yAxis <> NumisMe — Merger

yAxis Project
5 min readApr 27, 2022

This is a significant moment for yAxis. With the closing of YIP-18, the yAxis DAO has voted in favor of merging yAxis with NumisMe to become the true Consumer Gateway To DeFi. Congratulations to everyone for engaging in the discussion and for voting on the final yAxis Improvement Proposal. This is an opportunity to approach the next chapter and evolution in our DeFi journey.

With this merger, yAxis’ intellectual property would be merged with NumisMe to create a supercharged project with the capital, token runway, sustainable tokenomics to integrate all our learnings from the DeFi space, and with the NumisMe app allow seamless onboarding of fiat retail without centralized barriers to entry into crypto and DeFi.

The voting on YIP-18 indicates a community mandate to merge:

What happens next

yAxis will begin transitioning the brand and team over to NumisMe. This will include the following immediate actions:

  • Rebrand yAxis UI to NumisMe
  • Launch token “swap” contract and UI
  • Stand-up new social channels
  • Finalize emissions schedule
  • Begin work on technology overhaul for Retail and Pro NumisMe products (more on that below)
  • Emissions will no longer be topped up. veYAXIS rewards will cease effective immediately.

Swap details:

  • Unlocked YAXIS — NUME:YAXIS = 6:1
  • Locked YAXIS — NUME:YAXIS = 6:1, plus an additional 3:1 for time locked (up to an aggregate 9:1 for max locked YAXIS)
  • Unclaimed rewards will not be “swapped”
  • Uncirculating supply will not be “swapped” (ie. the Treasury)
  • Locked YAXIS (veYAXIS) will remain locked for the remainder individual lock periods. Upon lock expiry, YAXIS will be available.

The future of the yAxis DAO:

Certain members of the community have shown a strong interest in keeping the yAxis brand and DAO operating as-is through a handover of the community and infrastructure to a new DAO council and leadership. To that end:

  • The current DAO council will be open to proposals from the community
  • If vetted and approved per yAxis DAO bylaws by the Council, proposals would be posted to the forum for discussion and consideration
  • Willing to take responsibility of the platform going forward

Each application would need to include the following as a minimum:

  • Tell us a bit about yourself and why you think we should handover the project to you.
  • Your proposed team and their backgrounds
  • A detailed capital management plan and how you intend to fund the project
  • Your roadmap for the project for the next 6–12 months
  • Need to confirm a resourcing plan

The New NumisMe — Powered by yAxis

We will approach the New NumisMe entity with revised tokenomics and a new UX that will cater to both retail and DeFi native users through a “NumisMe Retail” and “NumisMe Pro” product mix.

The NumisMe Pro platform will be fully web3, based on current yAxis v3 architecture. Vaults will be reworked to support multiple assets and multiple strategies. The vaults will receive conservative, revenue-mapped rewards in the form of NUME, and users will be incentivized to lock up their NUME for veNUME in return for rewards in ETH or stablecoin. This core tokenomics shift will mitigate selling of rewards while also ensuring emissions are not outsized with respect to revenue — creating a system geared towards long-term sustainability.

The Self-repaying Loan feature will be launched on NumisMe Pro, with emissions to capitalize the underlying liquidity pool to a level sufficient to support larger borrowing amounts.

The NumisMe Retail platform aims to onboard physical fiat and offers users the ability to convert it to digital fiat. This digital fiat can then be swapped into NUME tokens or other crypto assets, which will feed into a simpler, streamlined UX focusing on onboarding retail users to deposit their funds into a “DeFi Savings Wallet”. This approach gives users the option to simply deposit funds and grow their principle. No emissions will be needed for the NumisMe Retail platform. And all TVL from the DeFi Savings Wallet will be plugged into our Pro vaults.

Real-world utility & Dual incentives

NUME holders will have a dual-incentive to hold and lock their tokens. Tokens in wallets or ve-locked will receive their share of 6% NUME reflections from token transactions while locked tokens receive ETH rewards. This is true passive income.

This framework creates real-world token utility beyond anything DeFi has ever seen. The Digital Loose Change model enables us to capture retail awareness and grow our retail TVL. This TVL represents pure revenue to supplement the Pro platform and positions the New NumisMe to sustain emissions, perform strategic token buybacks, and reward advanced users in non-native tokens.

Serving Retail & Pro users

To help visualize this new world, here is a high-level overview of our product design.

Just one more thing — LP Double-Up Program!

You bring the ETH. We bring the NUME!

We will soon roll out a novel LP incentives program where NumisMe will provide the NUME tokens to pair up with qualified liquidity providers’ ETH for depositing into our NUME-ETH Uniswap v2 LP.

LPers need only bring their ETH, and we’ll double their LP position with a NUME token match. Users can collect their NUME emissions for as long as they are in the LP. NUME rewards belong to the LPer and are free to do with as they see fit.

This innovative approach to expanding our liquidity will be offered on a promotional basis and can be used dynamically to supplement our liquidity as needed. We can expand and contract our LP essentially on-demand.

The future is brighter than ever

We now have the resources, runway and capital to execute on our long-held vision of making DeFi easier and more accessible in a manner that ensures sustainability and all kinds of token utility (both real-world and DeFi). The yAxis team and council are excited for this next phase of the project. More importantly, we are truly grateful for everyone that has joined this project’s journey and continue to follow our vision.