10,000 wild yaks roam the Earth today. Yaks are wonderful but they are big, very big. So big in fact, that for some, the idea of owning a whole yak just isn’t realistic. And it’s not like you can own just a small fraction of a yak, or can you?
The YAK token is well-known for its scarcity. The maximum circulating supply of YAK is fixed. It will always be 10,000 tokens. With the explosive growth of the Avalanche network, we have seen the price of YAK increase significantly. At the time of writing 1 YAK = $13,643 USD. For some collectors, the price of a single YAK is just too damn high and they want more for less.
YAK Stakers
YAK stakers have strongly signalled their preference to avoid any risk of impermanent loss. 40% of the entire YAK supply is staked in the single-asset pool.
The outcome is that — despite much higher relative rewards going to YAK liquidity positions than single-sided staking — a considerable amount of the supply remains unavailable to liquidity pools, which are important for DeFi composability.
Mini YAK introduces new options for YAK stakers to avoid impermanent loss while contributing to liquidity for the YAK token. YY Swap helps by aggregating trade routes through Mini YAK such that effectively single-sided staking enables useful liquidity.
Introducing Mini YAK (mYAK)
Mini YAK is a new token in the Yield Yak ecosystem. Starting now, holders of YAK may convert YAK (or fractions thereof) to mYAK. mYAK may also be converted back to YAK. At the time of writing 1 mYAK = $0.0136 USD.
Token Details
- Address: 0xdDAaAD7366B455AfF8E7c82940C43CEB5829B604
- Name: Mini YAK
- Symbol: mYAK
- Decimals: 12
Token Utility
The new mYAK token is always convertible at a fixed ratio of 1,000,000:1 with YAK. Token holders can participate using mYAK around the Avalanche ecosystem and within Yield Yak by farming, staking, and more.
- Mini Yak (mYAK) is now available on YY Swap
- New liquidity pairs are available for mYAK
- New liquidity pairs will be eligible to earn AVAX rewards
Gondola mYAK/YAK
In collaboration with our friends at Gondola.finance, the first pair for mYAK/YAK will be incentivized with GDL rewards.
“We are thrilled to be working with Yield Yak on the launch of Mini YAK. This is a natural addition to our Stableswap platform. We are pleased to support new projects in the flourishing Avalanche DeFi ecosystem.” — Dan, Gondola Developer
Gondola offers a Stableswap product, which help bridge fragmented liquidity. This product is ideal for pairs with stable exchange rates and we expect very efficient outcomes for traders and liquidity providers who want to avoid the risk of impermanent loss on their YAK tokens.
Trader Joe mYAK/AVAX
In collaboration with our friends at Trader Joe, the first pair for mYAK/AVAX will be incentivized with JOE rewards.
“We’re here to support fast-paced innovation in the Avalanche DeFi ecosystem. Supporting the Mini YAK pairing is natural as we expect Mini Yak to further strengthen trading volume across other important pairs.” — 0xMurloc, Trader Joe Developer
Trader Joe is a blue chip of Avalanche, which is driving Avalanche innovation with swap and lending products.
Stacked Yield, Two Ways
Yield Yak further announces two stacked yield products that will become available which are built on Gondola mYAK/YAK and Trader Joe mYAK/AVAX liquidity pools.
“We’re stacking yield in three steps. First, deposit mYAK in a liquidity position to earn trading fees. Second, auto-compound to continuously reinvest your rewards. Third, go and stake the auto-compounder tokens to earn AVAX from Yield Yak.” — Slow Cheetah, YY developer
Autocompounders and new staking options will be available on Yield Yak soon.
Instructions for Stacking Yield (Coming Soon)
Gondola mYAK/YAK
Trader Joe mYAK/AVAX
- Add liquidity for mYAK/AVAX on Trader Joe
- Deposit JLP on YY Farms
- Stake YRT on YY Stake
About Gondola Finance
Gondola Finance specializes in Stableswaps on Avalanche, bridging fragmented liquidity.
Different bridged assets result in fragmented liquidity, and they are very difficult to transfer to each other unless users are paying high transaction fees and slippages. Gondola is created to connect any asset on Avalanche.
About Trader Joe
Since its fair launch, Trader Joe has grown rapidly. The protocol started with Automatic Market Maker (AMM) and Yield Farm features, and quickly captured users with its fun and engaging user experience. The team plans to launch decentralized lending and borrowing protocols next as part of its one-stop trading platform.
