Financial & Emissions Report

As part of the DAO transition, we’re publishing a report on expenditure to date alongside where we are on the initial emissions schedule.

The tracker can be found here. https://trello.com/b/M9vPTClY/pub-financial-tracker-dec-2021

Emissions Schedule

As part of the token swap to YAXIS, we revealed a new emission schedule that would allow us to incentivise the platform, holders and team.

YAXIS: Emissions Schedule

https://docs.google.com/document/d/1jikTxfk7qqgiXvd_RMQzTQwKG9xVbF3PMBK9-nIRtMU/edit?usp=sharing

YIP-09 saw a 93% approval for these emissions.

The highlights being:

Total supply of 11 million. Starting supply of 1m to YAX holders. The rest are distributed:

1. 4 million (36.4%) tokens to the community (staking + LP). 4 million (36.4%) tokens to vault users. 800k (7.3%) tokens flexibly to maintain balance.
2. The Bounty Programme gets 500k (4.5%) tokens behind it for marketing, partnerships, initiatives, exchanges, and content.
3. 400k (3.6%) tokens towards a development fund for building.
4. 300k (2.7%) tokens to the team.

So, how are we doing?

Day 231 of a 365 day schedule.

Original Schedule: (would be) 7,328,000 tokens circulating

Current Supply: 3,907,000 tokens.

Total Swapped: 925,000 tokens (23.7% of supply)

Community Mining: 2,539,000 tokens. (65% of supply)

Bounty Programme: 216,000 of 366,000 mined to date. (5.5% of supply)

Development Fund: 77,000 tokens of 253,000 mined to date. (2% of supply)

Team Fund: 140,000 tokens of 190,000 mined to date. (3.5% of supply)

Note 1: Staking rewards were paused in September until v3. This results in a currently lower percentage of tokens distributed compared to the initial calendar schedule that is being caught up now that rewards have resumed.

Note 2: All development and team wallets have been returned to the multisig as part of the DAO transition. This is to allow the newly formed DAO to re-allocate these funds and treasuries as they see fit after a vote of approval.

Summary

We are in a healthy state with our runway extended well beyond the initial year.

The original emissions schedule was delayed significantly along with the v3 launch. All wallets are underspent compared to the original schedule and now consolidated for the DAO.

Current rate of emissions is 316k tokens per month to the vaults and LP. This would allow another 22 months at this rate.

Expenditure

There are a wide variety of costs to run and develop the project. Expenditure has been categorised under ‘Partnerships’, ‘Operating’ and ‘Marketing’ labels.

We have listed figures we can make public. Many of these are paid in YAXIS tokens.

Partnerships & Bounties/Audit ($254k)

• ImmuneFi ($61k)
• War Room ($20k)
• Messari ($20k)
• 1inch ($20k)
• C4 Audit Prize Pools ($60k)
• C4 Audit Fees (18k)
• Other Audits ($56k)

Notes: The ImmuneFI bug bounty has had a number of successful reports since inception in January. We have conducted 4 audits in total. Two with Haechi and two with C4. Messari and War Room offer professional services to DAOs.

Operating ($486k)

• Developer Contractors ($74k)
• Security Researchers ($7k)
• Harvest Gas Costs (~$30k)
• Contract Deployment V2 and V3 ($75k in ETH)
• Mainnet V3 Testing ($15k in ETH)
• Incorrect Harvest Error ($35k)
• Slippage Error Compensation (~$250k)

Note: 1st May — When MetaVault launched, a slippage error temporarily resulted in each withdrawal losing 1–2% of balance. The decision was taken to compensate these users as it only affected a short time period. However the figure added up quickly. Compensation was paid in tokens.

https://discord.com/channels/754774398304649308/789817386156294154/838041455225470996

Note 2: $100k of DAI was liquidated in April-June. This was to cover costs paid out of pocket, such as infrastructure and service providers, over the course of the last year, with personal debit cards and/or letters of engagement signed. Tornado cash was used in this instance to anonymise the recipients bank account.

Marketing ($142.5k)

• Influencers & Press ($43.5k)
• Merchandise ($4k)
• Art Contests ($1,700)
• Tipbots ($17.5k)
• DeFi Pulse ($18k)
• APY.vision ($3k)
• Staking Rewards ($5.4k)
• Video Production ($5,200)
• Graphic & Web Design ($14k)
• Twitter Contests ($24.8k)
• Social Dashboard ($3,000)
• NFTs ($2.5k)

Note: After the token swap, in April and May we engaged several influencers for video and tweets. Some of these expenditures have future deliverables, such as DeFi Pulse and Staking Rewards.

Team Members (Past and Present)

Bobby, transferAndCall, GetGouda, Draukan, MrG, Vinrock, MrMister, Dogperrorkukur, Waali, Cold Summer, Ae, GainsGoblin, Haz, BigPapi, Dracula, the.tsk.

Regular Contributors

Frankzhu, GerardPersoon, Linkfrogposter, Aaranov, Ammytools

We hope this brings some light to the current emissions and expenditure of the project. Going forward, we plan to regularly update and more visibly track costs. This will become more important as the DAO takes over management/financing of the project.

We’ve created a forum thread to host dedicated Q&A:

https://yaxis.discourse.group/t/financial-transparency-report/320