Welcome to Era 3 & Roadmap!
With the release of the Canonical Vaults, it’s time to turn our attention to the next chapter.
The plan is to move quickly and add as much value as possible to the DAO. Let’s dive into our Era 3 goals and ambitions.
Multi-chain deployments
What is it? Whilst Ethereum is the largest platform for DeFi, other platforms have risen in popularity this cycle, several of which are Ethereum Virtual Machine (EVM) compatible. Some are competing L1s, whilst others position themselves as L2 scaling solutions for ETH.
It is relatively easy to deploy to these L1s and side-chains, and bridge back and forth to ETH. Some notable examples are Arbitrum, Avalanche, Celo and Harmony.
Why now? Gas prices remain high. Complexity has become a competitive edge for yields, but the consequence is multiple expensive transactions as a barrier to entry.
yAxis new boost & locking governance system would benefit greatly from lower gas fees and allow more people to use the platform as intended.
Timeline: Before New Year.
Borrow/Lending Feature
What is it? Loans are the oldest financial products and also a key part of the crypto space too. Some of the original DeFi yields were from supplying assets for others to borrow on platforms like Aave.
Our upcoming Borrow feature is based on an Alchemix fork, that utilises yAxis vaults to pay down debt on behalf of users. Users will be able to deposit interest-bearing collateral, and borrow stablecoins in return.
Why now? A lending feature is a complementary product to a yield aggregator; they work nicely together. It provides long-term deposits into our vaults, without the need for emissions and is another source of DAO revenue.
Timeline: January 22.
Protocol Owned Liquidity
What is it? Most DeFi platforms rely on DEX’s like Uniswap or SushiSwap to enable trading of their token.
That requires incentives in terms of emissions to attract users to provide that liquidity. The looming issue for many, is what happens when emissions run out? Olympus Pro offers the tools for DAOs to slowly buy out the liquidity providers, by offering discounted tokens instead.
The protocol thereby slowly takes over ownership of the DEX liquidity and can continue to enable trading beyond its emissions stopping.
Why now? Why not? yAxis spends around 250k tokens a quarter on the UniSwap LP anyway, and this can’t continue forever. The sooner we can start the OHM Pro programme, the more efficient it is.
Timeline: Olympus Pro is lately suggesting we wait until the New Year so that the impact on our inflation is negligible. We continue these talks with view to booking the earliest possible slot.
Expanded Vaults
What is it? We currently have 5 vaults attached to our gauge system, competing for a share of emissions. Adding extra vaults built on top of Convex would attract more TVL.
Why now? As a business, we need to start generating more revenue via growing TVL to offset the outflow of emissions to these vaults. More options to deposit make it easier to onboard capital.
Timeline: In December, after a period of settling in for vault users. We don’t want to dilute rewards to our early adopters.
Fee Distribution
What is it? Locked YAXIS holders (veYAXIS) earn a share of the platform fees. This will be done through a bi-weekly Merkle Drop on the Governance Tab.
Why now? We need to make locking YAXIS the more valuable option for holders, rather than using the vault.
Timeline: Before Christmas.
DAO Transition
What is it? Many new platforms are fairly centrally directed in the early days to streamline the initial development and focus. As that vision is achieved, the DAO is in a position to handle more responsibility, and determine new directions without slowing progress.
Why now? As v3 has been realised, and the short-term roadmap is put into action, it’s right to distribute the decision making process and give more power to the token holders.
Timeline: The kickoff discussions will start asap, with view to putting in place a high-level framework that can be used to manage the DAO within a couple months and drive the medium-long-term roadmap.
Financial Reporting
What is it? We’ve put together a financial report on where we stand in terms of emissions schedules, and where the tokens have been spent so far.
Why now? Alongside a move towards DAO-directed management, is a need to report on expenditure and provide regular transparency.
Timeline: Next Week.
yAxis World
What is it? A multi-player realm where we can host DAO events and interact in a more involved way.
This can range from Ya Herd meetings and announcements to scavenger hunts for YAXIS tokens and Squid Games. Ready Player One!
Why now? Engagement in the DAO will be important as is differentiation. If we can provide a fun, safe place to interact and be home to the community beyond just a Discord server, we can maintain a strong DAO capable of managing the protocol.
Timeline: ‘End of Q4’ is the estimate given by the service provider, and we anticipate that to mean around Christmas time. We have created the Worlds, and are simply awaiting multi-player access to it.
We hope you’re as excited about the next few months as we are! Any questions please come and ask in Discord.
The yAxis Team
