DeFi Yield Farming

yAxis Project | DeFi made easy

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Today we want to return to the topic of successful DeFi projects, dedicating this article to yAxis, a project that not many people know about but that is continuing to work professionally, increasing its TVL day after day and expanding its community and market cap. For those who don’t know, yAxis is a project that has been active since 2020 but has only recently experienced a boom in TVL thanks to drastic changes in its management and to respectable partnerships and audits. Let’s get to know the project better.

What is yAxis 

yAxis is a DeFi yield farming project where anyone can add TVL to get a large yield (variable percentage) in return. The protocol has been audited by QuantStamp and has already reached very important TVL figures, exceeding 200 million dollars for a few days and stabilizing at the moment around 170M. There are currently two strategies used by the project:

  • Strategy 1 Curve.fi DAI/USDC/USDT | YearnV2: DAI (MetaVault)
  • Strategy 2 Curve.fi DAI/USDC/USDT | YearnV2: DAI (Staking)

The first strategy is the most popular at the moment with a TVL of $137 million. In order to participate, you need to log in to the Vault page and deposit stablecoins, in return for which you get a hefty 58% APY yield. The APY comes mostly from the YAXIS token, as the APY offered by the LP on Curve is only 2.5%, the APY from the CRV token is 8.67% and the APY offered by YAXIS is 47.47%. Very important numbers for a project with such a high audit and TVL. The other strategy is staking the YAXIS token which currently offers a much higher APY. To use this second strategy, simply go to the /Staking page of the official website and connect your Ethereum browser extension (MetaMask or others). 

Liquidity providers can also earn big money by adding their LP tokens to the /liquidity page as the Uniswap pool currently has around $9 million with a very high APR of 453%! Obviously in this case you have to be careful of the impermanent loss, which occurs when you add liquidity and the price of the tokens changes. To find out more, please read this guide on IL that we published just a few weeks ago!

The YAXIS Token

Like any self-respecting DeFi project, yAxis has a governance token (since it is run as a DAO) called YAXIS. At the moment, the price per token is $29, while the maximum supply of the project is 11 million units. With these numbers, the fully diluted marketcap touches 320 million dollars, while the current marketcap is 10 times lower. According to CoinGecko data, yAxis hit a low of $1.85 on September 30, before rising to $80 on April 22. DeFi tokens are suffering a bit at the moment, so the valuation has dropped precipitously for everyone, not just yAxis. 

One curious thing is that the yAxis token is not an ERC-20 token like 99.99% of the tokens out there, but has been converted to ERC677, a different standard that does not require approval before staking. Although affordable, I have not seen other projects use this standard, perhaps because it is less accessible than the ERC-20 standard. yAxis is nevertheless a token to keep an eye on as it continues to perform well and increase its TVL, so it will probably be talked about in the next DeFi booms which may come sooner than expected!

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