Introduction
Last updated
Last updated
The yAxis Project launched in September 2020. yAxis vaults provide a service to investors that are new to DeFi or don't have the time to manage a personal fund. By making deposits into the vaults, investors entrust their assets to management through the DAO. YAXIS stakers govern the vault's decisions on behalf of investors, thereby fulfilling the role of a portfolio manager.
The original vision of yAxis described a USD stablecoin MetaVault, a DAO-directed yield portfolio that sat on the layer above other yield aggregators, farming the farmers.
The final goal of yAxis is to upgrade the MetaVault into Canonical Vaults that allow users to deposit ERC-20 tokens. These vaults use strategies that use the token natively, but will also be able to delegate to the MetaVault. This is done by borrowing stablecoins off the value of the respective Canonical Vault's asset and then depositing borrowed coins into the MetaVault.
MetaVault v1 enabled users to deposit USD stablecoins into the vault and benefit from a fixed strategy chosen by the strategist.
Metavault v2 extended the strategist's ability, allowing them to fluidly allocate and switch funds across multiple strategies.
Canonical Vaults leverage delegated strategies to allow users to deposit a range of digital assets beyond USD stablecoins. This enables users to earn interest off the value of their assets without exposing them to impermanent loss. With the v3 protocol upgrade we have fundamentally changed the way yAxis generates yield. A key component of this is the introduction of mechanisms that personalize APR and “Boost” rewards.
Q1 2022 (in development) - v3+
yAxis v3 expands into a multi-chain service. The dAPP will expand to support Avalanche, in addition to Ethereum. A bridge will be available to move assets between chains, or users can directly interact with either chain and tokens can be traded on popular markets on both chains. By supporting Avalanche, yAxis provides users a low-gas alternative to Ethereum to interact with.
Q2 20222 (in development) - v4
yAxis v4 adds additional services to include a borrow/loan feature based on Alchemix; this continues the narrative of integrating the best parts of DEFI 2.0 into yAxis.
Canonical Vaults are not the end of the yAxis journey. We are endlessly exploring the latest innovations, strategies and best practices across the DEFI space to adopt.
