[PRESS RELEASE – SINGAPORE, SINGAPORE, 16th June 2021]
SINGAPORE, June 16, 2021 — AAX, an institutional-grade cryptocurrency exchange powered by the LSEG Millenium matching engine, is throwing its weight behind the Solana platform and its ecosystem projects to promote adoption of the rapidly growing blockchain ecosystem.
A total of $10 million has been reserved to support various incentive programs for staking SOL and other ecosystem tokens. The campaign comes as AAX has listed some of the most successful and innovative projects on Solana, including Serum (SRM), Audius (AUDIO), Raydium (RAY), and Step. Finance (STEP), as well as the SOL token itself. The most liquid tokens will also be listed on AAX Futures.
After the listing, AAX is set to offer a number of lucrative high-interest savings packages, amply rewarding Solana project stakers on AAX. In addition, during custom bi-weekly campaigns, AAX will allow its users to purchase Solana, and other ecosystem tokens, at a 50% discount. On top of that, SOL (Solana) is one of the tokens that enjoys 0 trading fees on AAX.
AAX is in full support of the Solana ecosystem development and would like to introduce the tokens built on top of the Solana which has solid use cases to its users group by conducting a series of airdrop events as well. A total of 10 million dollars fund is reserved for events as such.
Solana is one of the most promising Ethereum competitors on the market today, boasting an unparalleled node execution speed and, most importantly, networking throughput. The key principle behind Solana is to offer a blockchain network that is at least as quick as a single node, compared to many other parallelization and sharding schemes that aim to address the delay from networking and consensus by creating mostly separate networks.
Solana’s architecture is particularly suited for DeFi and advanced trading, hosting one of few functional L1 order book exchanges in Serum, enabled by sub 500ms block time and a theoretical 60,000 TPS capability. The ecosystem has seen tremendous growth recently as more and more developers choose to build their unique projects on Solana. The blockchain is regularly processing up to 1000 TPS of real usage.
“Smart contract platforms are among the major points of contention in the industry now,” explained Head of Research and Strategy at AAX, Ben Caselin. “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,” added Caselin.
The Solana initiative comes as the AAX exchange recorded explosive growth in 2021, with the number of monthly active users increasing more than 20-fold since January 2021. The additional revenue is allowing AAX to support promising ecosystems while further promoting usage of the exchange’s products.
About AAX
AAX is a deep-liquidity and deeply trusted cryptocurrency exchange that is favored by more than half a million users. Powered by London Stock Exchange’s LSEG Technology, AAX offers crypto futures contracts, 50+ spot pairs, P2P fiat trading, savings products, and top-grade API connectivity. AAX enables users to buy bitcoin easily via its OTC or Fast Buy platforms and supports over 20 fiat currencies.
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