The DeFi sector which exploded in mid-2020 gave birth to a number of projects that started transforming the crypto industry, offering new things to do while keeping your money safely locked up, and not risking it in trades.
Some projects have offered yield farming, staking, or lending/borrowing services. However, they all still include a certain amount of risk. One specific project, Axion, aims to reduce the risks even further and help users earn money by offering a crypto version of certificates of deposit (CDs), that already exist in traditional finance.
The project saw the launch on November 13th, when its coin became publicly available. Determined to express its gratitude to the community and prove its worth in the crypto industry, Axion started a long series of developments and mini-projects that will ultimately expand its ecosystem.
As some may know, Axion offers its users an 8% yield for entering precisely-timed contracts. Those who breach the contract’s deadline or withdraw the money prior to it get penalized. The tokens taken from such users are sold in auctions, and the proceeds are used for token buybacks on exchanges (80%) and investing in Axion blockchain development (20%).
Axion also announced the development of a number of additions, such as its credit card, which will be the first crypto credit card in the world. While most projects offer crypto debit cards, which can be filled with coins and used in various locations, Axion will actually offer a credit card, where users can rely on credit, rather than use their cryptocurrencies. This way, users get to keep their coins and only use them as collateral. As long as they keep paying for the credit they spend, their coins will not be used.
The card will roll out soon, according to the AXN team, potentially in late January or early February 2021.
The project also plans to bring a staking rewards system update in around two to three weeks, where stakers will get paid dividends in liquid wBTC and another altcoin, which the community has yet to vote for.
Lastly, Axion is preparing an entire series of smaller, but equally important developments. It aims to redesign its website, which will be immediately followed by a strong marketing and branding campaign, led by marketing experts. Since its creation, the project has mostly focused on providing features and ensuring that its users will have the best possible experience.
Now that that has been settled, it aims to perfect its website, make it as easy to use and navigate as possible, and more. In fact, its developers believe that this will be the most crucial development that the project will see in Q1 2021.
Some of the other new improvements concern gas optimizations, as well as other significant updates to its protocol and platform. Of course, there is always more work to be done in this regard, and indeed — the team plans to continue working on it in the future. However, after the initial optimization, it will have to wait for chain sharding via Ethereum 2.0, and that will, naturally, have to wait for ETH 2.0 to see a full launch.
Axion also paired its token with HEX, a project that inspired the creation of Axion, so users can now exchange their HEX for AXN directly, and vice versa. It also has a liquidity amplifier program in store, which will see 5 billion AXN tokens offered to liquidity providers as rewards for providing liquidity in real-time.
In other words, Axion traders will no longer have to wait to get their orders complete, which will likely increase their chances of seizing new and emerging opportunities.
Lastly, Axion also plans to bring highly-anticipated venture auctions, which are also a top priority in terms of R&D. The team has already spent numerous hours discussing the best functionalities and mechanics for these implementations. The ideas that they came up with seem quite promising, and the AXN team is extremely confident in ensuring that this will be one of its biggest and best developments yet.
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