JP-2 Open yyAVAX - AVAX Market

Voting ended about 3 years agoSucceeded

Proposed in discord by Ravageur, temperature check unanimous 30 votes in favor.

Overview:

yyAVAX is Yield Yak's yield-bearing liquid staking AVAX derivative token. yyAVAX constantly accrues value vs AVAX via rewards for validating the Avalanche P-Chain, plus any yield generated through validator-specific opportunities. Yield Yak's liquid staking solution is audited and battle-tested over the past 7 months since its launch in May. yyAVAX has been generating an average APR of ~8% since launch. Its APR varies depending on the yield-generating opportunities specific to its network of validators.

This is a proposal to add yyAVAX as a new base asset paired with AVAX.

yyAVAX would make for a good V2 pair given its quasi-peg to AVAX which should drive volume from frequent rebalancing to its true price when users enter and exit.

yyAVAX's approach to offering instant exits (there is no 15-day unlocking period) means as its adoption increases the benefit LB V2 markets can provide for low-slippage entry/exits would be very valuable.