A look back at Era 1

Token Swap

On April 17th we switched from YAX to the ERC-677 YAXIS token. This was a major upgrade and competitive advantage. ERC-677 is an evolved token standard that amongst other things, allows us to perform a ‘transferAndCall’ function. This means we don’t need a prior transaction to approve staking.

New Emissions

We had an ambitious emission schedule to match our roadmap. From April 18th we started at a 1m token supply, and at the end of Era 1 we have roughly 2.5m tokens in circulation. To fuel this, rapid development and community growth was needed.

MetaVault

Before we launched Era 1, the Metavault secured just $2m TVL. USD vaults are highly competitive, and without emissions we didn’t have an attractive enough product at the time to lure users across.

Marketing / Awareness

Brand

Champions Programme

Winter Stash

Community Contributions

Over the last few months, we’re fortunate to have had some excellent contributions. Notably the Dune Analytics dashboard and Staking calculator by @ sh4dow, and lately the ‘Paperhands’ tracker for the Great Harvest eligibility by @ Haradasiegel.

Market Conditions

Crypto can be brutal going through such volatile market cycles. Soon after launch in late April, we saw a heavy market correction to Bitcoin/Ethereum which particularly affected DeFi.

Next Up: Era 2

The launch of Era 2 presents a large upgrade to our product. The Canonical Vaults will give us a key advantage over the rest, especially the ability to offer BTC, LINK and ETH holders competitive yield without the need for mass emissions.

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