Yield Yak launches Yak Rush for yyJOE alongside veJOE strategies to boost Trader Joe farming yields
With the recent launch of Trader Joe’s veJOE tokenomics for staking JOE to boost farming yields, Yield Yak launches yyJOE and Yak Rush to boost yields for Yield Yak users.
- Browse Boosted JOE farms
- Convert JOE to yyJOE and stake yyJOE
- Read more about Trader Joe’s veJOE mechanics
Yak Rush kicks off in earnest with 150 YAK in incentives to sink JOE in exchange for yyJOE, that can be staked to earn JOE from all veJOE farms. These rewards are in addition to 350K JOE contributed by Yield Yak’s treasury.
- Introducing yyJOE, a token users receive on a 1:1 basis in exchange for JOE. Staked yyJOE earns JOE from all veJOE farms.
- 150 YAK will be awarded to all yyJOE stakers over the course of 10 days, from April 7–16, in addition to JOE from veJOE all farms.
- Yield Yak’s Treasury is converting 350K JOE tokens to yyJOE over time to increase yields for all YY users and maximize the veJOE Boost Speed Up mechanics.
- yyJOE deposits are irreversible. Secondary markets may exist in the future for yyJOE.
Yield Yak’s Approach
When JOE is generated from veJOE boosted farms, a percentage of rewards are compounded back into the underlying farm as per Yield Yak’s usual approach. The new veJOE farms are unique because a percentage is also reserved to mine veJOE, and a percentage is distributed to yyJOE stakers.
Currently the distribution split is 85% compounded, 10% into JOE Vault, and 5% to yyJOE stakers. These ratios are subject to change for the health of the ecosystem.
There is no change to farm performance fees which continue to be distributed to the ARC contract and YAK stakers.
Our Biggest Yak Rush Ever
Yak Rush is back, and it’s our biggest one ever. 150 YAK (or >$300K at current prices) will be awarded to yyJOE stakers from April 7–16.
To ensure you receive the maximum amount of YAK possible, you must have your yyJOE staked before the first distribution on April 7. YAK rewards are front-loaded to reward the earliest converters.
How the rewards for Yak Rush work:
Over the course of 10 days from April 7, YAK will be distributed on a daily basis to yyJOE stakers (specific times may vary). YAK is front-loaded to the early depositors ensuring they receive the largest proportion of YAK, in addition to the JOE rewards they’ll always receive from veJOE farms.
Distribution Schedule for Yak Rush:
- April 7, 50 YAK
- April 8, 35 YAK
- April 9, 20 YAK
- April 10, 15 YAK
- April 11, 10 YAK
- April 12, 5 YAK
- April 13, 5 YAK
- April 14, 5 YAK
- April 15, 2.5 YAK
- April 16, 2.5 YAK
Total: 150 YAK over 10 days
Convert JOE for yyJOE and stake yyJOE for rewards on YY’s website
Converting JOE into yyJOE
Converting JOE into yyJOE is an irreversible action. You will always receive yyJOE at a 1:1 ratio. JOE from the conversion process is used to mine veJOE and increase farming yields for Yield Yak veJoe farms.
All Yield Yak users are eligible to enjoy farming yields typically reserved for veJOE whales by sharing the veJOE balance held by Yield Yak.
Yield Yak’s veJOE balance accumulates over time
yyJOE holders have some benefits now, and those benefits may grow as JOE utility develops:
- 5% of JOE generated from boosted farms is awarded to yyJOE stakers
- 150 YAK in Yak Rush incentives (>$300K at current prices)
- Potential Bribes for future JOE governance may accrue back to yyJOE holders
- Secondary trading markets for yyJOE may be created, allowing you to trade yyJOE in the future and opening new incentive possibilities, but this is not guaranteed.
Should I deposit my JOE with Yield Yak? What are the risks?
Depositing your JOE on Yield Yak bears risks. The token you receive in exchange could end up being worth less or more (due to staking rewards) than the JOE you deposited based on the success of the protocol and its strategy.
A few factors to take into consideration when making your decision:
- If you’re currently staking JOE on Trader Joe and have accrued a veJOE balance that gives you higher farming yields than on Yield Yak, then it may not make sense for you to move your JOE and farms to Yield Yak to earn lower yields. We expect the Yield Yak veJOE yields to grow quickly as our veJOE balance grows, but this will not be immediate.
- The JOE rewards for staking yyJOE which will only be known after launch depending on how much yyJOE is being staked and how much JOE is being generated by veJOE boosted farms.
- Your expectation of the long-term success of yyJOE and Yield Yak’s strategy.
We believe we are in a strong position to succeed because of the Treasury contribution, our track record and strong relationship with Trader Joe, and most importantly the Yak community.
As ever, we recommend to DYOR and use at your own risk Yakheads.