Axion Completes Its Migration to Polygon, Prepares to Bring a New Set of Services
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It's been almost a year since the staking ecosystem Axion launched on its way to becoming the crypto world's go-to DeFi project for long-term staking. To do it, they had to weather a launch day hack that almost scuttled the project, only to see their community members rush to save the project and power a relaunch. The result was the birth of a unique time-locked investment vehicle that features high rewards and daily liquid Bitcoin payouts. But the launch-day hack wasn't the last hurdle Axion faced.
As 2021 began, congestion on the Ethereum blockchain sent gas fees spiking to fresh record highs. That posed an existential threat to Axion and its income investing model. So Axion's developers went on the offensive. They began to develop a series of changes to the platform's smart contract to optimize it, culminating in the rollout of Axion V3 – driving down costs for all users.
And then, early this October, the Axion community made a momentous decision. In a community vote, an overwhelming majority of AXN holders authorized the platform's move onto the Polygon Blockchain. The relocation would be a permanent solution to the gas fee problem and open up a world of new opportunities for future development.
A Successful Migration
On October 19th, the Axion development team began the work of migrating the platform to the Polygon blockchain. In the process, they transferred over USD 1.5 million in Bitcoin, USD 1.2 million in Ethereum, and all of the data that makes the Axion staking system work. Six hours later, when they reactivated the contract, everything worked exactly as expected. And that's no small thing.
At the time of the migration, Axion's platform included 20,000 individual wallets and had over 73% of the total supply of the platform's native AXN token staked within it and an astounding 45% of the total supply is locked into the system for the platform maximum of 15 years – which is a first for any crypto staking platform.
Right now, Axion is using its successful migration to the Polygon blockchain as a springboard for more innovation. Using the new functionality available to them, they've already added a few notable features to their staking system. The first is the ability for users to split their stakes to exercise greater control over their investments. On top of that, users can now name each stake and have that information recorded on the blockchain. But it's another major upcoming feature that Axion expects to have the greatest impact.
A New NFT Ecosystem
Amid the migration, Axion also announced plans for a new NFT ecosystem, which should launch in the coming days. The NFT system will be unique, in that it will allow users to convert their stakes into one-of-a-kind generative art. The system will use a procedural galaxy generator to turn each stake's statistics – like amount, length of stake, stake type, and global share rate – into an animated NFT. This will make it possible to commoditize Axion stakes, which will power another upcoming feature - the Axion Stake NFT marketplace.
Within it, stakeholders will be able to buy and sell their positions in the form of NFTs. And when they do, the underlying rights and future bitcoin distributions associated with each stake will pass to new owners. It'll be yet another way that Axion's users can earn passive income from their stakes, transferring ownership in exchange for an immediate payout.
The Axion NFT Marketplace won't be just for stake-generated NFTs. It will also be a place where users can buy a variety of other types of NFTs, the first three of which have already been minted on the Polygon blockchain. The new NFTs will fall into three categories, which are Utility, Visual, and Community. And each type will come with its own unique value proposition.
The Utility NFTs grant their owners specific benefits, like access to private discord channels or extra rights for Launchpad events. The first two of those, called the OG-POLYGON and Diamond Stake NFTs, are already available from Axion. The Visual NFTs will allow their owners to customize the look and feel of their Axion dashboard, making Axion one of the first crypto platforms to use NFTs in this way. The first of those, like the Axion Supernova, is also already available. Community NFTs, which are still in development, will offer mementos of community events on the Axion platform.
Myriad Opportunities to Earn
It's been a busy few months for Axion's developers, but their hard work has been paying off. With the move to the Polygon blockchain, Axion transactions now cost pennies or less and for users of the platform's novel token accelerator service, the savings are multiplied even further. There, investors can buy AXN and stake it in a single transaction, cutting the already-minuscule gas fees in half.
That extra efficiency will also make it even cheaper for the Axion community to participate in the platform's curated cross-chain token Launchpad. It has already completed four successful launches in the past year, bringing exclusive earning opportunities to stakers. And it just completed a successful USD 100,000 exclusive raise with Luxy.io, a next-gen NFT marketplace. With that track record, there's little doubt that there will be more launches to come.
All in all, it's been a successful year for Axion. After starting out facing a nightmare scenario that could have meant the end of the project, Axion and its community have bounced back and then some. And with the move to the Polygon blockchain in the rear-view mirror, there's every reason to believe that there are even more positive developments to come. That's good news for Axion's stakers – and even more of a reason that the rest of the crypto world should be sitting up and taking notice.