OpenSwap Bridge Founder #4 Axial ($AXIAL)
We are happy to have Axial as our 4th partner to join the OpenSwap Bridge Founders Program!
More info about our Bridge Founder Program can be found here.
Axial is a DeFi protocol built on Avalanche. It focuses on value-pegged assets such as USDT.e, USDC.e, and MIM, etc. It offers significantly lower swap fees for these mentioned assets and has much lower slippages on high-volume trades. At the same time, like our Single Asset Vaults, it incurs little to no impermanent loss when users provide liquidity. Currently, Axial has a respectable $10.86m TVL.
How it Benefits Axial and OpenSwap
During the testnet phase, we would be including $AXIAL tokens for users to swap, exposing their project to our testnet users. Meanwhile, Axial ’s users can also try out this brand new cross-chain swapping solution that OpenSwap offers. This would enable users to easily purchase $AXIAL with USDT on Avalanche and BNB Chain.
One of the unique features the OpenSwap Bridge offers is that we allow users from different chains to purchase a token. For example, $AXIAL is a token that exists on AVAX. Traditionally, if users from a different chain like BSC, Polygon, and Fanton want to purchase $AXIAL, they would need to convert and bridge their tokens to AVAX or other supported chains for gas and swap for AXIAL tokens.
With the OpenSwap Bridge, users can simply use the stablecoin (in this case USDT) they have available and our Hybrid Smart Routers, along with the Bridge Trolls will be able to deliver $AXIAL tokens directly to the users. Any-to-any swap is also one of the features that will be implemented soon, making it even more convenient for users.
What this means for the Axial Community upon OpenSwap Bridge Mainnet Release
First, the aforementioned enablement of cross-chain swap will of course be available on the mainnet. With OpenSwap’s cross-chain bridge and hybrid smart router integration, $AXIAL will be exposed to liquidity from all other chains we support.
Users can cross-chain swap for $AXIAL tokens directly and be able to access Axial token’s liquidity. This would mean ultimately building towards a higher volume, benefiting both token holders and liquidity providers.
In the future, when our OpenSwap Bridge supports Fantom and/or Polygon, our project vaults can also serve as middlemen for $AXIAL holders, helping them to bridge their $AXIAL tokens back and forth between different chains.
Quick Guide for our friends at Axial
- Adding the network to Metamask
Simply click the network button on the top bar and select a network, a prompt will pop up on Metamask. Click approve and the network will be added to your Metamask automatically. Change the network to Avalanche Fuji C-Chain testnet so that no real funds are used.
Currently, our bridge supports Kovan (ETH testnet), BSC Testnet and Avalanche FUJI C-Chain (AVAX testnet). Other wallets might not be supported as of this moment so Metamask is recommended for trial.
2. Getting testnet tokens
Simply go to these sites and get testnet tokens. We recommend getting some testnet BNB to get started. You will also need these tokens for gas fees later on.
3. Select “BSC” as the Source chain and “AVAX” as the Destination Chain
4. Select AXIAL token from the destination chain token list
5. Approve and confirm the transaction
6. Review the record
Axial is an Avalanche-native decentralized exchange that is the center-piece 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.
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and a single asset cross-chain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain. The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDL.