Member-only story
Galaxy NFT Stakes Are Here!
Minting Your Staked Axion As An NFT
By James McFadden — a.k.a Metal on Discord
A member of the Axion Advisory Council
It has been a long time coming but the much anticipated Axion Galaxy NFTs, are finally here! So what does that mean and how do they work?!
Many investors in Axion have staked their tokens for 15 years. Let’s let that sink in for a moment. At the time of writing this article, 49.18% of all $AXN is currently staked for 15 years with 74.48% of all $AXN currently allocated staked from 1-day to 14.999 years. — that’s a long time to have your tokens locked up but it’s a testament to the confidence and vision of those who have invested in the Axion ecosystem.
For some time now, investors and team members have looked for ways to leverage, move, and otherwise access the value of their stakes for various reasons. Enter the Galaxy NFT.
With the advent of this long-awaited feature, stakeholders will now be able to mint their stakes into an NFT worthy of their name. With Galaxy NFTs, users will now be able to move their stakes from soft wallets to Ledgers, sell them on Opensea, assign them to a new wallet, and possibly even leverage them as collateral at some future date.
So how will this process work?
From the Stake.Axion.Network dashboard, users will be able to mint their stake into an NFT for a small fee based on the amount of Axion they have staked. Fees collected from this process will be used to further build up the Axion OTC pool.
The base fee for this process will be 6 Matic or at current market rates, approximately $3.48, with a max fee of 200 Matic. Then, for every 2M in Axion staked, it will cost just one additional MATIC. Use the table below to understand this process/scale a little better.
- 1M is 6 MATIC
- 4M is 8 MATIC
- 5M is 10 MATIC
- 10M is 11 MATIC
- 20M is 16 MATIC
- 50M is 26 MATIC
