Project Research DossierAxis ：AxisFDN

1. What it actually buildsAxis packages an offchain market-neutral trading book as onchain dollar products. Official identity: liquidity, settlement, and credit infrastructure for fragmented digital-asset markets. Institutions hold credit/settlement relationships so trades need not be fully pre-funded.

Why the split matters: trading P&L lives offchain; sUSDx is not a pass-through of reserve yield. Docs say rewards are discretionary — a capital cost the protocol chooses to pay — and reserves can grow or shrink with little relationship to vault rewards.

Yield source (docs): structural fragmentation — primarily cross-venue / cross-currency arb. Funding-rate positions are described as hedges of spot inventory, not the main yield engine. Realized results become sUSDx yield only after REWARD_MANAGER_ROLE calls fundRewards; funded amounts vest linearly.

Origin story (docs “Origin”): team assembled in 2025, redeemed fund LPs, put the existing desk onchain. Issuer on the USDx contract reference: Coordinate Origin Limited.

Do not confuse product tokens with the still-unpublished network token. USDx/sUSDx/ogUSDx are product receipts. The points layer is Coordinates. Official docs never publish an AXIS governance-token supply, FDV, or vesting table.