Era 1
17 April 2021 – 17 July 2021
The first Era of yAxis enables holders to enter a high growth phase of distribution and position themselves for the journey ahead. The Era comes with an abundance of new technical features and community initiatives.
Highlights
Token Upgrade
We'll be upgrading our ERC-20 token to the ERC-677 token standard through a 1:1 token swap from YAX to YAXIS. This is a straight upgrade: it allows users to approve and stake in the same transaction. Users will have an easier time interacting with our contracts and save on gas fees in the process.
The swap also comes with an increase in the maximum supply of our token. We'll start with a supply of up to 1 million from YAX holders that swapped. Over the course of a year of emissions, we'll reach a new maximum of 11 million YAXIS.
Emission Schedule
We'll kick off Era 1 with aggressive emissions aimed at attracting significant capital to our vaults. A fixed minimum of 2 million tokens will be distributed to vault depositors and community members according to the following schedule:
Note that these 3 options will vary in terms of APY as well as risk. There is no 'optimal' choice.
3CRV Deposits
The MetaVault has been locked down to only accept Curve 3pool (3CRV). Users will have to swap their stablecoins to 3CRV on curve.fi before being able to deposit. The yAxis app will soon feature an interface with Curve to simplify the process.
This measure was taken after Quantstamp picked up on a possible arbitrage opportunity: if the MetaVault has significant TVL, users with enough funds could deposit one stablecoin and withdraw another to arbitrage against our 0.1% withdrawal fee with no slippage. This is a preventative security measure that prevents MetaVault users from coming to any harm.
Multi-Strategies
The MetaVault will be moving from its current Curve 3pool strategy to a basket of strategies. Through YIP-10, Yearn v2's USDC and DAI strategies were approved to be added to the portfolio. The MetaVault can now farm the Curve 3pool strategy with the added advantage of Yearn's Curve boost while adding YAXIS rewards on top. More strategies will be introduced as the Era proceeds.
Champions Programme
5% of the new YAXIS supply is allocated to fund the Champions Programme. It provides community members with another avenue to create value for yAxis and for themselves. “Champs” will help drive engagement in the community, boost awareness of yAxis, and ensure the yAxis Bounty Board is always churning.
The bounty board lists requests for proposals (RFPs) where community members can respond to specific needs of the yAxis DAO with a proposal, outlining how they would fulfil these requests. Each request has an accompanying bounty to compensate the yAxis community member upon task completion.
Forum Launch
To make information about the latest developments and participation in governance more accessible, yAxis has launched an official forum. The forum provides the community with an overview of everything happening around the yAxis Project. Users can also use it to 'soft' propose YIPs through discussion threads, which can turn into governance proposals if received positively by the community and yAxis team.
Gitbook Launch
All information about the yAxis ecosystem has finally been gathered under one roof through this Gitbook. Articles range from how-to guides to in-depth elaborations on the mechanisms of existing and upcoming products. The goal of these docs is to allow users of all types to better understand and make use of yAxis.
UI Upgrade
Era 1 enriches the yAxis app with a number of new features. Several new wallets will be able to interact with the platform. Aside from quality of life improvements, the app will allow users to see projections of their future account balance. There will also be a 3CRV wrapper that allows users to directly swap their stablecoins into 3CRV without visiting Curve's website.
A Sneak Peek of Era 2
Excited about Era 1? Wait until you see what Era 2 has in store for us. The commencement of Era 2 will be accompanied by the launch of yAxis' long-awaited Canonical Vaults. These vaults will allow users to deposit digital assets other than stablecoins: BTC, ETH, and LINK, for starters. They will be bootstrapped with plentiful emissions alongside the MetaVault, with the goal to attract even more TVL to the protocol. YAXIS stakers will also be able to lock their tokens for a period of time to boost emissions going to their preferred vaults.
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