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AXIA Protocol — Relaunch Complete! Why AXIA-V2?
I understand we didn’t make an article detailing what happened with the project and why we had to relaunch.
Long story short, what happened was that there was a honest mistake while the developer in charge of setting up the dapp for launch (out of all the adrenaline rush and excitement that filled the launch period) configured the Swap Fund pool to pay out daily rewards in Swap AFTs that were staked within the pool instead of AXIA tokens. This mis-configuration made it possible for some users (not necessarily hackers) to claim dividends in AFTs (staked by other users) from the pool . Those AFTs were then used to remove liquidity from the AXIA/ETH pool on Uniswap. Shortly after the error came to light, we held a private meeting with some core supporters of the project and decided that a relaunch would be the best option in order to remedy the situation. We swung into action immediately and paused staking on all the pools and halted the daily emissions. Meanwhile, AXIA holders could still buy and sell using the AXIA/ETH pool as we had indirectly locked the liquidity tokens which were minted from the pool so liquidity could not be removed.
The Relaunch (v2) kicked off at 17:43 UTC on September 14, 2020 with a token swap announcement in the project’s Telegram announcement channel (@AxiaProtocolANN). Holders of AXIA v1 tokens began to swap their tokens using the Swap UI.
Shortly after, we deployed the AXIA-V2/ETH pool on Uniswap and trading activity began.
We announced that Staking on the dapp had gone live at 23:42 UTC.
Differences between V1 and V2
V1 consisted of four staking pools in which users staked/farmed to earn AXIA tokens from the daily emissions. This article contains all the details. Meanwhile, on V2, we launched with only two pools — Swap Fund Pool and the Lone/Axia Staking Pool.
Swap Fund Pool: This pool receives 65% of the AXIA tokens emitted daily. These tokens will be shared among stakers of Swap Fund AFTs (UNI-V2 tokens minted from the AXIA-V2/ETH pool on Uniswap after adding liquidity there). We allocated so much of the daily emissions to this pool because we wanted to incentivize and promote liquidity provision behavior among users.
Lone/AXIA Staking Pool: This pool receives 35% of the AXIA tokens emitted daily. Here, users can stake only AXIA tokens and earn from the daily emissions based on individual percentage shares of the pool.
What’s Next?
We intend to bring back the Balancer pools (Oracle and DeFi Fund pools) a little bit later. We will be ready to launch them in a couple of weeks. Community’s demand for the pools will also play an important role on how soon the pools will be launched. We launched with the current setup because we wanted to bootstrap reasonable amount of liquidity into our pool on Uniswap before bringing on the remaining pools. The percentages of AXIA token emissions going to all four pools will be reworked before launch. The staking contracts for the Oracle and Defi Fund tokens are ready though. Check them out on our Github.
Join the conversation in our telegram group. We will also become active in our Discord server soon enough as well.
Thank You
