V3 Update

The team posted several options on the yAxis Forum to obtain feedback on the best way to launch the v3 vaults given the need for a security review.

Following that discussion we want to provide further guidance and expectations for the coming period.

Updated info

• The Code423n4 (C4) contested bounty starts on the 9th on September.
• The Haechi Audit is scheduled for September 28th.
• Merkle Drop was deployed successfully.
• Convex 3CRV Strategy is being reviewed before deployment.
• Current staking rewards timer will run out 3rd September (today).

Schedule

Based on that community feedback and the above, we are aiming for the following order/schedule:

Sept 9th: C4 Bounty Review

Sept 19th: Guarded Launch of Canonical Vaults

Sept 26th: Convex Strategy Farming

Sept 28th: Haechi Audit Begins

October 10th: Full Canonical Vault launch

October 17th: Era 3 begins

Note: Launch dates assume successful outcome of security reviews.

Guarded Launch

The guarded launch will enable users to deposit and use the vaults, with a capped TVL which we can raise over time. We are suggesting $10m as the initial TVL cap. This can be subsequently raised to e.g $20/50m as confidence grows.

Individuals can deposit as much as they want, at their own risk. We will add a disclaimer to the app to ensure they understand the vaults are awaiting official audit.

YAXIS Staking Rewards

The YAXIS staking rewards will naturally run out around the 3rd of September. This is a knock on effect from the Winter Stash programme.

When we switch to the v3 gauges there is a new staking contract — topping up today’s rewards would reset the current Winter Stash timer and lead to a large amount of tokens being sunk into a soon-to-be decommissioned contract.

To avoid this wastage, we will let the staking rewards time out until the guarded launch, when we will direct all new emissions into the v3 contracts.

We will add additional emissions to v3 staking to make up for this temporary lull in emissions between contracts.

Vault Emissions

Minimal vault emissions will be added during guarded launch, and then increased once the audit is complete, until then depositors will earn yield without a performance fee.

After full launch, the performance fee will be re-introduced.

The emissions schedule across v3 and the expected APY it generates will be disclosed beforehand.

We hope this has provided some clarity around the v3 Canonical Vault launch.

Thanks to the community for their support and patience over the last few weeks.