Added yAxis vaults on Ethereum Mainnet

The yAxis team is thrilled to announce the launch of three new asset-based yield generating vaults on Ethereum mainnet.

With the addition of the tricrypto2, cvxETH and FRAX vaults, YAXIS now boasts a total of seven distinct vaults into which users can deposit their digital assets.

Summary

  • Three all new vaults launched on Ethereum Mainnet
  • Tricrypto2, CvxETH, FRAX asset-based vaults
  • Gas free auto-compounding
  • Vaults built on top of the Convex DeFi Protocol
  • Industry leading APR’s
  • Battle tested vault architecture
  • Code scrutinized by two comprehensive audits reviews

Background

From day one, yAxis’ goal has been the creation of a multi-asset DeFi yield aggregator, powered by an underlying protocol architecture that allows for the rapid and efficient deployment of many vaults and their associated strategies.

With the seamless deployment of the Tricrypto2, CvxETH, FRAX vaults, we believe that that initial vision has nearly come to fruition and that our original design choices have been justified.

The initial V3 vaults (BTC, ETH, LINK, USD) were launched late 2021.

Our post launch strategy was one marked by caution and prudence. As some readers may remember, the vaults were launched with fixed deposit caps, which were designed specifically to limit losses in the event of malicious attacks.

Since launch day, those caps have been removed, the vaults have remained secure, and the total vault TVL has risen to over $40 Million dollars.

Over the past three months yAxis’ developers have monitored the stability of the vaults, and made sure they were running efficiently and securely. Once the Dev team was satisfied and confident with overall vault performance, they quickly embarked upon the process of expanding the number of vaults and associated strategies.

The yAxis DAO Has A Say

Another of yAxis’ key tenets is community consultation in protocol level decision making processes. Before deciding on which new vaults to add to the protocol, the team sought opinions from the community through discourse and ultimately a poll.

The team took the poll results, and critically assessed the credentials (security considerations and potential APR’s) of the proposed vault candidates. Ultimately the team selected tricrypto2, cvxETH and FRAX (all built on top of the Convex platform) for the second batch of yAxis vaults.

Convex a quick recap

So why Convex? Convex Finance (CVX) is a hugely popular DeFi protocol built on top of the Curve finance exchange. At its core, Convex rewards Curve Finance liquidity providers and CRV stakers with additional DeFi yields. That is it. That is the product. Simple, but incredibly successful.

Users that provide liquidity to one of the Convex-supported Curve liquidity pools tap into a formidable four-pronged path to passive income.

  • Base rate interest
  • Slice of Curve platform trading fees
  • Convex-boosted CRV rewards
  • CVX tokens via Convex liquidity mining

What the yAxis vaults offer

In turn, YAxis builds on top of the successful Convex model. By depositing digital assets into the yAxis vaults, not only do users tap into Convex’s impressive revenue model, but they also receive a healthy dose of YAXIS rewards on top. However, arguably of more importance, vault users also benefit from the protocol’s Auto compounding feature.

The yAxis protocol pools users’ funds, deposits them into the respective Convex pools, regularly harvests the rewards and then compounds those rewards automatically. This auto compounding feature helps save significantly on gas fees, whilst also increasing earning potential.
In combination, the Convex rewards, YAXIS rewards and auto compounding feature results in healthy industry leading APR’s.

Looking ahead

The yAxis team is continuously looking to expand our offering of Vaults. We constantly monitor the Ethereum DeFi ecosystem, searching for additional secure and high yielding DeFi strategies that might complement our already significant offerings.

However, there is an increasingly important world that exists beyond Ethereum’s borders, and it is there that yAxis is currently focusing much of its attention.

As such, the next major yAxis milestone is one that takes our battle tested vault architecture and deploys it on the fast-growing, 1000’s of tps, sub-second finality, low fee Avalanche blockchain network.

See you there.

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