We’re embarking on a high-growth journey through the Eras. Let’s look at the YAX -> YAXIS token swap in more detail and talk through what user actions are required to reach Era 1.
yAxis is upgrading its ERC20 governance token $YAX, to an ERC677 token $YAXIS from 17th April. That’s just 12 days away!
Here’s the timeline:
17th April — Token Swap becomes active.
18th April — LP and Staking Rewards go live.
24th April — Vault Rewards go live.
The application will detect when a user holds $YAX in their wallet and prompt them with the banner at the top.
When they click the banner, they are taken to the swap page seen below.
After clicking “Swap” — the user will be prompted to complete a transaction. That’s it — you’ll now have YAXIS in your wallet.
Reminder: For YAXIS to show in the wallet, you may have to add it as a custom token in Metamask or elsewhere.
Note: We will share the YAXIS contract address beforehand. Please only use an address from official sources.
Where are the swap contracts?
The token swap contract has already been merged to Github and is available for public review: https://github.com/yaxis-project/metavault/pull/62
It’s also part of our Immunefi bug bounty programme.
What do I need to do before swapping?
We strongly recommend that you first claim all additional YAX from MetaVault or LP rewards to avoid multiple swap transactions.
Do I need to unstake my YAX?
No. The swap contract will swap your sYAX into YAXIS at the correct rate.
Do I need to withdraw from MetaVault?
No. Your MetaVault deposits should stay in the vault and are unaffected by the swap contract. Remember to claim any earned YAX though.
What steps do LP’s (liquidity providers on Uniswap or Linkswap) take?
These will unfortunately take more work to swap over. You will have to go through the following steps:
- Unstake the LP tokens from yAxis
- Withdraw your funds from the LP
- Swap YAX ->YAXIS
- Add your funds to the new corresponding YAXIS LP
- Stake the new LP tokens in yAxis.
Is the swap going to cost gas?
Yes. These are unavoidable transactions, and they will cost gas. The new rewards going to YAXIS staking and LPs will be a net positive, even for small account holders.
Holders do not have to swap in any timeframe. They can wait until the gas prices are lower, when they will have less relative effect on their balance.
Are you going to reimburse the cost of this gas?
No. The extra rewards will be well worth swapping for.
Do YAX rewards end on the 17th?
No. The rewards continue for roughly another week as per original emissions until YAX is at it’s final 1m supply.
What happens if you don’t swap?
The YAX token will exist forever, as will the swap contract. Each YAX token will always be able to swap to YAXIS in a 1:1 ratio. You would however miss out on the new YAXIS rewards.
Why are we doing this?
There are 3 main outcomes from this token swap:
- Upgrade our token from an ERC20 token to an ERC677 token.
- Boost APY of the pools and vaults.
- Attract high TVL, and generate large revenue for holders.
What’s an ERC677 token?
The advantage of having a token swap, is it allows us to upgrade to ERC677. It shares the same properties of an ERC20 token only with added features.
The main one being: you can “transfer and call” in one transaction.
That means you don’t need to first approve staking in a separate transaction, before actually staking. You can both approve and send tokens in the same transaction.
This function will lower the cost of entering the ecosystem, and is a key competitive advantage over other platforms.
It has no issues with trading, wallets etc.
What are the new emissions and rewards?
There are 1m YAX in circulation. They will become the initial circulating supply of YAXIS — which has a supply cap of 11m tokens emitted over a year.
A detailed breakdown of the schedule will be shared before the swap.
We’re really excited about this next era of yAxis and hope you will join us along the way. All new tokens are going to growth, with the majority to the community and users of the platform.
Stay tuned for more updates and information!
The yAxis Team