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The new year has begun and has already brought major changes to the crypto industry. Bitcoin hits new milestones every other day and the latest record is above $ 40,000. Even Ethereum, the birthplace of DeFi (decentralized funding), has finally managed to climb above $ 1,000 for the first time in 2018.

Speaking of DeFi, the entire industry continues to grow quite quickly. It managed to bring in an additional $ 4 billion in the first 5 days of 2021, bringing 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 has already started making headlines for a number of reasons, such as the new development-related milestones.

What is Axion?

Axion is a DeFi project that was launched on November 2 and then relaunched on November 13. Since then, the project has worked towards reaching some key milestones for 2021.

Axion focuses on offering CDs (certificates of deposit) – or at least their crypto version. This means that the project allows users to lock a certain number of tokens and receive rewards in exchange for keeping them locked.

Unlike traditional CDs, however, Axion offers high yields – often up to four times what competitors in traditional finance have to offer.

In addition, Axion also offers a less risky way to use cryptocurrencies than what regular trading and investing can offer. Users are not at risk of losing money in bad transactions, and that of the project mint, AXN, itself is a lot less volatile due to the fact that users choose to keep the coins locked instead of using them in transactions.

Those who try to break the deal will be punished and Axion will take some of their coins away. The tokens are then sold in daily auctions, where buyers can bid on these tokens with Ethereum. Those who win will receive the tokens, while ETH they have used will go to Axion to be used for token buybacks and network development.

Results of development

Axion is a legit project that uses the proceeds from the auctions wisely. It was actually inspired by another similar project, HEX. The two have even been linked, for those who may want to trade AXN for HEX and vice versa.

That aside, Axion has quite a list of goals to be achieved this year. One is to create a liquidity provider by entering into a deal with liquidity providers. Then it plans to redesign its website, which will lead to its third goal: a strong, serious marketing and branding campaign.

Along the way, it will also focus on optimizing gas and setting up venture auctions, which the community has been waiting for for a while.

Axion also plans to improve its strike pay system by updating it in a few weeks. With the system, strikers can be paid in two tokens. One of them is Wrapped Bitcoin – a very popular Ethereum-based token associated with Bitcoin. The other token has not yet been chosen. In fact, it is the Axion community that will vote on which token should take second place.

Finally, Axion is also preparing to issue its crypto credit card. The card has been in the works for a while and is expected to be released in late January or early February. Unlike other crypto cards, this is a real credit card that uses crypto, instead of simple debit cards that others offer.

In other words, users won’t simply load it up with coins and then use them. Instead, they use the coins as collateral and pay for goods and services with credit.

Final thoughts

Axion is an upcoming project with a lot of potential and more than a few unique treats. So far it has proven to be a survivor and to have a strong, supportive and generous community behind it. As such, it could be one of DeFi’s future stars, and certainly a token that will attract a lot more attention in the coming weeks.

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