AAX Crypto Exchange Makes $10M Reservation to Back Solana Community

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AAX Crypto Exchange Makes $10M Reservation to Back Solana Community
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AAX, a crypto exchange powered by London Stock Exchange Group (LSEG) Technology, is supporting Solana and its ecosystem to increase the adoption of the fast-growing blockchain ecosystem. In reservation is $10 million to facilitate different incentive programs for staking of various tokens including SOL.

The campaign came about after AAX listed a couple of projects on Solana that they consider to be the most innovative and successful. Among them are Serum (SRM), Raydium (RAY), Audius (AUDIO), Step. Finance (STEP) and also the SOL token. AAX Futures also plans to list the most liquid tokens.

After this listing, AAX will offer several lucrative and high-interest saving packages as rewards for all staking on the Solana project on AAX. Additionally, the AAX custom bi-weekly campaigns will give an opportunity for anyone to purchase SOL and other tokens at half their price.

Another aspect of this drive is the zero trading fees for Solana and other tokens on AAX. Moreover, AAX aims at introducing tokens built on the Solana blockchain, which has Solid Use Cases to its users’ community by performing several airdrop events.

Solana came in as a powerful rival to the Ethereum network, boasting of high scalability and throughput, and relatively affordable transaction fees. Solana thrives on providing high speeds such as those of a single node, rather than creating different networks as done by other sharding and parallelization schemes.

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The network’s architecture is specifically suited for DeFi and high-tier trading as it hosts one of Serum’s few operational L1 order book exchanges. It is also facilitated by a block time of 500ms and a theoretical ability for 60,000 TPS. These aspects have contributed to Solana’s immense growth as developers choose to create their projects atop the network. The network regularly processes up to 1000 TPS of real usage.

“Smart contract platforms are among the major points of contentions in the industry right now,” AAX’s Head of Research and Strategy, Ben Caselin explained. “Up until now, Ethereum and Binance Smart Chain have seen most action, but with Polkadot, Cardano and now Solana making their way to the top rank, we expect these dynamics to change, and as an exchange we need to be on top of those changes and make it easy for our users to be able to seize such opportunities,” he added.

AXX recorded massive growth in 2021 which is part of why it can conduct the Solana initiative. Since the beginning of the year, its monthly active users have increased tremendously by over 20-fold. This added onto revenue accrued, enabling the exchange to support ecosystems with potential in addition to promoting its products.

Boasting high liquidity and deep trust, the AAX crypto exchange hosts over half a million users. It is powered by LSEG Technology – a Millennium Exchange matching engine. Among its products are crypto futures contracts, over 50 spot pairs, savings products, P2P fiat trading, and top-level API connectivity. It supports over 20 fiat currencies and enables users to purchase bitcoin through its user-friendly OTC or Fast Buy platforms.