Introducing the Canonical Vaults and yAxis v3 Launch

V3 Summary

  • Five asset based vaults supported on launch. Underlying assets are Chainlink (LINK), Ethereum (ETH), Bitcoin (BTC), Curve 3pool (3CRV) yAxis (YAXIS).
  • Deposit digital assets into vaults to earn base yield and YAXIS rewards.
  • Locking YAXIS tokens returns Voting Power, allowing users to Boost APR, and influence YAXIS reward distribution.
  • Locked YAXIS gives a share of platform fees.

Overview

The v3 vaults represent a significant upgrade to the yAxis vault architecture.

The Basics

Upon launch, we will support five strategy specific vaults, based around Chainlink (LINK), Ethereum (ETH), Bitcoin (BTC), 3pool Curve (3CRV), and yAxis (YAXIS).

Take Control

Perhaps the most exciting aspect of the v3 protocol upgrade comes in the form of the DAO-directed mechanisms that personalise APR and “BOOST” YAXIS rewards.

Locked YAXIS

By locking YAXIS tokens, users gain a % of Voting Power or (veYAXIS — voting escrow YAXIS).

Vote for Distribution

Users can put their locked YAXIS to work by participating in competitive DAO-directed rewards distribution.

V3 Strategies

Strategy approvals and additions are community driven and are achieved through a series of DAO votes.

YAXIS Rewards

In the nascent world of DeFi, all protocol tokenomics are essentially experimental.

Vault Security

yAxis’ goals are simple, we aim to make DeFi easy, while also making it secure.

  • C4 (Code 423n4) smart contract audit competition.
    The $60k audit contest ran between the 9th and 15th of September. Thirteen security researchers submitted 88 unique findings to the audit.
  • Each of the C4 findings have been critically assessed by the yAxis development team, resulting in either patches, fixes or updates to the underlying protocol architecture. Details can be found at yAxis’ Github.
  • Tier 1 Smart Contract audit from Haechi. The Haechi Audit was carried out post C4 audit and discovered 2 minor issues.
  • Ongoing $85K ImmuneFi bug bounty.
  • Participation in ImmuneFi’s War room crisis response hotline.

v3 Vault UI

With the launch of v3, the team continues to provide the consistent yAxis experience users have come to expect. This, coupled with enhanced ease of use v3 features, will continue to foster trust and to promote security when interacting with our product.

  • Your Boost multiplier for each vault doesn’t update until you interact with it. I.e you either claim, deposit or withdraw from that vault.
  • The vote for rewards distribution happens every Wednesday.
  • Locking YAXIS, and voting on rewards all costs gas; think before you act!
  • A Boost calculator in the UI allows you to plan how much YAXIS to lock to save costly experimenting.
  • Your Voting Power drops over time.

Milestone

Make no mistake, the release of the v3 vaults marks a huge milestone for the yAxis team.

What’s next for yAxis?

  • Partnership with Olympus Pro for protocol owned liquidity.
  • Borrow/Lending feature based on an Alchemix fork.
  • Multi-chain universe, deployment on other EVM-compatible chains.
  • Many more vaults and assets supported.
  • Transition to a full-DAO.
  • yAxis Meta-verse launch.

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store