The Weekly Yax #5: yAxis — The Origin Story

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

Ya Herd? Week #5 Key Takeaways

  1. yAxis Early Days & Transition: delta_y, the original yAxis founder, had a great vision for a “set and forget” yield aggregator, launching in September 2020. Unfortunately, delta had to leave the Project for personal reasons in late 2020, turning over the reins to Bobby. A thin team and less-than-ideal emission schedule left Bobby in a tough place. Valiant commitment to the Project, community, and his family pushed Bobby to quietly bolster the team and retool the Project working nearly 24/7 in the background.
  2. Building the Team: Since Bobby’s involvement, him and transferAndCall (T&C) have recruited some talented team members from the community, such as GetGouda, rockstar front-end developer, dogperrokukur, social media manager, and MrMister, marketing, partnerships, and community manager. In this episode, MrMister highlighted his motivation for joining the Project and his affection for the yAxis community. We also discussed T&C’s frustration with Yearn’s lack of community responsiveness regarding LINK vaults, pushing him to help build yAxis. yAxis now has a robust, tight-knit, community-sourced team pushing the Project toward a shared vision.
  3. Looking Forward: Bobby is most excited about DeFi’s role in defining the first major use case for blockchain technology. Riding this tailwind, he hopes to continue to position yAxis as the easy solution for both institutional and retail capital to gain exposure to leading risk-adjusted DeFi yields without needing to keep up on this rapidly evolving space.
  4. Canonical Vault Development Update: (1) Accomplishments to date: Vault tokens will be ERC 677s; Halt Flag instituted as an extra emergency security feature in the case of a malicious governance takeover; Legacy Controller added to connect the current Metavault to the v3 stablecoin vault, so users won’t have to switch vaults (2) Major features on the horizon: Continuous push towards greater vault automation with the near term focus on automated monitoring & response (AMAR) and automated harvests; Gauges, which have recently been open sourced; Testing and audit before launch.
  5. Development Team Background: transferAndCall is a community-sourced solidity developer with a security focus. He works for a high profile blockchain company. T&C has been involved since the early days, completing an initial security review of the MetaVault v1 code, yet he’s still pushing the Project forward toward its ultimate vision of Canonical Vaults. GetGouda, yAxis’s lead front-end developer, also works for a high profile blockchain company. GetGouda has built and managed several leading web3 dapps. Vinrock is a UI/UX designer for yAxis, formerly for Apple and Facebook.

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

yAxis Project Stats of the Week

  1. MetaVault TVL $56 million, earning 30% APY.
  2. YAXIS staking 896% APY (231% APR) and LP 1,613% APY (321% APR).
  3. Over 2,510 YAXIS bought back with MetaVault revenue this week for distribution in The Great Harvest.

Community Content Spotlight

Following up on last week, this week’s community content spotlight again goes to haradasiegel. Haradasiegel has now completed an unofficial tracker for staking addresses still eligible for The Great Harvest Merkle Drop over the course of Era 1, making it easy to determine who truly has “diamond hands.” Thank you again to haradasiegal from the yAxis community!

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.

This week, yAxis added the Strategy Developer Bounty to its list of available opportunities.

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 fifth edition of The Weekly Yax. Thank you for reading and looking forward to many more!

Onward and upward, Yax Herd!

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