Cryptocurrency Staking: Axie Infinity Token AXS staking on Binance.com
Hello Steemit community,
I am returning to Steemit starting today. My account dates back to 2018 and now in 2022, I feel stupid to not be on here every day. The opportunities on Steemit are slim, but I feel like I have a chance if I will continue to upload quality content.
I have been growing as a cryptocurrency investor and I will be
writing blog posts every day on new crypto projects, market analysis, and my investment strategies.
Today I will be talking about the new strategy that I have been applying to my investments for around 2 months now. I have been focussing on accumulating coins and tokens that I can stake with high yields.
On Binance.com, there are great high yield locked staking contracts. My favorite is the Axie Infinity (AXS token) locked staking contract that has a 100%+ Annual Percentage Yield or APY for short. These locked contracts came in three varieties with different runtimes. The shortest one was 30 days, then 60 days and the longest contract had a runtime of 90 days. By allowing Binance.com to lock up your AXS tokens in the staking contract for the chosen number of days, you will receive a return on your stake amount of AXS tokens paid out in AXS tokens.
To give a concrete example of one of my contracts; I have staked 2,1 AXS for 90 days, which at the current price is worth $136,12. In 90 days, the contract will pay me 0,57339913 AXS which is worth roughly $37,17 at the current price of the AXS token. In the time span of 90 days, I will receive a return of (0,57339913 / 2,1) * 100 = 27,3% on my AXS tokens.
It is hard to see the $ value of staking because the token can drop or go up in price during the staking contract. Therefore I always advise you to only stake cryptocurrency tokens in projects that you truly believe in and that you see an increase in value over a longer period of time instead of just hunting for the highest APY.
This is no financial advice and only for entertainment purposes. Please stay tuned to read more about staking, Cryptocurrencies, cryptocurrency projects, market analysis, and personal finance.