Axiom, a trading platform launched in early 2025 by UC San Diego graduates Henry Zhang and Preston Ellis, reported US$100 million in revenue within four months of its early-access debut in late January.

Backed by Y Combinator, Axiom allows users to trade Solana-based tokens, open perpetual futures on Hyperliquid, and earn yield from idle funds. Its revenue figures are verified by Dune Analytics and Token Terminal.

The platform incentivizes users by returning up to 43% of its fees as rewards.

Traders can progress through tiers, with top users enjoying reduced fees and increased rewards. Instead of a native token, Axiom offers “Axiom points” for trades and referrals.

Axiom plans to expand beyond Solana and Hyperliquid, though details are not yet disclosed.

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🔗 Source: The Block

🧠 Food for thought

1️⃣ Fee-sharing models represent a shift in crypto exchange competition

Axiom’s revenue-sharing approach, returning up to 43% of fees to traders through tiered rewards, exemplifies a broader shift in exchange competition strategies.

This approach contrasts sharply with the traditional exchange model where platforms simply collect trading fees and instead creates a stakeholder ecosystem that incentivizes active participation.

Back in 2018, exchanges began facing competitive pressure from platforms like Robinhood offering zero-fee trading, forcing adaptation in business models to maintain market share1.

Axiom’s reward structure (from “Wood” level at 0.95% fees with 0.05% SOL rewards up to “Champion” level with 0.75% fees and 0.25% SOL rewards) demonstrates how modern platforms are using innovative fee structures to drive volume.

By creating this financial alignment with users, Axiom appears to have accelerated adoption without relying on expensive marketing campaigns or token incentives that have characterized many crypto platform launches.

2️⃣ Multi-service integration drives next-generation crypto platforms

Axiom’s rapid growth demonstrates how combining multiple services in one interface has become essential in the competitive crypto exchange landscape.

Their integration of Solana token swapping, Hyperliquid perpetual futures trading, and yield generation from idle funds via MarginFi reflects the evolving user expectations for comprehensive trading platforms.

Recent market analysis shows this multi-service approach is becoming standard, with platforms like GMGN, Bullx Neo, and Axiom.Trade all emphasizing integration of diverse trading capabilities within a single interface2.

This integration trend addresses a key friction point for crypto traders who previously needed multiple accounts across different platforms to access various market segments.

The speed of Axiom’s revenue generation, reaching $100 million in just four months compared to Pump.fun’s eight months, suggests that comprehensive service offerings may accelerate adoption when properly executed.

3️⃣ The evolving cryptocurrency exchange market in 2025

Axiom’s emergence happens against a backdrop of substantial market growth, with the overall cryptocurrency market reaching $2.66 trillion in capitalization by 20253.

The crypto exchange landscape has shifted significantly from its early days, with Asian exchanges that once dominated with over 50% of global crypto trading volume now facing competition from newer, more nimble platforms1.

Y Combinator’s backing of Axiom reflects continuing institutional interest in crypto infrastructure, even as the market has matured and regulatory scrutiny has increased following the collapse of major firms3.

Axiom’s founders minimized their social media presence and avoided heavy influencer marketing, demonstrating a shift toward product-focused growth rather than hype-driven marketing common in previous crypto cycles.

While Bitcoin surged 150% in 2024 with projections of reaching $123,000 by the end of 20253, Axiom’s focus on Solana and Hyperliquid shows how newer platforms are diversifying beyond Bitcoin to capture growing interest in alternative blockchains and trading instruments.

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