yAxis Coin Price & Market Data
yAxis price today is $5.96 with a 24-hour trading volume of $285,289. YAXIS price is down -1.8% in the last 24 hours. It has a circulating supply of 800 Thousand YAXIS coins and a total supply of 11 Million. If you are looking to buy or sell yAxis, Uniswap (v2) is currently the most active exchange.
What is yAxis?
yAxis markets itself as a meta yield farming aggregator that is able to switch the underlying assets when deploying strategies. Yield farming strategies are governed by a DAO, where token holders vote regularly to implement the best strategy out of a selection of strategies provided by multiple yield aggregators.
What are YAX tokens?
The YAX token is yAxis’s native governance token. As the platform is developed further, YAX tokens will be used to shape the direction of its future.
Among the proposals that the DAO may choose to execute is to alter the emission of YAX or to reward early users of the protocol. Governance may also vote for the protocol’s fees to be distributed to YAX holders.
10% of YAX tokens is saved into a community treasury which could be deployed via a governance vote.
How does yAxis work?
The goal of yAxis is to create a meta yield aggregator which can obtain the best yield by taking advantage of other existing yield aggregating platforms such as yearn.finance or Pickle Finance. In other words, it operates above these platforms and can switch between platforms that offer better yields.
Currently, the product can be divided into MetaVault and governance.
The multi-asset MetaVault allows users to deposit different types of stablecoins such as USDC or DAI. Users who deposit stablecoins will receive MetaVault tokens (MLVT) to represent their share of the vault. MLVT tokens will accrue value as the deposited funds are deployed to the best yield-aggregating strategy. Depositors will get to save on gas fees as the fees are distributed to all depositors.
Whenever there is a better strategy available, MetaVault will convert the underlying deposits into the appropriate asset to begin yield-farming using the more profitable strategy. Users can choose to withdraw their funds anytime by returning their MLVT tokens for any stablecoin of their choice and interest.
Strategies are decided by the community by staking YAX tokens on the governance platform. YAX holders can choose from a preselected list of yield farming aggregators, and stake their tokens in the contract which they believe will provide the best return.
Strategy risk, fees, and the overall DeFi market sentiment will be displayed on the governance user interface. In return for voting, the community will reward voters with a share of the MetaVault’s performance fee.
How do I get YAX tokens?
Besides that, you can also earn YAX through the staking section on the yAxis platform. Users can stake their existing YAX to earn a share of farming rewards which are sold to YAX and redistributed back to stakers.
Users may also provide liquidity for the YAX-ETH pair on Uniswap and stake the liquidity provider tokens to earn YAX in the LP section. To know more about this and other yield farming programs, you may head over to our Yield Farming page.