Axo will soon be coming to the Cardano mainnet. The system has been in a private testnet since last year and is nearing completion.
As such, it is becoming increasingly important to let the community know how to claim their AXO tokens. This article will cover how to claim your allocation from the initial distribution.
Identity verification
Eligible participants can claim their AXO tokens via the Axo Vault platform, an app that allows you to connect your wallet, view and claim the airdrop you qualify to receive, and in the near future, withdraw your tokens.
Participants must complete an identity verification process to be able to claim the allocation. As explained in earlier posts, Know-Your-Customer (KYC) identity verification is a widely accepted practice in the financial sector. This essential regulation safeguards platforms and their users against identity theft, fraudulent activities, and other forms of illicit conduct.
It is also worth restating that verifying your identity to use the Axo platform when it’s live will not be mandatory. However, due to regulatory considerations, verification will be necessary to claim your token allocations.
You can start the verification process in the airdrop tab in the Axo Vault on a desktop by clicking the “Connect wallet” button, selecting your wallet of choice, and signing a pop up message to confirm your ownership of the wallet.
After you’ve connected your wallet, you will see a “Verify now” button.
Once clicked, a small window will open, where you will select "New verification" to begin the verification process. This procedure is handled by Sum and Substance Ltd (UK) (Sumsub), a world-leading ISO27001, DSS, CCPA, UKAS & GDPR-compliant KYC provider.
Axo chose Sumsub as its KYC provider as it offers the highest level of data security in the market, as well as advanced machine learning algorithms to improve the accuracy and speed of verification processes.
When you access the verification portal, you will be prompted to submit your photo ID, proof of address (e.g., a phone or utility bill no older than six months), and confirmation of your contact information.
Finally, you will need to do a “proof of life,” where users prove their identity in front of a webcam. Please ensure you are in a well-lit area to make the verification process easier.
The authentication only takes a few minutes, but the processing can take up to 48 hours. You will be notified by email when your identity & associated wallet has been verified.
To see a step-by-step walkthrough of the verification process, click here.
Once you have completed identity verification, any wallets that you connect and confirm will be automatically associated with your account. It is possible for users to link as many wallets as they wish to their Axo account, but only 4 airdrop claims are available per user by default. Users may claim from additional eligible wallets. However, each wallet will be subject to independent anti-money-laundering examinations. Due to the increased administrative workload, users who exceed the standard claim limit will incur a processing fee of 150 ADA per extra wallet.
Please open a support ticket on the Axo Discord if you wish to claim from more than four wallets.
Claiming tokens
Verification allows you to start claiming your Axo airdrop tokens. It’s worth noting though, that verification, claiming, and withdrawing your tokens are separate procedures. Once your identity has been verified, you can begin the claiming process from the airdrop page, which will place your tokens into a vesting contract (please see the original airdrop article for more information on the token vesting process).
You can claim your allocation with the “Claim now” button, which will prompt you to send 35 ADA. 32 ADA is required to create the script where your AXO tokens will be deposited. It’s worth mentioning that in edge-case scenarios, Cardano can roll back any transaction up to 36 hours after it happens. This delayed confirmation is unlikely to occur but must be considered.
As the Axo Vault processes thousands of transactions, statistical improbabilities become a near-certainty. Hence, the Vault will only confirm that the transaction has been completed after this period.
After 36 hours, Axo can have full confidence that Cardano has successfully processed the transaction and it will not change. Due to the aforementioned confirmation time, users are advised to return to the Vault after 36 hours. If you would like to have more information on transaction processing, please visit the FAQ in the Axo Vault.
Following a Vault status change from processing to claimed, your AXO tokens will become withdrawable after Axo is live and the tokens are vested.
Once the tokens are fully vested, there will be a six-month grace period to ensure everyone has a chance to withdraw their AXO. When this has lapsed (eighteen months after protocol launch), you will receive 32 ADA back, the remaining 3 ADA will be used for network fees.
Please note that it is necessary to claim your tokens at least two weeks prior to the launch of the Axo platform; while this date is not yet finalized, it will be communicated well in advance. All vesting scripts will be simultaneously locked before launch for security purposes. Any initial distribution allocation left unclaimed at launch will be forfeited and returned to the protocol treasury. Upon launch, you will have the opportunity to withdraw your allocation on the aforementioned vesting schedule.
After the claimed tokens have been fully vested, twelve months after launch, you will have an additional six months to withdraw before the allocations may be returned to the treasury.
Regarding a public sale
Axo has been in talks with legal counsel as the digital asset regulatory frameworks worldwide worsen. During this time it has become clear that, for now, there are many obstacles in the way of offering a token sale to the general public.
Attempting to circumvent these restrictions could jeopardize the long-term viability of the project. Unfortunately, this means that Axo's hopes to offer a public sale have been scuttled.
The main means by which users will be able to acquire tokens in the early post-launch stages will be through the following means:
The initial distribution airdrop allocation;
The Initial Farm Offering (details to be announced); and
Purchasing tokens in the secondary market.
Coming soon
Axo is nearing the end of its initial development phase. It hasn’t always been easy, and there have been ups and downs. However, the ultimate goal of a free, decentralized, efficient, and fair financial system kept the team going.
Over the coming months, as the macroeconomic environment worsens, it will become increasingly important for a platform to develop that can serve as an alternative to legacy financial systems.
Axo is preparing to launch its mainnet and working on taking finance to the next level. Presently, it is focused on improving the user experience, developing new features, and reaching a wider audience.
As the Axo ecosystem continues to grow and evolve, Axo is excited to welcome new users and developers who share its vision of a more equitable and accessible financial world. Together, the Axo community will shape the future of finance powered by the innovative and resilient Cardano blockchain.
Stay tuned for more updates and announcements as Axo approaches the much-anticipated mainnet launch of the platform. Your support and engagement are vital to its success, and Axo looks forward to delivering a revolutionary financial experience that empowers individuals and communities around the globe.