The new year has started, and already, it has brought major changes to the crypto industry. Bitcoin is making new milestones every other day, and its newest record is above $40,000. Even Ethereum, the birthplace of DeFi (decentralized finance) has finally managed to climb above $1,000 for the first time in 2018.
Speaking of DeFi, the entire sector is continuing to grow rather rapidly. It managed to secure another $4 billion in the first 5 days of 2021, which brought its Total Value Locked (TVL) to $18.29 billion.
This is great news not only for the leading projects but also for the emerging ones, as the growing interest in DeFi signals a bright future for those who have unique and rewarding deals to offer. Axion (AXN) is one such project, which may be only two months old, but it already started making headlines for a number of reasons, such as its new development-related milestones.
What is Axion?
Axion focuses on offering CDs (certificates of deposit) — or at least, their crypto version. This means that the project offers users to lock up a certain amount of tokens and receive rewards in exchange for keeping them locked up.
However, unlike traditional CDs, Axion offers high yields — often up to four times higher than what competitors in traditional finance have to offer.
On top of that, Axion also offers a less risky way to use cryptocurrencies than what regular trading and investing can provide. Users do not risk losing money in bad trades, and the project’s coin, AXN, is itself a lot less volatile due to the fact that users opt to keep the coins locked up, rather than use them in trades.
Those who try to break the deal get penalized, and Axion takes away some of their coins. The tokens then get sold in daily auctions, where buyers can bid for these tokens using Ethereum. Those who…