Savings accounts these days have recorded essential lows in the developed world, and the average one for the US banks was about 0.06 APY (annual percentage yield.)
Another critical issue that is worth mentioning is that banks are seeing an influx of consumer cash that’s put into savings amidst the coronavirus pandemic that managed to change our lives, probably for good for more than two years now.
This element, together with the rising inflation, is only hinting at the fact that there is a lot of private customers banking with fiat who will be seeing the value of their funds going down over time due to two factors: small interest rates and continually devalued currencies.
Amidst this gloomy financial scenery, AXIA, which is the organization that is building a digital ecosystem around the world’s first hyper deflationary digital coin AXIA Coin (AXC) reveals the fact that they are launching a staking program.
AXC is delegated out of circulation for set periods, and this means that uses will be able to earn rewards on their stake. These will be compound and paid out on a daily basis, and the maximum annual reward users will be able to get on their stake is now 192%.
AXIA Staking Program
The AXIA Staking Program is different from a lot of other staking opportunities and pools that you can see out there that have just emerged in the blockchain space.
This was designed to protect against market volatility while at the same time is also providing a unique and extremely favorable rewards structure in comparison to the other choices that you can find out there.
With this important move, AXIA is offering a hedge against inflation. Users will be able to reduce the circulating supply of the coin by staking it, and this way, they will contribute to the ongoing growth of the whole ecosystem.
With every stake, the AXIA system will be burning an equivalent number of coins, and this way, it will manage to boost the scarcity while at the same time also boosting the value of AXC.
AXIA Coin features rarity and high utility, and the additional value of the coin will also stem from the supporting assets that are held in the AXIA Treasury.
According to the official press release, this Treasury can expand over time and the total supply of the coin decreases.
In other words, the token will become more and more scarce over time, and it will reward early adopters and the whole community that is taking part in the project.
“We are excited to be launching this innovative staking program to AXIA participants that offers unparalleled rewards within the industry.”
This is what Nick Agar, Founder of AXIA had to say about the project.
He continued and said the following:
“The program is specifically designed to not only protect against inflation, but enhance participants’ potential returns regardless of any potential market fluctuations.”
Stay tuned for more exciting news from the crypto space.