How and Where to Buy Axion (AXN): The Ultimate Guide
One example of a project that offers a risk-free method of earning by holding crypto is Axion — a revolutionary crypto-based investment vehicle aimed solely at income investors.
The crypto world may have been around for over a decade, but it is nowhere near the end of its evolution and development. In fact, the cryptocurrency industry is still trying to “find itself,” meaning that it is looking into different routes that it might take, and directions it might explore.
Right now, in late 2020, its attention is on the DeFi sector, as it continues to explore decentralized finance and various services that it offers.
DeFi has been a huge thing for crypto this year, even managing to shine while Bitcoin made a new all-time high (ATH). DeFi emerged as a sector that offers similar services as centralized banks, only without third parties and expensive middlemen such as the banks themselves.
Everything is based on blockchain technology and its smart contracts, while the community provides the fuel that allows everything to run. With a setup like that, DeFi has been able to offer alternative methods of earning funds passively, through staking, lending, or yield farming.
As more people enter the crypto industry, and the crypto sector continues to grow — many realize that this is the time to HODL. DeFi encourages this, as it allows people to earn money while holding onto their coins, with all of it being risk-free. Of course, price volatility is still there, but the philosophy behind HODLing is to hold the coins, as their prices will eventually go up.
What is Axion?
Axion is a DeFi project that allows users to earn money by investing in a crypto version of the traditional Certificate of Deposit (CD). The project has attracted massive amounts of attention due to the fact that it offers an extremely high yield — 8%.
Similar investment vehicles offered by the banks are typically around four times lower than this. In addition to that, Axion’s investment vehicle is based on blockchain technology which doesn’t only make it cheaper and more profitable, but also much safer and transparent.
How Does Axion Work?
The whole idea behind Axion’s service is to provide a less volatile way for investors to use digital currency as an income stream. The idea, as well as the way everything works, is very simple. That way. even newcomers to the crypto industry can buy coins and start earning simply by holding them.
All that investors need to do is buy Axion’s AXN tokens, and enter into a smart contract with them. The terms of the contract are very simple, as well. The investor agrees to hold on to their coins for a specific period of time. Meanwhile, they get the money for doing so.
If someone decides to withdraw their coins from the contract before or after the agreed-upon date, they will be penalized, and the tokens that the project’s system takes are then sold in daily auctions. The funds that the project receives are split into two groups. The larger group — 80% of the funds — will be used for buying back AXN tokens from exchanges, thus keeping a steady demand for the token and helping it maintain its price.
The smaller group of 20% will be used for further development and work on Axion and its system.
Note: Axion was based on another similar project called Hex. However, Hex was oriented towards making money for itself, instead of focusing on making things better for the community. It took 50% of the penalties directly to its founder’s pockets, thus revealing its purpose — to make its executives richer by exploiting the community. Axion, clearly, doesn’t take any percentage of the penalties for its founder’s personal gain.
By splitting the funds like that and using them for improving the network and buying back coins, Axion creates upward inflation on the tokens’ value. This is what creates such high yields for its stakeholders.
With people wishing to avoid being penalized, Axion is safe from sudden mass selloffs that tend to damage, or even destroy other projects. Axion users do not even have to fear that the project might manipulate prices to harm them, as its founder holds no stake in the token itself.
Important: Axion is also better protected from manipulation than Bitcoin, where a small group of large investors holds around 42.1% of the coin’s total supply and can manipulate prices by moving crypto in large transactions.
How and Where to Buy Axion?
Now we come to the big question — where to buy Axion, and how to do it?
The procedure is actually very simple, and it only revolves around a few steps which are as follows:
1) Buy Ethereum
The first thing that you need to do in order to get possession of AXN is to purchase some Ethereum (ETH) coins. You can do it on any exchange, as pretty much all of them have it listed. The likes of Coinbase and Binance are go-to platforms for most people, but you can also buy ETH through MetaMask, and send it directly to your MetaMask wallet.
2) Install MetaMask
For this step, all you need to do is install the MetaMask desktop browser extension, and set up your Ethereum wallet. If you wish to access your wallet on the go, you can also choose to install your MetaMask app on your Android smartphone.
Note: iOS users will not be able to do this, as their version of MetaMask has certain restrictions, which do not allow them to use the necessary features. In other words, they can only use a desktop version.
3) Deposit ETH to your new wallet
Assuming that the first two steps went on without any problems, you should now have ETH coins in your possession, and a new ETH wallet ready and waiting.
Now, if you opted to buy ETH on a crypto exchange, such as Binance or Coinbase, all you need to do is copy the wallet address from MetaMask, paste it into the exchange’s withdrawal window, and then hit the withdrawal button. Before you do, however, make sure that the address is correct, that you copied it properly, and that there are no errors. If there are, you will never be able to get your coins back.
Alternatively, if you wish to purchase ETH directly through MetaMask, as mentioned in the first step, you can do that too. All you need to do is use the Wyre fiat gateway which is already integrated into MetaMask, and the transaction will happen.
4) Buy Axion on Uniswap
With your coins in your wallet, you are now ready to buy AXN. Right now, Axion is listed on Uniswap, another major DeFi project that takes the form of a decentralized exchange (DEX).
If you wish to have your transactions happen faster, we can recommend using Fast GAS. Another thing to note is that Uniswap’s platform has the gear icon in the upper-right corner. By clicking on it, you will open up the settings that allow you to adjust your slippage limit. This is useful for those who wish to purchase large amounts.
Android users who wish to buy coins via their smartphone will have to start by accessing the in-app browser via the menu. They can find it by tapping on the three bars in the upper-left corner of the app. Once there, just paste the provided link, and you will be ready to continue.
In the From field, you should select Ethereum as your currency of choice, while in the output field, you need to select AXN. You also need to enter how much ETH you wish to exchange into AXN, and then just hit the amount at the bottom of the page, that says “Approve.”
By doing so, you will allow the DEX to access the coins in your wallet, and the transaction will take place. Now, note that you are not done yet — you will first have to confirm the transaction, and once that is cleared, the “Approve” button should change and say “Swap.”
Click the Swap button, and a new transaction will be sent to your wallet. Once again, you will have to confirm it, but upon doing that, you will become a proud new owner of some AXN coins.