Here is a comprehensive list of questions we have received and that we anticipate holders of the AXL token may ask. This AXL token FAQ covers tokenholders who acquired the AXL token via various paths, including the community sale conducted via CoinList in March.
AXL Token FAQs
When will the AXL token be released？
The token release will take place on Sept. 27, 2022. Either option (wrapped wAXL [ERC-20 compatible] or native AXL) may be received on the token-release date.
What’s the difference between wAXL and AXL?
AXL is the native utility token that powers the Axelar network. It’s chain-agnostic, so its ERC-20 representations will live on all connected chains, including Ethereum.
wAXL ticker is recommended to be used for the ERC-20 representation.
1 AXL = wAXL and can be swapped by anyone via Axelar’s permissionless layer through bridge front-ends such as satellite.money. Most exchanges are following the recommended naming convention, though there are a few exceptions, noted in this post.
What will be the circulating supply on Day 1?
On Day 1 there will be five months’ worth of CoinList tokens unlocked + some additional tokens for initial liquidity. The circulating supply will be approximately 3%, so around 30M tokens. For a full breakdown of token economics, please visit this Medium post.
How do I stake and how do I deposit my tokens on other exchanges?
We’ve published our full AXL tokenholders guide. It comprehensively covers everything an AXL tokenholder can do with the token: setting up wallets, converting between chains, LPing on AMMs and more. You can check it out here.
If I participated in the CoinList token sale, where would I be receiving my AXL token? Can I sell them directly from CoinList?
Tokens will be distributed to your CoinList wallet. CoinList users have the option of receiving AXL or wAXL (see “what’s the difference between AXL and wAXL”). However, CoinList will only support trading of the wAXL token at this time. CoinList sent a form to users inviting them to select the wAXL option. The default selection was native AXL.
What percent of my tokens will be unlocked on the launch date?
On Day 1 there will be 5 months worth of CoinList tokens unlocked + some additional tokens for initial liquidity. The circulating supply will be approximately 3%, so around 30M tokens. For a full breakdown of token economics, please visit this Medium post.
What happens if I did/do not submit the CoinList form?
If you did not opt-in to receive the wrapped version of AXL by September 21, you will receive the native token in your CoinList wallet on September 27.
If the user selects AXL or wAXL now, does that mean that the future vesting will come in the same format? Can they switch from on to another down the line?
Whichever format you choose initially will be the format you will receive in next batches, you cannot switch between the two once you’ve submitted the form/opted out of submitting the for the the native AXL token.
Can CoinList users convert native AXL into wAXL for trading?
Will converting be possible on CL or just on Satellite?
You will be able to convert between wAXL and AXL on CoinList as well as on Satellite.
Will CoinList users have to pay a fee for manual conversion on CoinList between wAXL and AXL?
No, CoinList users will not have to pay fees to convert from wAXL to AXL and back.
Can you stake in wAXL?
You can only stake in the native AXL token.
Will CoinList staking come with a lock period, or is it flexible?
The lock period on the Axelar network is seven days and is available through noncustodial wallets. During this period the tokens are locked and can't be withdrawn. CoinList imposes staking periods of 30 days, during which time tokens cannot be staked or unstaked. The first staking period begins Sept. 28 and ends Oct. 28.
Will I have the option to stake my tokens with different validators?
Users of noncustodial wallets will have the option to stake with various validators. A list of active Axelar validators can be found here. CoinList users will not have the option to choose a validator to stake their locked tokens. CoinList will stake to five different providers: Validation Capital, RBF, Figment, Everstake and Forest Staking.
AXL tokens from the CoinList community sale will be released linearly over time. Can community sale participants stake the entire amount of their allocation, or just the amount that has been released at any given time?
Unreleased AXL is automatically staked by CoinList and rewards go to the tokenholder at the same rate as the reward for released AXL. To stake AXL that is already released, CoinList users must opt in.
Who is eligible to earn AXL staking rewards on CoinList?
AXL staking is available in jurisdictions where AXL is available for trading. Please visit this page to see our list of approved jurisdictions.
In what currency will I receive AXL staking rewards?
AXL rewards are paid out in the native version of the AXL token. When staking AXL tokens, you will continue to accrue AXL.
When will I receive my AXL staking rewards?
Staked AXL + rewards will remain locked in your wallet until you unstake them. After the lock period of seven days expires, you may withdraw both staked AXL + rewards. CoinList users may request to withdraw staked tokens, and their requests will be processed at the end of the current (30 day) staking period.
Will my rewards be automatically restaked? Are AXL rewards compounding?
The steps required to restake AXL tokens vary from wallet to wallet. For CoinList users, AXL staking rewards are automatically restaked and will earn additional rewards until you choose to unstake and/or withdraw them.
*How do I earn AXL staking rewards on CoinList?
To stake AXL on CoinList, deposit AXL into your CoinList Wallet and elect to stake them. Deposits can be made any time and begin to earn rewards approximately 24 hours (not guaranteed) after the beginning of the next rewards period. Withdrawal requests are processed at the end of the rewards period and the funds will be available in your CoinList Wallet after they are unbonded from the protocol. Your funds will remain locked in the staking account until your withdrawal request is completed. Staking is only supported for the native AXL token. Therefore, if you elect to stake your Wrapped AXL (WAXL) tokens, they will be automatically converted to the native token. Upon withdrawal, your rewards and staked principal will be returned to you in the native token (AXL). To convert your native AXL to WAXL, visit this website, then select AXL → WAXL.*
How much are AXL staking rewards?
The Axelar network currently offers annual rewards at a rate equal to 8% plus the number of chains supported by a validator. For CoinList staking users, that is equivalent to approximately 11%. Please note that this return is not guaranteed and is subject to change. The estimated reward takes into account CoinList's staking fee of 15%.