$5 Million-Worth of AXN Staked for the Next 15 Years

Axion team recently reported having nearly 9% of its total supply ($5 million) staked for the next 15 years.

Published February 10, 2021 Updated 4 months ago

Axion recently hit a major milestone in terms of the amount staked. The project revealed that up to $5 million-worth of AXN is now locked up, staked for the next decade and a half, meaning that the 5555 club has attracted a lot of interest.

This is good — not only does it show that the faith in the project is rather high, but also that users are willing to be patient and wait, believing in the future of crypto and DeFi alike.

8.7% of AXN Total Supply Staked for a Decade and a Half

According to Axion’s recent Twitter post, more than $5 million has been staked for 15 years. As mentioned, the longer the user stakes, the higher the share rate which secures rewards.

Apart from simply benefiting from the original deal, staking coins for longer periods also allows users to secure a number of bonuses along the way. Furthermore, Axion also noted that user rewards will from now on be paid off in AXN and BTC alike. In other words, those who stake now stand to gain significant returns in Axion or Bitcoin.

Technically, it is not BTC that users will be receiving, but rather Wrapped Bitcoin (wBTC). It was said that Axion will offer another coin that users will be able to choose to receive staking dividends in, but that is up to the community to decide through the voting process.

One reason why $5 million staked for 15 years (5555 days) is a big deal — apart from displaying massive amounts of faith in the project — is the fact that this amount represents 8.7% of AXN’s total supply.

This is a massive success for such a young project, which hints at how well the DeFi sector is being received by the crypto industry.

More than that, it also shows that Axion itself is trusted by many in its own community to survive the test of time, and pay off later down the road. After all, the crypto industry is only 12 years old right now, and it has already gone through some impressive changes and evolutionary phases. To be willing to lock up your money and keep it locked up for longer than the industry has existed truly shows how much faith people have in Axion.

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Ali Raza Ali is a journalist with extensive experience in content creation, including online journalism and marketing. He holds a master's degree in finance and enjoys writing about cryptocurrencies and FintTech. Ali's work has been published on a number of major financial publications.