YGG Stakes Entire Treasury of $AXS
This article was published on October 2, 2021. Please keep in mind that some of the data in this article may be outdated as of today.
On the 31st of September 2021, Axie Infinity announced the launch of the AXS staking program. The main goal is to have a genuine co-ownership of Axie Infinity with community members that contribute significantly to its rapidly growing movement.
Earlier, KooKoo Crypto, a Yield Guild Games (YGG) PH Community Manager, revealed that YGG staked all of their $AXS from its community treasury on a Facebook post! That is 189,953 AXS – equivalent to $16.45M. That is huge!
And in 48 hours, Axie community members across the globe have staked over half a billion dollars worth of $AXS combined! To be exact, at the time of this article, that’s 6,603,430 AXS ($512.82M).
What is AXS?
Axie Infinity Shards (AXS) was introduced in November 2020. Alongside being rewarded to Axie Infinity players and used in-game for breeding, the token has a governing purpose.
Token holders who stake AXS will have the ability to take part and share ownership of the game. In other words, they will have input and say in the game’s direction to keep it aligned with the community’s needs and beliefs. It’s clear Axie is now taking steps towards becoming a genuine DAO (decentralized autonomous organization).
Today, players can earn AXS tokens by placing on the leaderboard during our PVP Seasons and winning tournaments. You can also purchase them on various crypto exchanges around the world.
In the future, there will be many new ways to earn AXS through gameplay and contributions to the ecosystem.
What happens when we stake our AXS?
You will 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.
About Yield Guild Games (YGG)
Yield Guild Games is a decentralized gaming guild that pools investor funds to purchase yield-generating NFTs. The guild leverages players’ time and effort to optimize its community-owned assets for maximum utility and return. By merging NFTs and decentralized finance (DeFi), YGG aims to create value for its members. Coupled with taking part in P2E projects, YGG encourages the development of blockchain-based games. A short documentary funded by YGG, titled Play-to-Earn: NFT Gaming in the Philippines, demonstrates how these games provide transformative economic opportunities.