✅ Community Votes 💌
yAxis wants to first and foremost thank our Discord community and our beta LP participants. The discussions have been constructive, civil, and goal-oriented, and for that we are very appreciative. We couldn’t be happier for where yAxis is heading and our community is responsible for that.
During our beta phase we conducted 4 community polls focused on how to proceed with our main LP phase. The results are as follows:
- Add YAX/ETH uniswap pool at 2x rewards. PASSED
- Add a YAX/ETH 20/80 balancer pool in addition to the above YAX/ETH pool. NOT PASSED
This was the most contentious of the polls and sparked a great discussion that will probably lead to further voting regarding our pool incentives. Those in favor of adding the balancer pool wanted a way for long term holders to compound their rewards without worrying too much about impermanent loss (IL), which would decrease their YAX exposure as the price increased.
Those NOT in favor were worried about fragmenting liquidity this early across 2 separate YAX pools, taking liquidity away from the DEX that would have the most volume, diluting rewards from all other pools with an additional YAX pool, and cited other projects that voted to get rid of their 20/80 pool for similar reasons.
This debate is ongoing, and we expect future proposals for a pool with less YAX weight when our governance platform launches.
3. Addition of two community pools: YFV/ETH and YFL/ETH at 1x rewards. PASSED
From the beginning we expressed interest in adding incentivized community pools for communities that showed interest in the growth of yAxis. We’ve been absolutely blown away by the support from these 2 communities. From the very start they were interested in helping develop and market our project. We had a great discussion in an AMA with the YFL community and we have received many DMs from both communities about volunteering in positions related to community management, governance, and dev work.
4. Mobilize current community treasury to pay for operational costs. PASSED
This nearly unanimous decision will free up 1% of the total YAX supply to be used for operational costs such as reimbursement for prior gas fees and work, onboarding talented core team members, and subsidizing the future development of yAxis. The team so far has had the SAME opportunity to farm YAX as the general community and appreciates being able to use these funds to further our goal. This is a small portion of the total YAX supply and the community treasury will continue to grow during the emission process.
⚡ Main LP Phase Announced 🎉
The above changes will go into effect at block #10915000. Countdown can be found HERE. To recap, this phase will have the following pools:
YAX/ETH (2x rewards)
ETH/yWETH (1x rewards)
The emission will continue as planned:
- Weeks 1-2: 400,000 YAX (this includes beta LP phase)
- Weeks 3-4: 300,000 YAX
- Weeks 5-6: 200,000 YAX
- Weeks 7-8: 100,000 YAX
We will also add TVL and APY to the UI. For those participating in the beta LP phase currently you DO NOT need to move your LP tokens!
🔭 What's Next? 👀
The next step is to launch our governance platform to allow YAX holders to vote on what will be the future of yAxis. In many ways, solid governance IS the product that we want to create. We expect the yAxis DAO to fine-tune our emission and tokenomics, vote for community leadership and multi-sig members, and lay the groundwork for our product:
yAxis is an experiment in DAO-directed investing/yield farming where users can deposit stable coin and be reasonably sure that their money is taking advantage of the best strategy available. Behind the scenes, YAX governance will choose from a “menu” of farming strategies supplied by yield aggregators. Initially we will include yVaults but we will eventually include other aggregators such as apy.finance, idle.finance, and cross-chain products when they launch. We’re very excited about the future of yAxis!
📣 Community 📱