Axis
AuditedNewNo Bug BountyAxis issues USDx, a synthetic dollar backed by an off-chain market-neutral trading book run across centralized venues, and sUSDx, an ERC-4626 vault whose share price rises as realised arbitrage profits are funded into it.
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Score history
This rating is re-checked every month. A point is recorded for every check, so a flat line means we looked and nothing moved. Hover anywhere on the chart to see what moved that month, and by how much.
The Problem
Institutional-grade market-neutral trading returns have historically been locked inside prop desks and licensed funds, reachable only through accredited-investor structures. Meanwhile most on-chain 'real yield' synthetic dollars depend on a single mechanism — perpetual funding rates — which compresses or inverts exactly when markets turn.
The Solution
Axis packages an eight-year-old institutional arbitrage book into two freely transferable tokens. USDx is the dollar; staking it into sUSDx earns realised trading profits, delivered on-chain as USDx and vested linearly into the vault's share price. Yield comes from measured trading results rather than token emissions.
Why it Matters
The engine is diversified rather than basis-only: cross-venue, cross-currency, funding-rate and OTC/RFQ strategies run together, so no single spread regime determines the return. The operating team has run the same book since 2018 across three capital structures, including through 2022. Reserves are attested by an independent third party, Accountable, with read-only access to the exchange accounts.
Protocol Metrics
Related Research
View allFrequently asked questions about Axis
What is Axis?+
Axis is a Stablecoin protocol operating on Ethereum. Axis issues USDx, a synthetic dollar backed by an off-chain market-neutral trading book run across centralized venues, and sUSDx, an ERC-4626 vault whose share price rises as realised arbitrage profits are funded into it.
How does Axis work?+
Axis packages an eight-year-old institutional arbitrage book into two freely transferable tokens. USDx is the dollar; staking it into sUSDx earns realised trading profits, delivered on-chain as USDx and vested linearly into the vault's share price. Yield comes from measured trading results rather than token emissions.
Is Axis safe?+
DeFi Sentinel rates Axis BB with a safety score of 61/100, indicating elevated risk. The score reflects five risk dimensions: smart contract & technical risk, economic design & market risk, governance & centralization, sustainability & competitive position, and reputation & social trust. Axis has 3 audits on record. DeFi Sentinel's analysis flagged 4 high, 6 medium, 3 low risk alerts across Smart Contract & Technical Risk, Sustainability & Competitive Position, Economic Design & Market Risk and Governance & Centralization. As with all DeFi protocols, residual risk remains and users should review the full risk breakdown before depositing.
What is the safety score of Axis?+
Axis has a DeFi Sentinel safety score of 61/100 (rating BB), last updated September 16, 2026. The score is computed across smart contract & technical risk (30%), economic design & market risk (25%), governance & centralization (20%), sustainability & competitive position (15%), and reputation & social trust (10%).
Which chains does Axis support?+
Axis is deployed on Ethereum.
Has Axis been audited?+
Yes. Axis has 3 audit reports on record from firms including OpenZeppelin, Plainshift, Zellic. Audit reports and dates are linked under the Resources tab on this page.