Axion V3 announcement

Exciting new changes are happening for the world's best staking token!

Axion is always growing and developing. In the cryptocurrency world, this is the key to survival. You can easily determine the health and stability of a token based on its ability to innovate, develop, and react to market trends. The Axion team has been working constantly behind the scenes to identify problems, develop novel solutions, and implement those solutions in a way that will continue to propel Axion forward into the future.

That's why the entire Axion Development Team is excited to announce Axion v3, which will usher in a fundamentally new way of running the Axion token on the Ethereum network. Our devs started completely from scratch, rewriting Axion's Smart Contract code entirely from the ground up. This new code implements vast savings in computational requirements that eclipse every other staking token on the network, which means much cheaper fees, faster processing, and less hassle for all investors, new and old.

The best part is that Axion v3 will operate entirely on the current token, meaning that all liquid and staked AXN will remain entirely untouched. For all users, the only difference will be cheaper gas, quicker transactions, and the ability for the token to continue to grow and add new features without extra bloat.

Technical Details

  • The original Axion v2 staking contract struct takes up 8 "words", with each word being 256 bits (32 bytes). Each word takes up significant gas in order to be processed on the Ethereum network. Our new Axion v3 staking contracts have been optimized down to a single word, creating amazing savings in costs associated with creating new stakes and withdrawing completed stakes. This optimization brings an incredible 87.5% reduction in costs compared to v2.

  • With the v2 code implementation, the original Layer 1 contracts required significant code to be executed in order to bring Layer 1 up to Layer 2. This is why Layer 1 upgrades were so costly. With Axion v3, our team expects upgrading Layer 1 stakes to now be only slightly more expensive than a brand new v3 stake. Layer 1 stakes will be able to be directly and cheaply upgraded to v3 stakes as long as the stake has not ended.

  • With Axion v3, entering the Auction will also drastically be reduced. In the v2 implementation, investors had to spend gas on two transactions (entering the auction and then withdrawing their earnings), resulting in a 2x 16-word transaction cost. Now to enter and withdraw from the auction will be 2x 1-word transaction, resulting in massive savings.

  • The development team has created a brand new algorithm that entirely removes the Loop functionality from the contract. This is the first time a staking cryptocurrency has been able to create a staking contract without needing to do a loop calculation. In the v2 contract, in order to calculate the ending payout, it would need to loop (or repeat) the function for every single day of the entire stake. If you had a 100-day stake, it would need to run the loop function 100 times. If you had a Max Shares stake, it would have to be run 5,555 times! With our new algorithm, the team has optimized this entire process to just two lines of code, resulting in massive computational savings! Now all staking will cost roughly the same amount, no matter the term duration! Every other popular staking token uses the Loop functionality, but Axion is the first to create this new and unique approach, something that we are very proud of!

  • NFT functionality! With Axion v3, stakes will have the ability to be turned into unique NFTs, which can be stored and assigned to a stakeholder’s wallet. In the future, these NFTs will be able to be transferred or sold. There is no release date for transferable or sellable NFTs at this time.

  • Additional code has been modularized, allowing for new and future development to be easily added to the staking contract. With these massive reductions in gas fees, additional development can begin to take advantage of the huge computational overhead from our optimized code.

Launch Timeline

These new changes are exciting, and the development team knows that everyone will be eagerly anticipating a launch date to take advantage of these incredible new features. The team also wants to do it right, as any mistake in the code could mean a catastrophic loss for all Axion holders. So the team pledges to do two things:

  1. Perform independent audits of the code by our auditing partners to make sure everything is secure, verified, and ready to be implemented.
  2. Release Axion v3 only when the team is absolutely confident in the stability of the new code.

As such, there is currently no set launch date for Axion v3, though the development team plans on an early Q3 release window.

In the meantime, to support our community, Axion is pausing all late unstake penalties until the launch of Axion v3, and will resume late unstake penalties 30 days after Axion v3’s launch. If you do not unstake your matured stakes before the 30 day post-v3 window runs out, all penalties that would've been accumulated up to that point will be applied. So please, make sure you get your matured stakes withdrawn, and inform anyone you know that has a matured stake they need to withdraw.

A huge thank you to our Axion Community, who believes in this project so thoroughly that they’ve staked over 100BN Axion for 15 years. Axion truly is a #betterwaytocrypto.

With Axion, you can!