Axiom

What do they actually do

Axiom is a live, non-custodial web trading app that lets users discover and trade newly launched tokens (memecoins), open leveraged perpetuals, and access on‑chain yield from one interface. Wallets are created or imported in‑app and managed via Turnkey’s embedded, non‑custodial infrastructure; trading and funds stay on‑chain and are routed through partner protocols rather than held by Axiom (homepage; docs; Turnkey case study).

The product bundles discovery tools (Pulse/Discover dashboards, wallet and Twitter trackers), fast execution (flash buy, limit orders, migration sniper, and MEV‑resistant paths), and monitoring (portfolio/PNL and alerts). Spot/memecoin trades run on Solana; perps are routed to Hyperliquid; yield/margin flows run through Marginfi. It also supports rewards/referrals and a fiat on‑ramp via Coinbase for limited purchases (homepage; docs).

Axiom publicly reports strong traction, with YC listing $10M MRR and $5M monthly net profit; treat these as the company’s self‑reported figures rather than independently verified metrics (YC profile).

Who are their target customer(s)

• Retail memecoin speculators focused on new/migrating tokens: They need to spot launches quickly and execute without getting front‑run; current tools have slow execution, poor discovery, and high MEV risk (homepage; docs).
• On‑chain perp traders using leverage: They face fragmented venues, slow routing, and margin flows that add latency or custody risk; they want fast, low‑friction margin trading fully on‑chain (Axiom routes perps via Hyperliquid) (docs).
• On‑chain yield seekers consolidating deposits: They juggle multiple apps/protocols for deposits, withdrawals, and tracking yield; they want simple, unified flows (Axiom integrates Marginfi for margin/yield mechanics) (homepage; docs).
• Traders who copy or react to wallets and social signals: Signals are noisy and fragmented; existing tools are slow to act on wallet or Twitter activity. They want unified feeds and fast routes to mirror trades (Axiom’s trackers and Pulse/Discover aim to address this) (docs; guide).
• Newer crypto users seeking simple non‑custodial onboarding: Seed phrases, recovery, and KYC/on‑ramp friction block adoption. They prefer email/Google login with non‑custodial control and easy fiat on‑ramp (Turnkey wallets; Coinbase on‑ramp) (Turnkey case study; homepage FAQ).

How would they acquire their first 10, 50, and 100 customers

• First 10: Concierge onboard high‑volume memecoin traders and influencers from Twitter/Discord; set up Turnkey non‑custodial wallets, reimburse gas, and grant early access to migration‑sniper and MEV‑resistant flash‑buy features to drive visible wins (docs; Turnkey case study; homepage).
• First 50: Run community events, referrals, and short competitions (e.g., “sniping” leaderboards) with SOL/points rewards; use the Coinbase on‑ramp to convert spectators into first‑time traders (homepage; docs).
• First 100: Leverage partner co‑marketing (Hyperliquid, Marginfi), YC launch PR, and case studies; layer in funded‑trader programs, small liquidity/airdrop incentives, and affiliate payouts to attract more active traders (docs; YC profile; Turnkey case study).

What is the rough total addressable market

Top-down context:

Axiom sits across on‑chain spot DEX activity (especially Solana memecoins) and decentralized perps. Recent data points suggest monthly DEX spot volumes around the hundreds of billions globally (DefiLlama 30‑day DEX volume ~$389B; Solana ~$122B 30‑day), while decentralized perps reached roughly $1.5T total volume in 2024 across the top protocols (DefiLlama DEX volume; DefiLlama Solana DEX; CoinGecko perps report PDF).

Bottom-up calculation:

As an illustrative view: if Axiom initially addresses Solana traders and can intermediate 1% of Solana’s 30‑day DEX volume (~$122B), that’s ~$1.2B/month of routed GMV. At a blended monetization of ~1–3 bps via fees/spreads/partner rebates, that implies roughly $0.12–$0.36M/month ($1.4–$4.3M/year). Expansion into multi‑chain spot and decentralized perps could scale GMV materially beyond this starting point (DefiLlama Solana DEX; CoinGecko perps report PDF).

Assumptions:

• Axiom’s take rate is in the 1–3 bps range across routed spot/perp/yield flows; actual monetization may differ by venue/product.
• Axiom captures ~1% share of Solana’s DEX GMV in the near term; share could be lower or higher depending on execution quality and incentives.
• Solana DEX activity remains within recent ranges; multi‑chain rollout and perps penetration increase the serviceable market over time.

Who are some of their notable competitors

• Mango Markets: Solana‑native venue offering spot, margin/lending, and perpetuals from one account; competes for on‑chain leveraged traders who want everything on Solana (DefiLlama).
• Drift Protocol: A Solana DEX focused on fast perpetuals with on‑chain orderbook mechanics; a direct rival for low‑latency perp execution on Solana (Drift docs).
• Zeta / Bullet (Zeta Markets): Solana derivatives DEX with high‑speed perps and multi‑collateral margin; competes on ultra‑fast perp trading and accelerated listings (site).
• Jupiter: Solana’s leading swap/DEX aggregator with limit orders, a launchpad, and portfolio tools; overlaps on spot swaps, token discovery, and routing across liquidity sources (homepage).
• Binance: The largest centralized exchange with fast listings and deep liquidity, including memecoin perpetuals; many retail speculators and leveraged traders still choose CEX speed and breadth (Binance Futures).