What Are Staking Rewards?
Staking rewards refer to the benefits that community members receive for committing to a long-term strategy of holding their AXS tokens and locking them up. By staking AXS, individuals gain the ability to participate in voting and decision-making regarding the usage of the Community Treasury, which currently holds over one billion dollars worth of tokens. Essentially, staking involves locking up AXS tokens, and as a reward for doing so, individuals can claim additional AXS once every 24 hours.
Restaking vs Claiming Rewards
Restaking and claiming rewards are two options available to AXS token holders who participate in staking. Restaking refers to the practice of adding earned rewards to the total amount of staked AXS, which leads to a recalculation of the reward amount based on the updated total. To take advantage of compounding interest, it is recommended to claim rewards daily.
On the other hand, claiming rewards involves transferring of rewards to your Ronin Wallet, where the AXS can be used to breed axies, held in your wallet, or exchanged for other tokens through Katana.
To restake your rewards, please follow the instructions below:
Step 1: Connect your Ronin Wallet. Ensure that your Ronin Wallet is unlocked and the correct address is selected. Click the "Connect to Ronin Wallet" button located in the top right corner of the page.
Step 2: Once you have successfully connected your Ronin Wallet , navigate to the "CLAIMABLE REWARDS" section, and click "Restake" to add your earned rewards to your total staked AXS.
Step 3: After clicking the "Restake" button, a pop-up will appear indicating the amount of rewards that will be claimed. Please take a moment to confirm that the amount displayed is correct, and then click the "Restake AXS now" button to proceed with the restaking process.
Step 4: A pop-up requesting confirmation of the transaction will appear. Once you have confirmed the transaction, your earned rewards will be added to the "TOTAL STAKED" amount. Future rewards will be calculated based on this new total, ensuring that you continue to earn rewards based on the most up-to-date staked AXS amount.
To claim your rewards, follow the same steps outlined in the "Restake Rewards" section above, but instead of clicking the "Restake" button, click "Claim". Your Ronin Wallet will generate a pop-up requesting confirmation of the transaction, and once confirmed, the claimed AXS rewards will be sent to your Ronin Wallet.