New lower price for Axon II ($78) and Axon Mote ($58).
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You can still use a 3 volt source though as long as you use a resistor to turn some of them volts into heat, but it's not necessarily the most efficient way to do things.
My understanding is that you use a resistor to control the amount of Current flowing through the LED. Are you saying that you can cause a drop in Voltage with a resistor too?