DeFi project Axion Network recently saw a major success after introducing long-awaited Venture Capital Auctions, which have paid over $1m-worth of wBTC to participants in dividends.
Over the years, the crypto industry has been rapidly evolving, going through trends, and branching out in many different directions. The decentralized finance (DeFi) sector currently seems like one of the most promising areas, and thanks to projects like Axion Network, it is only becoming more popular and it attracts more and more money.
What is Axion Network?
Axion Network is a DeFi project that offers users to invest in a cryptocurrency version of CDs (certificates of deposit). Essentially, the project allows users to stake their tokens for a certain period of time, as decided during the creation of the smart contract, and gain rewards for doing so.
However, a large part of the project is its penalties system, which is exacted if the staker withdraws their funds too soon or too late. These penalties have several purposes, such as preventing mass sell-offs. This, in turn, ensures lower volatility than what other projects have to deal with, and reduced risk of losing the value of your investment.
On top of that, Axion also holds regular auctions, during which it sells the coins collected through these penalties to other community members, in exchange for Ethereum. The ETH coins obtained in this way are used for token buybacks on exchanges, as well as for the development of the Axion network.
Axion Introduces VCAs, Sees Massive Success
Recently, however, the project also introduced Venture Capital Auctions — a new type of auctions that allows users to place ETH similarly to regular auctions, only this time, they also get certain dividends based on the number of shares that they are holding. 85% of the ETH sent to the auction is used to buy wBTC, which is then used to pay these dividends to participants. 10% in wBTC will be sent back to the users who placed the bids, while 5% goes to the Axion team.
Furthermore, wBTC dividends are available for withdrawals instantly, with no wait periods involved. These VCAs are taking place twice a week, every Tuesday and Friday. So far, there were two such auctions, during which Axion paid out over $1 million-worth of wBTC to stakers, indicating that VCAs have attracted massive amounts of attention and interest.
Axion’s Efforts are Paying Off
Apart from the VCAs, Axion has promised a number of new changes — some of which have already arrived, while others are still incoming. There are things like a website redesign, a liquidity amplifier, gas optimizations, new marketing initiatives, and more — all of which is funded through auctions, and all of which has the same goal of making Axion bigger, better, more profitable, and eventually — one of the leading projects in the DeFi sector.
In addition to a new website design, Axion also saw a new staking dashboard design, it hired a new creative director, Joel Gerlach, as well as a new dedicated SEO firm, Denver Digital, to help with its marketing strategy. In total, its price went up by 200% since March 1st, and it held the two VCAs.
As for the Axion (AXN) price, it currently sits at $0.0004822. The token was trading sideways for nearly a week at approximately $0.000264, and then it saw a major price surge over the last 24 hours, as its second VCA took place. Its price climbed up by 185%, before seeing a correction that brought it down to the current levels.
Medium | Telegram | Discord | Twitter
Company: Axion Network
Email: [email protected]
Axion stats (unofficial): https://axionstats.info/
Axion news (unofficial): https://axionlive.com/