Add AXO to Lenfi as collateral and borrowable asset.
AXO is an order book based DEX on Cardano.
Who is posting the proposal? A community member
What’s the asset’s utility?
- Governance of AXO treasury
- Protocol fees are used to buy back AXO which go into the treasury
- Access to tools and data
Current Supply: 1.91M
Max supply: 42M
Tokenomics: Reference Section 19 of whitepaper
Linktree axotrade | Instagram | Linktree
Whitelisting the AXO token will enable AXO holders to both lend and borrow against the assets value. Expanding Lenfi’s asset offering will encourage more use of the Lenfi protocol & will bring two great communities in the Cardano ecosystem even closer together. The number of AXO token holders is steadily increasing, 5200+ at the time of writing, it makes sense to enable them to benefit from all of Lenfi’s features and capabilities.
Axo Project Overview
AXO trade is an innovative trading platform built on the Cardano blockchain that leverages its beautiful architecture to the fullest. The potential of AXO was evident in its highly regarded whitepaper. Since its mainnet release 06.02.24: AXO trade is fast proving to be Cardano’s most efficient and advanced trading platform. The introduction of programmable swaps with unlimited order types and dynamic trading strategies makes Cardano DeFi an immensely more attractive proposition overnight. Coupled with an orderbook in its purest form, since launching on February 6th, AXO has already generated over 4.5m ADA in trading volume through the ADA/AXO pair. This considerably dwarfs the volume of the AMM pools. AXO’s orderbook will soon populate with more CNT pairs, integrate with Dexhunter to funnel volume as a result of more efficient trades and integrate with Taptools to show both orderbook and AMM reporting.
There’s a great synergy between lending protocols and trading platforms. Lenfi to provide the loans and AXO to make those assets grow through the use of powerful trading tools and efficient low-cost execution. Bringing the AXO token to Lenfi will definitely support the further adoption of both projects showcasing the power of Cardano DeFi and what both protocols have achieved with their innovative designs.
How will AXO benefit the protocol?
- Users will be able to lend & borrow AXO on Lenfi V2
- Use AXO as collateral to borrow other Cardano native tokens
- Borrow AXO and become market makers on the AXO trade platform earning protocol fees
- Borrow AXO or use it to collateralize loans for other CNTs that can be leveraged throughout Cardano DeFi, including utilizing the advanced trading features and strategies available on AXO trade itself
- Expose more Lenfi and AXO holders/users to both platforms, encouraging more cross-platform participation
Increasing Lenfi’s lending and borrowing asset offering with tokens from quality projects like AXO ultimately encourages more use of Cardano’s most innovative lending platform.
Very nice writeup. Can see great things coming with $AXO being added. LFG
Absolutely no to collateral. Dex liquidity far too thin.
Should be okay to use as a borrowable asset tho.
Great write up! Fully support this proposal
When does the trust kick in?
this is a straight no for now
AXO is the 800lb Gorilla in the room and next evolution of trading.
Axo will grow to be a massive project in terms of the Cardano ecosystem and the overall crypto space
I look forward to shorting $AXO