How to Stake AXS in Australia
The easiest and best way to stake Axie Infinity in Australia is with the CoinSpot digital asset platform. They offer the highest interest for AXS stakers at 78% APY. This is higher than alternative platforms like SwyftX which offer 74% for Axie Staking.
You can get started with this simple guide:
- Step 1: Sign up to the CoinSpot platform and buy Axie Infinity (AXS).
- Step 2: Visit the Axie Infinity Wallet and select 'Earn'.
- Step 3: Input the amount of AXS you want to stake and select 'Confirm Lend Amount'.
- Step 4: You're done! The AXS token interest will be deposited into your account every day.
Is Staking Axie on CoinSpot Safe?
Yes, CoinSpot's staking platform is the safest and has the most users in Australia. Their exchange currently boasts over 2 million Aussie customers, including some of the largest institutional investors in Australia.
How to Play Axie Infinity in Australia
If you would rather play Axie Infinity with your AXS tokens instead of staking them, we recommend you check out the Axie Marketplace to buy some Axie's. You will need to buy at least 3 Axie's to battle against other players.
The minimum cost of entry to buy 3-floor Axie's is $30 with the cheapest Axie's costing around $10. That means all you need is a Metamask Wallet and $30 to start playing and earning on Axie Infinity!
Should I Stake AXS on Ronin Chain?
You can stake your Axie Infinity (AXS) token on the Ronin Chain if you prefer to leave your funds on chain. However, we recommend using a centralised platform like CoinSpot because they remove a lot of the risks and costs that are associated with moving tokens cross-chain.
AXS Staking Risks
The main risk that AXS stakers need to consider is something called 'smart-contract' risk. This is mainly in relation to a black-hat hacker potentially hacking into the smart-contract wallet that deploys the AXS rewards to Axie Infinity staking participants.
While this is unlikely, investors should always be aware that there is a non-zero probability that any smart-contract can be hacked. This is another reason why we recommend centralised exchanges because many of them are insured for such scenarios.
In summary, staking Axie Infinity in Australia can be a profitable investment strategy, but it's important to carefully choose a secure platform to stake your tokens. CoinSpot is the recommended option for staking AXS in Australia due to its high yields, safety and popularity. However, it's also important to understand the potential risks involved with staking, particularly in relation to smart-contract risk. By doing your own research and taking appropriate precautions, staking Axie Infinity can be a great way to earn passive income on your digital assets.