Our VCAs (Venture Capital Auctions) launched on March 12th, 2021.
On Mondays, Wednesdays, Fridays and Saturdays we hold a VCA. In each auction, there are currently 500,000,000 (500m) AXN available for sale. People bid Ethereum (ETH) into the auction to win a share of AXN at a discounted rate compared to buying on the market (Uniswap).
These auctions also allow our network participants to earn wrapped Bitcoin (wBTC) simply by staking Axion (AXN).
VCAs take place on Mondays, Wednesdays, Fridays and Saturdays.
They currently hold around 500,000,000 (1 billion) AXN in them.
You must stake your winnings for a minimum of 60 days (single stake per auction).
Bidders will receive 10% of their bid back as wBTC (Instant Cashback)
NEW - Both auction types, grant an additional 6-20% Bonus AXN to your principal when staking over 350 days.
85% of the Ethereum that goes into a VCA is distributed to stakers in wBTC divs.
10% used for the instant cashback.
5% goes to the Axion Foundation.
Auction is capped at 90% capacity to prevent it from overselling.
Where does the wBTC come from?
Every time a bid is made, 100% of that ETH is instantly traded for wBTC on Uniswap.
85% distributed active stakers, 10% is sent to the bidders' wallet as a bonus, and 5% goes to the Axion team in order to cover the cost of operating the auctions. The bidder also receives their share of AXN at the end of the auction.
Based on a price of .00050 (the price at the time of writing) and 500m AXN being available in each VCA, it would mean if the auction completely sells out it will have a total value of around $250,000. There are four auctions per week, bringing the potential weekly VCA value to around $1,000,000.
How to participate in the VCAs?
You can enter a VCA simply by visiting the Auction Platform and bidding ETH into the auction. Please note that once the 24-hour auction is complete, you will be required to Stake your winnings for a minimum of 60 days. So make sure you have left some ETH in your wallet to cover these fees.
There is no deadline to make your stake, you can leave your winnings unstaked indefinitely, but they won't earn interest or dividends until staked. Take a look at our step by step guide to bidding in the auctions here.
How can you earn wBTC?
Simply stake some AXN! The longer you stake, the more rewards you earn each day. Take a look at https://calc.axion.network to get some estimates on what you could earn. Be sure to tick the 'simulate future price' at the bottom, to see how you get more divs as the price goes up.
Any stakes created after February 23rd, 2021 will automatically qualify for VCA dividends including wBTC. If your stake started before that date you will need to go to the staking portal and click the VCA Register button. Once that is approved, sit back, relax and enjoy the liquid wBTC stream into the staking portal each Tuesday and Friday.