As a new month comes into view, let’s rewind and take a quick look at some of the exciting events of the last 30 days:
Our Best Swapping Week Yet
The first week of February brought with it some of the highest trading volume we’ve experienced thus far. Over $100M in value was swapped in a single week, mostly with respects to the MIM, DAI.e and USDC.e tokens. These tokens conveniently make up our AM3D pool, showing how instrumental its been to the ecosystem during these high volume instances.
This peak is speculated to have been caused by turmoil regarding Wonderland, another dapp in the space that had some unfortunate mishappenings. Although not directly related to the MIM token, the events taking place managed to take the token off its peg temporarily, resulting in many panicked users and bots buying and selling the token. Since Axial provides the best swap rates for the token and is aggregated within all major DEX aggregators in the space, we managed to handle a large portion of these swaps.
Since then, the AM3D pool continues to be our top volume pool, aided by the fact that native USDC can also be swapped through AM3D’s metapool.
AXIAL Staking Coming
After discussions, polls, and countless hours of development, the AXIAL staking contract is almost ready for deployment. The relevant smart contracts are currently being audited and tested on the Avalanche testnet to ensure we eliminate any possible bugs or exploits prior to full deployment.
To see what else we have planned in the near future, check out our roadmap!
Increasing Native Asset Support
As Avalanche cements itself as the hub for DeFi more native tokens will find their way to the blockchain, as we’ve seen with native USDT, USDC, etc. This month we’ve seen FTX add support for Avalanche-native USDC on their platform, facilitating these funds moving to and from Avalanche. Binance has also teased out similar integrations to be added soon.
As more bridged and native assets find themselves on Avalanche, Axial’s importance increases especially with low slippage and fees. Our AM3D metapool allows quick and easy swaps between USDC and USDC.e or other tokens and has seen plenty of trading volume due to this.
Some Stats
A newsletter is not complete without looking into some interesting stats collected throughout these last few weeks.
- AXIAL Supply - We are currently sitting at approximately 22.8% of AXIAL’s maximum supply.
- Tokens Swapped - Users have swapped over $575 Million in token value through Axial’s many pools, with over 58,800 transactions to date.
- ParaSwap TXs - ParaSwap’s users have transacted over $131 Million in token value through Axial, over 7,900+ transactions.
- Swap Fees - Over $230,000 has been collected as fees from the many transactions through Axial’s pools.
- Peak Volume - February’s peak weekly volume was of approximately $100M in total volume traded.
- Average Swaps - The average swap volume sits at around $7,000, whereas the AM3D pool has an average swap volume of over $15,700.
- Token Demand - The token with the highest demand is currently MIM, with over $198M being bought through Axial’s swaps.
About Axial
Axial is an Avalanche-native decentralized exchange that is the centerpiece for liquidity of value-pegged assets in the ecosystem. It provides traders swap functionality with ultra low fees and slippage, and is integrated into the best DEX aggregators in the space. Axial specializes in providing liquidity between a variety of stable assets, including bridged, synthetic or derivative assets.
The Axial DAO was the first project to be launched as a spinout of the Snowball DAO, led by one of the most experienced teams on Avalanche with a great record of transparency, community-focus and innovation.
