Boston, MA, June 17, 2021 (GLOBE NEWSWIRE) -- COSIMO X, the world’s first tokenized fund, is now backing yield farming solution yAxis. Yield farming is one of the most popular investment strategies in the Crypto DeFi sector and enables investors to lock their idle assets into protocols that offer attractive returns. The top four aggregators that provide these strategies as a service have reached a total value locked (TVL) of over $6 billion.
The project is set to be the single point of entry into DeFi
The decision to back yAxis is motivated by the need for a platform that gives investors simplified access to these aggregation services. The project consists of a decentralized autonomous organization (DAO) that determines and approves optimised strategies to allocate investors’ funds across the various yield farming aggregators. Holders of the yAxis governance token earn a performance fee for designing and recommending strategies in their role as fund managers. Meanwhile, yAxis users receive all the benefits from a single, easy-to-use and inexpensive entry point.
Partner at COSIMO X, Connor Cantwell, has commented on the project. “We’re convinced that there needs to be an easy bridge into DeFi. One with minimized risks, pooled gas fees, and where no previous knowledge is needed. In this regard, yAxis has a great product roadmap, is security focused, and counts on a very committed and engaged community.”
yAxis has delivered on its ambitious plans to expand throughout the year. It introduced a token swap to its ERC-677 governance token $YAXIS and the TVL for the project’s MetaVault reached over $200 million shortly after launch. The anonymous team shared impressive results near the completion of its first set of milestones, or “era,” and is working closely with its community on expanding its product development and marketing programs.
COSIMO X has a history of backing innovative successful projects. The fund is an early investor in the fast-growing adaptive digital asset NDAU and participated in the private sale ahead of the wildly successful Casper Labs launch.
About COSIMO X
COSIMO X is a venture capital fund that invests in opportunities in emerging, next-generation technologies. The COSIMO team has been at the forefront of innovation and value creation for early stage companies over the past 25 years. As technology pioneers, it has developed products used by hundreds of millions of users every day and have created many firsts: from the first commercially available financial service on the Internet to the first Internet push notification.
About yAxis
yAxis is a simple, all-in-one solution for DeFi yield aggregation. It consists of a DAO on the Ethereum blockchain that combines different yield farming strategies via popular protocols. These strategies are decided on by a community of holders of the ERC-677 governance token $YAXIS.
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