The Weekly Yax #12: Leading Up To v3

The Weekly Yax is the easiest way to keep up with the yAxis Project.

Every Sunday, we highlight major news and developments, alongside key takeaways from the week’s episode of Ya Herd?

Major News & Developments

• July 5th revealed the winner of the 2nd Champions Table Design Contest.
• July 7th yAxis released an Era 2 and Canonical Vault progress update with plans to launch the website refresh on July 17th and Canonical Vaults a couple of weeks thereafter.
• July 9th marked the 12th episode of Ya Herd?
• July 11th extended the submission window to July 22nd for the Canonical Vault NFT Design Contest.

Ya Herd? Week #12 Key Takeaways

Era 2 & Canonical Vault Progress Update

The development of v3 Canonical Vaults has been progressing nicely. transferAndCall and linkfrogposter, who helped with the v2 launch, are putting on the finishing touches, completing testing and documentation, and working on the audit process. yAxis is lucky to have linkfrogposter back as an additional resource to help bring the Canonical Vaults over the finish line. The v3 launch has been pushed back a couple of weeks from the original July 17th target date to wrap up these items and help ensure that yAxis releases a quality, secure product.

Era 2 will begin as scheduled on July 17th with the yAxis website refresh set to go live, along with the partner programme and other features. There will be a “stop-gap” emissions continuation for the couple weeks between July 17th and when the Gauges and Canonical Vaults go live. Given this extra couple of weeks before the release of Canonical Vaults, let’s pivot to how the community can get involved leading up to launch.

Community Forum Discussion — Era 2 Emissions

While gauges introduce more utility and value accrual to YAXIS in Era 2, the community also has an opportunity to voice its opinion on how to optimize emissions. In deciding on emissions for Era 2, ae created a discussion post on the yAxis Forum. This post considers a number of factors — broader market conditions, token performance, Canonical Vault launch, farmed governance tokens as productive assets, and treasury diversification — in attempting to forge community consensus around an emission schedule tailored to Era 2.

Some key ideas to consider are:

• Vault Rewards — yAxis could decide to “ramp up” YAXIS rewards to Canonical Vault users over the course of the era. This “ramp up” approach could offer a smoother APY across the Era, incentivize the prioritization of better strategies (taking pressure off the token), bootstrap more long-term-aligned capital, and setting the product up to gain momentum over the course of the Era. Given uncertain broader market conditions, it’s critical to create incentives that select for well-aligned capital. The onboarding of sticky capital is also something that the long-term, multi-faceted backing by COSIMO X can help facilitate.
• Staking Emissions — The uncertainty of broader market conditions might call for the consideration of reduced emissions to stakers, especially with 600k tokens already allocated with the Great Harvest, saving some staking rewards for more favorable market conditions.
• Buyback Mechanism — yAxis could consider turning CRV farmed into a productive asset, cvxCRV, to produce cash flows for YAXIS stakers and for the project treasury.

All ideas discussed above are merely hypothetical. As a community-run project, yAxis is committed to ensuring that all Herd members have a voice. Use yours to contribute to the current discussion here.

How the Herd Can Drive a Successful Transition to Era 2

In addition to participating in yAxis Forum discussions, Herd members can drive positive outcomes around the v3 launch by participating in the Canonical Vaults NFT Design Contest, sharing Canonical Vaults with your network via Discord and Twitter posts, creating clever memes, and suggesting that other projects deposit some of their treasury into the Vaults — all of which help drive exposure to the product release and bolster yAxis’s already robust community. Furthermore, as always, check out the Bounty Board to find other ways to get involved.

Given we are so close to Canonical Vaults, this is an exciting time for the yAxis Project. Looking forward to watching the Herd seize the opportunity to take the launch to the next level!

The full recording of this week’s episode can be found here.

yAxis Project Stats of the Week

• MetaVault TVL $23.1 million, earning 9.3% APY.
• YAXIS staking 187% APY (105% APR) and LP 178% APY (107% APR).
• 1,020 YAXIS bought back with MetaVault revenue this week for distribution in The Great Harvest.

Community Content Spotlight

This week’s community content spotlight goes to mmmm, the winner of the 2nd Champions Table Design Contest — the yAxis Hoodie. The yAxis community spoke, and mmmm’s crisp design (shown below) resonated with them the strongest.

Can’t wait to see the Herd rocking these clean hoodies come next winter — or better yet, cold summer. You can view the voting results and other finalist designs here. Congratulations mmmm! Thank you to all yAxis Herd members who submitted such great designs.

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. See the current opportunities below and check the Bounty Board frequently as more opportunities will be added over time.

If none of the current opportunities appeal to you, but you would still like to contribute, reach out to waali@yaxis.io. You have the opportunity to shape the next era of yAxis.

That concludes the twelfth edition of The Weekly Yax. Thank you for reading and looking forward to many more!

Onward and upward, Yax Herd!