An Ethereum whale who is known in the industry for his massive trove of ERC20 tokens says that a relatively unknown crypto asset could be the next yearn.finance (YFI).
The pseudonymous trader known as 0x_b1 says yAxis (YAX) could skyrocket in value as it shapes up to rival yearn.finance’s decentralized finance (DeFi) services.
“yAxis is easy 2x to 4y from here. News isn’t even out. New user interface on standby and we’re donating another 5,000 YAX to next epoch of YAX-ETH LP to bolster plans of yaxis_project and transferAndCall. YAX highest likely comp to what YFI ecosystem looks like. More community dev driven.”
yAxis is a meta yield aggregator, designed to help passive investors generate maximum returns from the DeFi ecosystem with little effort.
The protocol’s decentralized autonomous organization (DAO) is responsible for determining the best yields while accounting for several factors including vault withdrawal fees, market sentiment, as well as price and slippage fees when converting from one underlying asset to another.
“At its core, yAxis is an experiment in DAO-directed yield farming where YAX holders vote regularly on which yVault/aggregator strategy to implement for user funds. This DAO would be the advisor for using ‘robo-advisors,’ and would vote for the best yield while pooling gas fees. Governance IS the yAxis product.”
The native governance token YAX is intended to have no value. However, the protocol’s DAO can vote to have YAX holders take a share from user profits.
At time of writing, yAxis is trading at $29.69, up nearly 20% in the last 24 hours, according to CoinMarketCap.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram