Axie Infinity is a virtual world full of fierce and cute pets, named Axies. Axies can fight, collect, and even earn cryptocurrency with real value.
In order to create a better user experience and improve scalability, the Axie Infinity team is building a two-tier scalable side chain called Ronin. AXS is the platform's native ERC-20 functional token, which can be used for governance, token collateralization, payment, etc.
How does Axie Infinity (AXS) Work?
Axie infinity is a blockchain based trading and fighting game, partially owned and operated by its players. Inspired by popular games such as Pokémon and Tamagotchi, Axie Infinity allows players to collect, breed, feed, fight and trade token based creatures called Axies. In order to create a better user experience and promote scalability, the Axie Infinity team is building a layer 2 side chain called Ronin.
Governance: AXS token holders will be allowed to collateralize tokens to participate in platform governance voting.
Token collateralization: users will be able to obtain weekly rewards by collateralizing AXS tokens.
Payment: players can make various in-game payments with AXS tokens.
What is Axie Infinity (AXS)?
Axie Infinity is a popular game on Ethereum, which allows players to collect, breed, feed, fight and trade token based creatures, called Axies. Each Axies has unique characteristics, which determine the behavior of Axies on the battlefield. Each Axies is a non-fungible token (NFT) with different attributes and advantages.
Axie Infinity's current product features include:
Battle: pets in the platform (i.e. Axie) can upgrade and evolve by fighting each other.
Breeding: Axie can have the next generation of pets.
Land: Axie's home and activity base. Land can be upgraded using a series of in-game resources.
Market: a decentralized Axie trading market.
You can also use tokens to pay network transaction fees and stake when generating consensus.
Axie Infinity (AXS) Crypto Wallet
In addition to placing AXS in the Gate.io exchange to facilitate trading, AXS can also be placed in a crypto wallet.
Ronin wallet is a cryptocurrency wallet specially developed for Axie Infinity. It runs in the Ronin blockchain, which is a side chain in the Ethereum network. The Ronin network significantly reduces the cost of trading and breeding Axie and the consumption of Axie Infinity players. Ronin wallet is also compatible with other NFT games in the Ronin blockchain.
In addition to allowing users to interact with the popular game Axie Infinity, Ronin wallet can also interact with other decentralized applications (DApps) running in the Ronin blockchain. After creating the Ronin wallet, you can log in to the Axie Infinity market to create a personal account, and then start the game.
You can also use the Ronin wallet to send and receive cryptocurrency and NFT without paying high fuel costs. Presently, Ronin wallet can store wrapped Ether (WETH), Axie Infinity shardings (AXS), USDC and Smooth Love Potion (SLP).
Players can obtain AXS and SLP ERC-20 tokens by completing daily tasks at Axie Infinity and fighting with other players. From November 2021, you can use AXS and SLP to breed new Axie. However, the breeding demand of AXS may be canceled in the future, and the token will become a pure governance token. You can also trade SLP on cryptocurrency trading platforms such as Binance. The Ronin wallet has been integrated with Binance. Users can directly transfer their NFT and cryptocurrency by paying a small amount of gas fees.
To create a Ronin wallet, you can install the plug-in on Chrome or Firefox. You can also download mobile apps in the App Store and Google Play. Beware of fake Apps!