Axion

EndaHonesty

snowstreams wrote: »

I thought the interest rate was fixed to 8% per year.
So from what your saying its more like 100% per year?

I have 23.5 million AXN.

I staked all of it for 7 days and received 296,000 AXN in interest. That's around 1.5%.
If that rate continues, compounding will mean an effective annual rate of around 120%.
So at end of 1 year I could have around 51 million AXN.

The gas for staking, unstaking and restaking cost around 25usd. Even at 30 usd per week that's only 1,600usd per year. Tiny in relation to the potential upside.

I'm happy to pay that and have access to my AXN each week.

Whelo79

snowstreams wrote: »

I thought the interest rate was fixed to 8% per year.
So from what your saying its more like 100% per year?

It's fixed at 8% if 100% of all AXN is staked. If 50% is staked that's now 16%. It also doesn't take into account distribution of rewards from auction buy backs and unclaimed HEX. They are impossible to calculate and all contribute to the final total figure.

Whelo79

EndaHonesty wrote: »

I have 23.5 million AXN.

I staked all of it for 7 days and received 296,000 AXN in interest. That's around 1.5%.
If that rate continues, compounding will mean an effective annual rate of around 120%.
So at end of 1 year I could have around 51 million AXN.

The gas for staking, unstaking and restaking cost around 25usd. Even at 30 usd per week that's only 1,600usd per year. Tiny in relation to the potential upside.

I'm happy to pay that and have access to my AXN each week.

I have 27.5m staked for 12 days (to cover the first two auctions) and it is currently paying 342,775 AXN interest. So that's about 1.2%

snowstreams

ah ok that makes sense. I just bought a small amount to get a taste.
I just have 300k so Id need to go for a few months worth of staking to cover the gas costs.
but I might be able to make the costs back in less than a month given the current rates.

myshirt

Whelo79 wrote: »

There is no requirement to stake for any period of time. You can hold and swing trade as much as you like. If you are staking, stakes can be for 1 day to 5555 days. Longer always pays better, especially if you have an active minimum 350 day stake when BPD dates hit.

Thanks.

I've bought ETH and swapped it for AXN.
Now that I have the AXN do I go to the stake page and stake it?

Whelo79

myshirt wrote: »

Thanks.

I've bought ETH and swapped it for AXN.
Now that I have the AXN do I go to the stake page and stake it?

Exactly. It's a simple process.

If you want to hit one of the big pay days your stake has to be for at least 350 days. Even though the big pay day might be 340 days away your stake still needs to be for 350.

myshirt

Whelo79 wrote: »

Exactly. It's a simple process.

If you want to hit one of the big pay days your stake has to be for at least 350 days. Even though the big pay day might be 340 days away your stake still needs to be for 350.

Ok. I like the concept here having read the white paper so I'm giving it a go.

Interesting that there are penalties for late unstaking. Must get my head around how that works and how to avoid the penalties, particularly if you have a number of stakes with different stake periods on the go all at once.

Whelo79

myshirt wrote: »

Ok. I like the concept here having read the white paper so I'm giving it a go.

Interesting that there are penalties for late unstaking. Must get my head around how that works and how to avoid the penalties, particularly if you have a number of stakes with different stake periods on the go all at once.

All your stakes and their end dates will be listed on the staking page once you log in with your metamask.

myshirt

Whelo79 wrote: »

All your stakes and their end dates will be listed on the staking page once you log in with your metamask.

I see now. There's a grace period.

In terms of whether to buy on the exchange or the auction, how are you making that decision yourself Whelo? At a glance it looks like the auction is bad value today for example; nearly half the AXN for ETH then you'd get on Uniswap if I'm reading right. And then we had a poster here try enter into the big Friday auction but it wasn't processed until late so he missed it. Bar the 10%/20% extra allocation by using a referral link, how does it make any sense to fund the auction with more ETH if they are the numbers and they are visible to you? (Yet people are doing it)

Surely I'm missing a trick here.

Whelo79

myshirt wrote: »

I see now. There's a grace period.

In terms of whether to buy on the exchange or the auction, how are you making that decision yourself Whelo? At a glance it looks like the auction is bad value today for example; nearly half the AXN for ETH then you'd get on Uniswap if I'm reading right. And then we had a poster here try enter into the big Friday auction but it wasn't processed until late so he missed it. Bar the 10%/20% extra allocation by using a referral link, how does it make any sense to fund the auction with more ETH if they are the numbers and they are visible to you? (Yet people are doing it)

Surely I'm missing a trick here.

Some people just enter the auction not knowing what they are doing, that's why the dailies are oversubscribed.

If I was buying in I would enter via the weekly auction. It is extremely unlikely that will be oversubscribed due to the sheer volume of AXN available. And don't wait until the last few minutes to enter. I don't think the poster above had the issue they thought they had, they just hadn't located their auction payout sitting in the staked table.

myshirt

Whelo79 wrote: »

Some people just enter the auction not knowing what they are doing, that's why the dailies are oversubscribed.

If I was buying in I would enter via the weekly auction. It is extremely unlikely that will be oversubscribed due to the sheer volume of AXN available. And don't wait until the last few minutes to enter. I don't think the poster above had the issue they thought they had, they just hadn't located their auction payout sitting in the staked table.

How do I make sure I am entering the auction of my choice? How do I prevent the ETH being allocated into the wrong auction pool?

Sorry for all the questions also, but hopefully over the course of this thread we can build up something that will help others. Thanks again Whelo.

Whelo79

myshirt wrote: »

How do I make sure I am entering the auction of my choice? How do I prevent the ETH being allocated into the wrong auction pool?

