The Weekly Yax #1: Token Swap & Distribution
Introducing The Weekly Yax, a weekly article for Herd members and newcomers to keep up with the yAxis Project.
Every Sunday, The Weekly Yax will highlight major news and developments, alongside key takeaways from this week’s episode of Ya Herd?, Project stats, bounties, and more.
Major News & Developments
- April 17th marked the successful migration from YAX to YAXIS, the new upgraded ERC-677 token with Transfer and Call functionality.
- April 18th commenced YAXIS staking and LP rewards, allowing holders to compound their stack and capitalize on the exciting developments in upcoming Eras.
- April 22nd introduced The Great Harvest, an opportunity for YAXIS stakers to earn a boosted share of yield farming profits.
- April 22nd the yAxis Project reached an all-time-high marketcap of over $63 million.
- April 23rd kicked off the first episode of Ya Herd?, the weekly community conversation with yAxis.
- April 24th MetaVault YAXIS rewards went live.
Ya Herd? Week #1 Key Takeaways
- ERC-677: The next step in yAxis’s commitment to make DeFi more accessible. By eliminating the need for token approvals when using the YAXIS token, purchasing, staking, and claiming YAXIS is now cheaper and easier.
- Bootstrapping the Product: The new distribution schedule of YAXIS, approved in YIP-09, focuses on bootstrapping the yAxis vaults (MetaVault currently, then Canonical Vaults in Era 2). Bootstrapping the vaults with crypto-native capital will prove the vaults can operate at scale, garner trust, and serve as a bridge while the development team builds out institutional-grade vault features, such as built-in insurance, tranching, and an automated monitoring and response (AMAR) system.
- Top-of-Stack Position: As an aggregator of aggregators, yAxis can leverage the growth of the entire DeFi ecosystem, remain nimble, and ride winning platforms. This approach decreases single-platform risk and positions yAxis as a pure play on DeFi innovation.
- Institutional Capital: Large capital deployers (traditional finance vehicles, mining pools, VCs) have informed the yAxis team that yAxis is building the products they are looking for. With the emission schedule bootstrapping the vaults and institutional-grade features being built in the background, yAxis is looking toward VCs and other partners to serve as gateways to bridge traditional financial capital into the DeFi ecosystem through yAxis’s vaults.
- The Great Harvest: Buybacks from vault revenue in Era 1 will be distributed to stakers in Era 2 and boosted by the treasury to ensure a 1 million token (up to $100 million) distribution. In response to community feedback, the team is streamlining the eligibility mechanism for The Great Harvest. Look for a Forum Proposal & Discussion this week to gather community input and improvements.
yAxis Project Stats of the Week
- MetaVault TVL up over 7440% week-over-week to $102.9 million.
- MetaVault 288.7% APY.
- Over 80% of YAX have swapped to YAXIS.
- YAXIS staking 4,988% APY (395% APR) and LP 11,260% APY (580% APR).
- yAxis Project Discord members up 20% and yAxis Official Telegram members up 100% on the week.
Community Content Spotlight
This week’s community content spotlight goes to shadow (@sh4dowlegend on Twitter). Shadow developed a spreadsheet to help community members decide the best frequency for them to claim and restake their YAXIS staking rewards.
As a community-run & community-owned project, yAxis welcomes all community contributions and strives to make the project easy and accessible to all.
Join Us: Bounties & Jobs
Coordinated by the yAxis Champions Programme, the yAxis Bounty Board lists requests for proposals (RFPs), where community members can respond to specific Project needs and receive compensation upon task completion. If you are a believer in the Project but lack the resources to acquire YAXIS tokens, this is your chance to start your stack. If you are a passionate holder, this is your chance to not only grow your stack, but create value for the Project such that each individual token appreciates.
See the current opportunities below and check the Bounty Board frequently as more opportunities will be added over time. You have the opportunity to shape the next era of yAxis. Reflexive democratization. Powerful.
That concludes the first edition of The Weekly Yax. Thank you for reading and looking forward to many more!
Onward and upward, Yax Herd!