yAxis is shortly launching v2 of MetaVault; the meta yield aggregator. It's a L2 vault capable of plugging in any yield aggregator beneath.
What this means is, we farm the farmers. Selecting our best pick and harvesting rewards from across platforms back to the MetaVault.
Our aim is to make DeFi as easy and accessible as possible.
Our first metavault is for USD stablecoins, but the abstract base layer has been designed to handle any set of digital assets.
The MetaVault sits on top of the DeFi lego stack, able to flexibly funnel deposits between any number of strategies beneath to seek optimal risk/reward. A multi-strategy, split-weighted vault with granular control over risk.
We received our preliminary Quantstamp report on Friday 5th, addressed the low level findings and sent it back for formal certification. Our second audit from Haechi is also expected in around 10 days.
The new UI is set for handover early this week after some productive QA. Because of this, we will be launching both the new UI and v2 vaults together.
At $1.1 trillion market cap, 97% of crypto assets are held without earning interest on their value. It represents a significant opportunity for yAxis.
Approaching v2 and the new UI, we are already looking ahead to our next steps:
- BTC MetaVault. 61% dominance
- ETH MetaVault. 16% dominance.
- Delegated MetaVaults, or delegated strategies.
The plan is to have all these vaults ready loosely in a month or so from today and subsequent audits commissioned immediately afterwards, so we can transition to a future at fixed supply.
A future where TVL across our Stablecoin, BTC, ETH and Delegated vaults is sufficient to start buying back YAX in bulk - and slowly taking it off the market.
Note: we won’t be burning this YAX as it carries a governance vote. We can distribute if/where needed, treasury, vaults, LP or competitions etc.
With our new rockstar developer @getgouda onboard, we can simultaneously focus on wallet support, mobile responsive designs and a host of other needed features.
We're aware gas fees are shutting out smaller users. It's a problem everyone in the space suffers. We will be looking into optimising gas fees using an L2 solution.
As a quick fix, we can increase the 'earn limit' of MetaVault, which will reduce gas fees noticeably for smaller depositors. This will be pushed in the next few days.
We're churning out marketing content, and will be producing a landing page to front the yaxis.io site. All user resources and videos can eventually go here, and we'll be fleshing this out over time.
We're very appreciative of the community contributors that have reached out to pitch in.
The new LINKSWAP LP and current Uniswap LPs are adjusted to cover the next 9 weeks with the following schedule.
2000 YAX/week for weeks 1-4.
1000 YAX/week for weeks 5-8.
500 YAX/week for week 9.
Please note: MetaVault and YAX Staking emissions remain the same as per schedule and end on April 29th with circulating supply at 1m.
In MetaVault; 20% of the [Governance token farmed only. E.g Pickle] harvested rewards, is taken as a fee. This is used to continually market buy YAX on Uniswap and distribute to YAX stakers.
The full underlying returns and 80% of the governance token goes to MetaVault - with some extra YAX given on top.
The YAX token will soon be earning a consistent stream of fees against fixed supply; that will introduce a calculable APY on the token itself creating natural price support on top of speculative value.
The more TVL, the more fees earned, the higher the APY, the higher the price.
Our long-term goal has to be attracting TVL into the vaults. We're engaging professional services, and will be deploying capital where needed to establish ourselves as a leader in the space.
We'll also be expanding our team with a "Communications" role to focus on growing our visibility across channels.
Final thoughts before launch
April 29th will mark the successful bootstrapping of yAxis. The treasury has over 40k YAX tokens remaining, and will mine 2k more before emissions end.
We have been very efficient with capital and are in a strong position going into launch.
Whilst the current community focus is understandably on v2, we want to look to the Summer; with powerful tokenomics for YAX holders, where anyone can deposit any token into MetaVault and earn compelling interest on it. When we capture a significant market share of the remaining 97% of crypto holders.
yAxis has the right product at the right time, and alongside an ambitious team promises a very bright future.