The yAxis project has announced the launch of its yAxis version 3.0 protocol on the fast-growing, high-transactions per second (TPS), low-fee Avalanche network. The move to support Avalanche represents yAxis’ first step to becoming a multichain protocol focused on revenue and ease of use.
Summary:
- Market-leading earnings on digital assets
- A 2.5-times APR boost available for YAXIS, the yAxis native governance token
- Auto-compounding
- A token bridge between Ether (ETH) and Avalanche (AVAX)
- Two comprehensive smart contract audits.
Benefits of yAxis on Avalanche
Transaction fees —known as gas — can be prohibitive at times on the Ethereum mainnet. Decentralized finance (DeFi) users with smaller portfolios are often deterred by the costs of using yield-generating DeFi protocols.
On the Avalanche blockchain, transaction fees are lower and transaction speeds are higher by orders of magnitude.
The yAxis project’s version 3.0 can now use the benefits of its speed and low fees to offer 2.5 times more of an APR boost to new retail users.
YAxis vaults and auto-compounding
The yAxis protocol pools users’ funds, deposits them into their respective Convex pools, regularly harvests the rewards, and automatically compounds those rewards.
This auto-compounding feature maximizes earnings potential to deliver market-leading yields.
The AV3CRV and AtriCrypto vaults accept tokens found on the Curve exchange. The AVAX vault supports tokens from Aave, and the Joe vault leverages liquidity pool tokens from the Trader Joe decentralized application.
These vaults offer native yields, auto-compounding and 2.5 times the APR Boost for YAXIS tokenholders.
Bridging YAXIS from Ethereum to Avalanche
The yAxis protocol also offers a YAXIS token bridge from the Ethereum mainnet to Avalanche. This allows existing yAxis version 3.0 users on the Ethereum mainnet to move their YAXIS tokens to the faster and cheaper Avalanche network.
New users can find YAXIS tokens on the Trader Joe exchange, allowing them to earn yields on digital assets without leaving the low-gas, high-TPS Avalanche network.
Locked veYAXIS and voting power
Users gain voting power as veYAXIS — voting escrow YAXIS — when they lock YAXIS tokens on the protocol.
Voting power is crucial for many of the vault’s yield-generating functions, such as the personal boost multiplier (PBM), which lets users receive up to 2.5-times the boost on their rewards. For example, a minimum vault reward APR of 10% coupled with a 2.5-fold boost would result in a 25% APR.
Another component is voting with veYAXIS to steer additional rewards toward users’ vaults of choice. This multi-directional tug-of-war lets users increase their vault APR by increasing the value of YAXIS tokens received.
The veYAXIS tokens are also used in project governance and to vote in key project decisions.
Learn more about yAxis version 3.0 here.
Join the conversation:
- Twitter – Twitter.com/yAxis_project
- Discord – Discord.gg/yAxis-project
- Telegram – T.me/yAxisOfficial
