Axion has been one of the most fascinating projects in the decentralized finance (DeFi) space since the DeFi boom on the Ethereum blockchain in the last year. In this article, we take a look at what Axion is, including a thorough look back on the events that have transpired since Axion’s official launch and the incredible growth it provided. From the very beginning to the present day — and beyond! — the future of Axion has never been more exciting.
To date, Axion has built a whole ecosystem around ethical finance, working to build a powerful community filled with like-minded individuals from all over the world. Crypto is a highly volatile and traditionally short-sighted market, with people buying and selling on a daily or hourly basis in order to try and maximize their immediate gains. Axion is the answer to a whole new era of investors who are looking for long-term stable growth and who don’t want to pay the paltry interest rates of modern banks or get penalized with fees and charges prevalent in the investing world. Axion’s ethical finance Ecosystem is providing a safe haven for people of all ages, incomes, beliefs, and histories, who value the big picture outlook. Axion is the place for those who value long-term thinking and the financial freedom that cryptocurrencies can provide.
Axion is also unique in that it takes a different approach than merely asking its token holders and shareholders to merely HODL — or “hold” their Axion and wait for a future value appreciation as its primary means of wealth generation. Axion provides immediate and tangible benefits to anyone who stakes their AXN; through its innovative Auction System, its DAO voting system, and curated Axion Launches.
With the Venture Capital Auctions, staked Axion shareholders earn liquid Bitcoin dividends that can be withdrawn at any time and spent — true passive income without having to touch the principal investment. At publishing, over 135 BTC has been distributed to all shareholders, an impressive achievement! Additionally, Axion’s Regular Auctions pass on the proceeds to all shareholders, granting additional dividends in AXN paid to all stakers, increasing the average APY for investors.
With the DAO (Decentralized Autonomous Organization), shareholders with stakes over a year can vote on important policy changes, adjustments to the tokenomics, and updates to the Axion ecosystem; creating a truly community-driven token.
Finally, Axion Launch brings unique and curated partnerships with airdrops, IDO/IEOs, and fundraisers exclusive to the Axion community, with tens of thousands- up to hundreds of thousands-of dollars given out to Axion shareholders, alongside unique investing opportunities.
Therefore shareholders are not just holding Axion, they are getting to participate in a whole ecosystem, all in one place.
But how did Axion get here? Where did it start? The road to the development of Axion has not been frictionless, with many bumps and learning experiences along the way. The Axion Team does not hide from its past, instead choosing to adopt the adage that our past makes us stronger, smarter, and better prepared to deal with an ever-changing world.
The official launch of Axion on November 2nd, 2020 was highly anticipated by our investors and community for months on end. Axion’s contract(s) were audited by some of the most respected firms in the crypto industry — CertiK and Hacken. At approximately 11:00AM UTC, the Axion contracts were deployed onto the Ethereum mainnet — then almost immediately exploited via an individual developer assisting with the contract deployment. Although CertiK successfully conducted their audit, the hack functionality was maliciously injected right at contract deployment from the hacker post audit completion. This function allowed the hacker to mint almost 80 billion AXN tokens which were immediately unloaded on the open market via Uniswap. This dropped the token price to zero just minutes after the anticipated mainnet launch, effectively draining Axion of all its hard-earned liquidity.
To say this was shocking to the entire community is an understatement. For months prior, Axion’s community grew with investors from all around the world. Investors that placed their faith in an ecosystem based on trust and transparency. Investors that saw the power in a one-of-a-kind community; full of co-operation and unparalleled levels of support and camaraderie. A community that, we are proud to say, still exists and flourishes to this day. But at the moment of the hack, Axion had been deeply wounded before it had the chance to fly.
Several thousands of messages rolled into Axion’s social channels, community servers, and direct messages — and expectedly so. Great damage had been done, and time was of the essence. The community demanded answers and Axion’s development team needed to react quickly, make changes and announce next steps. Axion’s auditors released an official article on the prominent cryptocurrency news site CoinTelegraph ensuring best practices were had. But was it enough?
Traditionally, this sort of hack would have resulted in the death of any project, and the loss of support from all current and interested investors. News articles were released denouncing the hack and calling Axion a scam, using the exploit as a classic case for why crypto projects were not to be trusted. However, Axion is not like most projects, and through the uproar, the budding Axion community saw the hack as a rallying effort.
Support came from community members that understood the debacle and offered their help in all possible aspects. The team grew stronger almost overnight. A group of developers, programmers, liquidity providers, strategists, and others offered their personal and professional support throughout Axion’s relaunch period. Within a single week, this community team worked tirelessly to ensure that Axion would launch again without any flaw, vulnerability, or malicious intent — the way it was meant to be. In just a few days, the community rallied to raise $500,000 USD to create a liquidity pool for the new token launch, an incredible vote of confidence in Axion’s long-term benefit.
On November 11th, 2020 at 9am, just nine short days after the hack, Axion officially deployed its second contract. A message was posted in the community that announced that all investors who had contributed to the initial token would be compensated, and would be given the same amount of tokens that they had purchased at no cost. This is rather notable, because the vast majority of hacked projects never return, and rarely ever honor their initial investors with a sincere and ethical solution. This moment changed Axion forever. The Axion legacy was reborn.
That fateful month of November was an incredibly stressful and complex one within Axion. However, without these complexities and hindrances, Axion wouldn’t have formed the stronghold that now forms its most dedicated team. Many members of the community that rose up from the ranks to assist in the relaunch now form much of the core development, moderator, and marketing teams. Instead of representing the death of Axion, it represents a solidarity of sorts for those that lived through it, and an ode to Axion’s power as a community for all new investors. Axion was no longer just a project made by a few people, launched to the network. It was now truly a community-created token.
In short, Axion experienced one of the most public hacks in DeFi, and came back from it with finesse, professionalism, and a community-centered mindset that lasts to this day. This is why we, the Axion Team, believe Axion to be one of the most interesting projects in the crypto space. Each of us was drawn here for different reasons, but we all stayed because we believe in the Ethical Finance ecosystem that birthed through trial-by-fire.
Here’s a timeline of notable events in Axion’s journey since the relaunch.
Axion has always been growing and developing, as shown by this development roadmap. There has been a substantial amount of progress within Axion’s ecosystem over the last year, and this is just the beginning. With over 8,600+ individual 15-year stakes across our network, it is clear that both Axion’s community-sourced development team and the Axion community as a whole believe that Axion is here to stay as an ethical, community-driven cryptocurrency ecosystem.
Stay tuned across our community channels, blog, and social media for more updates and exciting news.
Axion is not a bank, depository institution, custodian or fiduciary and all AXN tokens are not insured by any private or governmental insurance plan (including FDIC or SIPC), nor are they covered by any compensation scheme (including FSCS).
Holding, trading or using crypto assets carry significant risks, please carefully read our Disclaimer page. Axion does not provide any financial, legal or tax advice, nor should this website be viewed as an offer or inducement to make any financial decisions. You alone are responsible for any decisions you make.
** The dividend calculator is just an estimate based on current pool size. It is impossible to accurately predict the amount of dividends you will receive over the term of your stake, as it is based on many variables. We cannot hold any responsibility for miscalculations and reserve the right to update the formula used to produce these estimates at any time. wBTC divs are based on the Accelerator selling 100% of the bonus each day, and are therefore not guaranteed.
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