Autumn Season of Era 1
Our year long journey through the Eras is split into four parts.
As we move into Autumn of the first Era, it’s a great time to take stock of how the launch went and what’s planned next.
The Launch
We introduced a Token Swap to the ERC-677 YAXIS. Started a new phase of emissions, and implemented a few new features to the UI.
The team has been on overtime squashing bugs, taking feedback (such as the APY vs APR) and answering questions to all the newcomers.
It’s been a whirlwind few weeks, and it all seems very long ago.
Traction & Growth
The MetaVault quickly reached >$200m TVL. The token price spiked as people took the opportunity to earn YAXIS.
One positive is the number of first-timers to DeFi we are meeting, which is testament to our core message of making DeFi easy and accessible.
Promo & Coverage
The team has participated in a number AMAs and podcasts. We’ve been reviewed by many YouTubers and Influencers and our press release got picked up by a few publications.
It’s a continual process to reach new audiences and something we’ll be keeping up through the Eras.
Buybacks
Harvests are currently every one or two days. They are fairly expensive transactions, about $250 each time. However, the more regular, the more efficient they are for the project.
How’s it going?
Era 1 is a proving ground for us before the Canonical Vaults launch.
Our aims are:
- To prove we can safely handle large sums of AUM (assets under management).
- To establish our name and position in the space.
- Complete the transition from YAX to YAXIS.
- Refine the product, scout partnerships, produce documentation, start recruitment, and initial business development.
It hasn’t all been smooth sailing. A few wallet or UI issues, a missed buyback, slippage on withdrawal… We live and learn.
We had naively expected everyone to swap on day 1, as it had been heavily publicised. In practice, many didn’t and it created a price gap, a lot of confusion and super high APY for those that did swap.
Volatility
The price surge created by the massive buy-in at launch led to some legacy holders taking profits. The surprise to me was how much those larger trades impacted the market, despite having relatively high liquidity.
Uniswap v3 has shown some great examples of how concentrated liquidity can create a steadier market and reduce volatility.
What I want to say is, don’t worry too much about the price. The focus of Era 1 has always been about farming up as many tokens as you can for Era 2.
We’ll be protecting the start of Era 2 through various incentives and initiatives that will pick things up before the Canonical Vaults launch.
And at that point, you’ll be glad you farmed up a stack going into the Great Harvest.
Ok. Spoiler Alert!
What’s coming next in Era 1?
- The Great Harvest has been specced out and will be presented to the community next week.
- The Champions Table is back, and we’ll be re-opening the pledge form soon giving access to the ‘End of Era Festival’ awards.
- The Winter Stash programme will further reward those who continue to farm through the rest of the Era.
- A Partner Programme is being created to share revenue from TVL brought into the vaults with a dedicated account manager.
- The yAxis Foundation is being established to support NPOs, hackathons, charitable acts etc.
Thanks for all the support you’ve shown, and we look forward about what’s to come.
The yAxis Team
