Welcome to Era 2
It’s farming season! Era 2 is the next step down our roadmap and brings progress in several areas to look forward to.
Let’s start with an overview of what we’ll be focussing on this Era.
The vision of yAxis is to be a vault of choice for institutional capital deposits. Each Era we slowly shift our target audience towards this end as we build out the product.
TradFi is dipping their toes into DeFi and salivating over the potential returns for their clients. We want to offer secure, reliable, insured, diverse yield generation.
The app has had a general refresh, with an expanded landing page serving as a better explanatory site and marketing tool for first time visitors; Going live shortly tonight.
Dark mode has been added to the app by request, giving users the option to switch between upon the next release.
The Canonical Vaults will have a simpler onboarding which will no longer require several steps to convert to 3CRV before depositing.
Charts for historical fund and personal account performance will come soon after the vaults go live.
Canonical Vaults — “v3”
The major highlight of the Era will of course be the new vaults. This is the core of the yAxis innovation we are bringing to DeFi. The original concept from TransferAndCall has come all the way from ideation through to production.
The ability to deposit BTC, ETH, LINK and earn attractive yield is highly anticipated. Currently there aren’t many sustainable options for these popular assets.
With more TVL, more buybacks can occur to support the token and DAO.
A critical part of any yield aggregator is the strategies deployed. Now that the core product is done, we can focus on building out a menu of strategies. Convex is an obvious fit for us, and we’re engaging several parties to make this happen in the near future.
The current base APY for an unboosted Curve strategy is just 2%, versus ~10% with Convex. That crucially means we won’t need to rely on $YAXIS emissions to artificially boost APY, establishing much healthier tokenomics.
New emission schedules
New rewards will begin alongside the launch of the Canonical Vaults. The forum has an open call for the community to contribute and voice opinions before a high-level decision is taken. Then hard numbers can be plugged in, and forecasts created based on that.
It’s a fun exercise to design an economic system! Emissions were discussed on last weeks ‘Ya Herd?’ and we talked about a more optimal distribution going forward, or perhaps implementing a ramping schedule based on TVL.
The gauges are a key part of finding that balance, as users will have to lock in YAXIS for a period of time to receive rewards.
A Partner Programme will act like a revenue share model for two types of entities.
- Institutions looking to directly deposit large amounts of capital into DeFi, and;
- Other protocols wanting to use our Canonical Vaults as a lego brick to complete their own user journeys.
The Great Harvest
Congratulations to all eligible Yax Bulls! The Great Harvest is distributed in various components, one of which is a Merkle Drop coming up in August with 200k tokens split between. The amount received is based on your staked $YAXIS, with the weighting favouring smaller holders.
The difference between a Merkle Drop and an Airdrop is you have to claim the Merkle Drop from the site, whereas an Airdrop is available in your wallet.
Theme / Style
The story of the four Eras revolve around our roadmap and vision. Each Era we mark the progress with our themed artwork set in a new period in time.
Look out for an advancement in technology throughout the realm, as well as fashion, interiors and surrounding town being built up.
We’ll start this new chapter with the ‘End of Era’ award show. Three specially commissioned, unique NFTs will go to hand-picked winners based on Etherscan activity.
The Navigator, The Mountaineer, and The Farmer.
(Spoiler alert: They’re beautiful)
Welcome to Era 2! The team is excited to be taking this step together with the community.
Let’s keep pushing on towards the Canonical Vaults launch.