- The leading crypto lender BlockFi adds support to the popular gaming token Axie Infinity’s (AXS) staking plan.
- The launch of land staking rewards is to promote owning virtual land.
- AXS increased around 20%, recovering sharply from a near one-year low earlier this week.
Axie Infinity (AXS), the popular gaming token, rallied over the past 24 hours after introducing Land Staking rewards.
Earlier this week, Axie introduced rewards for staking virtual land in its game to attract more players and pump up AXS price. The move appears to be successful so far. At the same time, the crypto lender BlockFi also added support for AXS.
To clarify, the launch of land staking rewards is to promote owning virtual land, as well as improve its governance.
AXS jumped by almost 20% to $34.56, recovering sharply from a near one-year low hit earlier this week. Likewise, the token was the best performing metaverse token in the past 24 hours. Moreover, the sharp gains likely indicate a turning point for AXS after it lost over 50% of its value on a crippling $600 million hack in late March, resulting in a falling player count.
In the BlockFi blogpost, the crypto lender said non-US users will now be able to trade and earn interest on AXS and 13 other popular tokens, which will be available from May 4, 2022. AXS joins the list of other popular metaverse tokens like The Sandbox (SAND) and Decentraland (MANA), along with crypto stalwarts Terra (LUNA) and Binance Coin (BNB).
Furthermore, the move also comes as players responded to a delay in the game’s land features by putting their virtual plots for sale and driving land prices down significantly. Still, the land staking is temporary, with rewards set to transition to active gameplay after the land update is released.
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