity staking rewards allow users to participate in decision-making regarding allocating Community Treasury funds. Stakers can leverage the utility of restaking their AXS token rewards within the network. This practice allows for compounding, leading to an increased return on investment (ROI) for investors. Moreover, AXS holders can use their staking rewards to develop their Axies further, enhancing their capabilities for engaging in battles within the game.

What is the best APY for staking AXS?

The rewards’ Annual Percentage Yield (APY) is subject to frequent fluctuations based on the network and platform. Staying Axie Infinity on Ronin Wallet offers the highest APY, rewarding 43% APR.

Should I Stake AXS on the Ronin Chain?

If you keep your funds on the chain, you can stake your Axie Infinity (AXS) tokens on the Ronin Chain. However, we recommend using a centralised platform like CoinSpot, which eliminates numerous risks and expenses associated with cross-chain token transfers.

Bottom Line

To conclude, staking Axie Infinity in Australia can be a lucrative investment approach, but selecting a secure platform for staking is paramount. Thanks to its impressive yields, robust security, and widespread popularity, CoinSpot is recommended for staking AXS in Australia. Nevertheless, it is crucial to be aware of risks associated with staking, especially concerning smart-contract vulnerabilities. By conducting thorough research and implementing necessary precautions, staking Axie Infinity presents an excellent opportunity to generate passive income from your digital assets.

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