The yAxis Project launched in September 2020. yAxis vaults provide a service to investors that are new to DeFi or don't have the time to manage a personal fund. By making deposits into the vaults, investors entrust their assets to management through the DAO. YAXIS stakers govern the vault's decisions on behalf of investors, thereby fulfilling the role of a portfolio manager.
The original vision of yAxis described a USD stablecoin MetaVault, a DAO-directed yield portfolio that sat on the layer above other yield aggregators, farming the farmers.
The final goal of yAxis is to upgrade the MetaVault into Canonical Vaults that allow users to deposit ERC-20 tokens. These vaults use strategies that use the token natively, but will also be able to delegate to the MetaVault. This is done by borrowing stablecoins off the value of the respective Canonical Vault's asset and then depositing borrowed coins into the MetaVault.
MetaVault v1 enabled users to deposit USD stablecoins into the vault and benefit from a fixed strategy chosen by the strategist.
Metavault v2 extended the strategist's ability, allowing them to fluidly allocate and switch funds across multiple strategies.
Canonical Vaults leverage delegated strategies to allow users to deposit a range of digital assets beyond USD stablecoins. This enables users to earn interest off the value of their assets without exposing them to impermanent loss.