The new year has started and has already brought major changes in the crypto industry. Bitcoin hits new milestones every other day, and its latest record is over $ 40,000. Even Ethereum, the birthplace of DeFi (decentralized funding), finally managed to surpass $ 1,000 in 2018.
Speaking of DeFi: The entire sector continues to grow quite quickly. An additional $ 4 billion was secured in the first five days of 2021, bringing the Total Value Locked (TVL) to $ 18.29 billion.
This is great news not just for the leading projects but for the emerging as the growing interest in DeFi signals a bright future for those with unique and rewarding offerings. Axion (AXN) is one such project that may only be two months old but has already made headlines for a number of reasons, including its new development-related milestones.
What is axion
Axion is a DeFi project that started on November 2nd and restarted on November 13th. Since then, the project has worked to meet some key milestones for 2021.
Axion focuses on offering CDs (deposit certificates) – or at least their crypto version. This means that the project offers users to block a certain number of tokens and get rewards if they stay blocked.
In contrast to traditional CDs, however, Axion offers high returns – often up to four times higher than what competitors have to offer in the traditional financing arena.
In addition, Axion offers a less risky way to use cryptocurrencies than is possible through regular trading and investing. Users don’t risk losing money on bad trades, and the project’s coin, AXN, is much less volatile itself as users choose to keep the coins locked instead of using them for trades.
Those who try to break the deal will be punished and Axion will take some of their coins away. The tokens are then sold in daily auctions where buyers with Ethereum can bid for these tokens. Those who win will receive the tokens, while the ETH they use will go to Axion to be used for token buybacks and network development.
Results of development
Axion is a legitimate project that uses the proceeds from the auctions wisely. It was actually inspired by another similar project, HEX. The two are even paired against each other, for those who want to swap AXN for HEX and vice versa.
That being said, Axion has a whole list of goals to be achieved this year. One of them is creating a liquidity booster by entering into a contract with liquidity providers. Next, the company plans to redesign its website that will lead to its third goal – a strong, reputable marketing and branding campaign.
Along the way, it will also be about tweaking the gas and running venture auctions that the community has been waiting for for some time.
Axion also plans to improve its stake out award system by updating it in a few weeks. The system allows the stakers to receive dividends in two tokens. One of them is Wrapped Bitcoin – a very popular Ethereum-based token that is tied to Bitcoin. The other token is not yet selected. In fact, it is Axion’s community that votes on which token should take second place.
Finally, Axion is also preparing to issue its crypto credit card. The map has been in the works for some time and is expected to appear in late January or early February. Unlike other crypto cards, this is a real credit card that uses crypto instead of simple debit cards that others offer.
In other words, users don’t just load it up with coins and then use them. Instead, they use the coins as collateral and pay for goods and services with credit.
Final thoughts
Axion is an up and coming project with a lot of potential and more than just a few unique tidbits. So far, it has proven that it is a survivor and that it has a powerful, supportive, and generous community behind it. As such, it could be one of DeFi’s future stars and definitely a character that will be attracting a lot more attention in the coming weeks.
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