Sorry for all the questions also, but hopefully over the course of this thread we can build up something that will help others. Thanks again Whelo.

It's very difficult to get wrong. Each auction is clearly marked with the date, and there is never more than one auction open at a time. The only way to miss the intended auction is if you get in late and use low gas fees which results in your transaction taking ages to get through.

myshirt

Whelo79 wrote: »

It's very difficult to get wrong. Each auction is clearly marked with the date, and there is never more than one auction open at a time. The only way to miss the intended auction is if you get in late and use low gas fees which results in your transaction taking ages to get through.

I can't see a date on this screen. Is it a case of matching off the two section I've highlighted in order to see which auction is active?

Whelo79

Axion picking up some steam on th media front. Good article here on Tech Times and gets a me thing on Ivan on Techs latest video. I reckon Ivan will do a deep dive into it at some stage soon.

https://www.techtimes.com/articles/254276/20201124/axion-successfully-relaunches-after-an-unforeseen-hacking-attempt.htm

https://youtu.be/8T5CKSQuJBg

Whelo79

myshirt wrote: »

I can't see a date on this screen. Is it a case of matching off the two section I've highlighted in order to see which auction is active?

I presume that is the mobile layout? I haven't used that yet. The only auction ever live is the one with today's date. The dates are on the list of auctions at the bottom that you highlighted. But yeah, you can compare the figures too to make sure you have the right one too I guess.

myshirt

Whelo79 wrote: »

I presume that is the mobile layout? I haven't used that yet. The only auction ever live is the one with today's date. The dates are on the list of auctions at the bottom that you highlighted. But yeah, you can compare the figures too to make sure you have the right one too I guess.

Are they running the time on GMT so?

dougal0691

myshirt wrote: »

Are they running the time on GMT so?

I don't see a time specified for the auctions? all I see is a timer with how long left until the auction ends. anyway, auction always end 07.00 irish time

myshirt

dougal0691 wrote: »

I don't see a time specified for the auctions? all I see is a timer with how long left until the auction ends. anyway, auction always end 07.00 irish time

Thanks, on the app they now have it highlighted.

Whelo79

The second big Axion auction kicks off tomorrow. The price has levelled out this week and hasn't seen the same big spike that it had in the lead up to last week's auction. So it shouldn't see the same sell off and opportunity for traders to cash in.

There was also a 3bn AXN airdrop right before last week's auction (replacement Axion for those who bought just before and after the hack incident on the first launch) Many of these people dumped their Axion which increased the sell pressure.


It will be interesting to see what happens either way. I've my fingers crossed for a nice moderate incline in price hopefully.

EndaHonesty

In before myshirt asks how much money he should spend...

myshirt

EndaHonesty wrote: »

In before myshirt asks how much money he should spend...

Haha, that's gas

I'll hold on the questions, I think I've got it now much better than have when I first started.

Whelo79

$308 in passive income through staking over the first 2 weeks. Not bad.

joe250

Whelo79 wrote: »

$308 in passive income through staking over the first 2 weeks. Not bad.

May I ask how much axn I need to get that return?

Whelo79

joe250 wrote: »

May I ask how much axn I need to get that return?

It depends really on how much you stake and for how long. I have a number of stakes, from a large amount (27.5m AXN) for a short space of time (12 days) to smaller amounts for longer lengths of time.


The 27.5m stake expires tomorrow, and so far has earned $134. Staked began on 17th November.

Whelo79

If anyone is thinking of buying from the auction today don't forget to use a referral link for that extra 10% on top of your purchase. The current auction price (inc referral) gets you aprx 1.95m AXN per ETH vs 1.45m AXN per ETH on Uniswap.

Mine referral is posted on the referral chat, and below for convenience.

https://stake.axion.network/auction?ref=0x9dc74454b58afbd6036f58d74cc39c711b2eeaab

joe250

I have only 21 million to go to catch up with you. ��

Grumpypants

Whelo79 wrote: »

If anyone is thinking of buying from the auction today don't forget to use a referral link for that extra 10% on top of your purchase. The current auction price (inc referral) gets you aprx 1.95m AXN per ETH vs 1.45m AXN per ETH on Uniswap.

Mine referral is posted on the referral chat, and below for convenience.

https://stake.axion.network/auction?ref=0x9dc74454b58afbd6036f58d74cc39c711b2eeaab

I used it, I think it worked I seem to be getting a bit extra. 1.8m for 0.9 ETH.

myshirt

I keep getting the "wasn't mined in 50 blocks" and then "instrinsic gas too low" when try it manually.

I checked the eth gas station site for how many gwei to pay, but nope, not working. My transactions are there still pending now and may even be processed. Probably late knowing my luck. Tried canceling.

Anyway, all part of the fun and games!

Whelo79

myshirt wrote: »

I keep getting the "wasn't mined in 50 blocks" and then "instrinsic gas too low" when try it manually.

I checked the eth gas station site for how many gwei to pay, but nope, not working. My transactions are there still pending now and may even be processed. Probably late knowing my luck. Tried canceling.

Anyway, all part of the fun and games!

I haven't seen that error before. You must have went too low on the gas. Gas prices through metamask are crazy lately, usually higher than what ETH has station says.

I think you can cancel the transaction by sending a zero ETH transaction to yourself with the same nonce or you could go into metamask, find the transaction and add extra gas to speed it up.

Whelo79

I see two people with similar issue on Discord channel. See image. One rectified itself, went through after time. Both seem to be related to gas being too low.