What is AXS coin? What can AXS coins do? How to store AXS coins?

AXS coin, the native utility token of the Axie Infinity blockchain-based game, serves as a multifaceted asset encompassing governance, staking rewards, in-game purchases, breeding fees, land allocation priority, yield farming opportunities, and token burn mechanisms.

Nov 02, 2024 at 03:07 pm

What is AXS Coin?

Definition: AXS coin (Axie Infinity Shard) is the native utility token of the Axie Infinity blockchain-based game.

Functions of AXS Coin

Governance: AXS holders participate in governance by voting on proposals that affect the game's development.
Staking Rewards: AXS holders can stake their tokens to earn AXS rewards, which are distributed regularly.
In-Game Purchases: AXS can be used to purchase Axies (in-game pets), land, and other in-game items.
Breeding Fees: AXS is required to breed new Axies, which are used in battles and to earn Smooth Love Potions (SLP).
Staking for Land Allocation: Holders of large amounts of AXS and SLP have priority in land allocation events, which provide access to valuable in-game resources.
Yield Farming: AXS can be used to participate in yield farming protocols to earn additional rewards.
Token Burn: A portion of AXS used in breeding Axies and in other in-game activities is burned, reducing the overall supply and potentially increasing the value of the token.

How to Store AXS Coins

Official Axie Infinity Wallet: This is the recommended wallet for storing AXS and other Axie Infinity assets.
Hardware Wallets: Hardware wallets, such as Ledger and Trezor, provide secure, offline storage for AXS and other cryptocurrencies.
Third-Party Wallets: Several cryptocurrency wallets, such as MetaMask, Coinbase Wallet, and Trust Wallet, support storage of AXS.
Exchange Wallets: AXS can be stored on cryptocurrency exchanges that offer support for the token. However, it's generally recommended to withdraw funds to a dedicated wallet for added security.

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