What is Yield Yak (YAK)? Everything you need to know about YAK Token

In today’s article, we will explore one of the projects that recently entered the AvalancheRush Incentive Program with $100,000 in Developer Incentives.

I will provide every piece of information you need to know about this project, including how it works, token use cases and other highlights of the project. 

What is Yield Yak?

Yield Yak is an auto-compounds platform that uses yield farming rewards to optimize users’ return on liquidity mining programs. The project aggregates information from other decentralized exchanges on Avalanche such as Pangolin and empowers its users to capture the best prices for their trades.

The project is a diverse and community-driven project. The community compounds rewards and suggests new strategies and configurations to contribute to the development of Yield Yak. The working model of the platform can run without the team’s involvement.

Due to its auto-compounds structure by the community, Yield Yak helps users with remained issues such as:

• High gas costs when claim rewards and compound farming rewards.
• Time-consuming to continuously compound more frequently.

How does it work?

Yield Yak farms can compound every few minutes or hours. The rewards will be converted into deposit tokens on behalf of the users in the pool and provide users with blended price and reward assets.

For example: 

If a user stakes $100 of LP tokens into a farm. 

The user then receives 0.1 AVAX per day. This amount is somehow only enough to cover the gas fees in the network.

If they want to wait for longer to claim higher rewards, they are facing the risk of price fluctuations for the assets.

⇒ When using Yield Yak, users can earn the average price for rewards over the duration of compounding. Prevent the risk of price shifting.

Yield Yak calculates the rewards based on an actual and recent performance:

• Simple APY (Annual Percentage Yield) is based on recent performance, which is annualized without compounding.
• Compound APY considers that your farming assets grow and compound and displays the simple daily ROI compounded over a year.

The compounding APY offered by Yield-YAK is considerably higher than other platforms in the Avalanche ecosystem such as Pangolin.

What is YAK Token

The Yield Yak Token (YAK) is used to support the platform with these activities:

• Governance: YAK holders can participate in the governance of the project.
• Native Revenue: Users can stake their YAK tokens to receive incentives from the platform.
• Incentives: Any incentive models that distribute $YAK will be accomplished by using network revenue instead of inflating the supply.                            

Detailed information about YAK Token

YAK Token Metrics

• Token Name: Yield Yak Token.
• Ticker: YAK.
• Blockchain: Avalanche C - Chain.
• Token Standard: ARC - 20.
• Contract: 0x59414b3089ce2AF0010e7523Dea7E2b35d776ec7
• Token type: Utility.
• Total Supply: 10,000 YAK.
• Circulating Supply: Updating...

YAK Token Allocation

10,000 YAK tokens are distributed as follows:

• 50% Depositors
• 15% Reinvest pushers
• 15% Team
• 15% Partners
• 5% Community

YAK Token Sale

Team tokens will be locked and vested over a year. Partner tokens will also be subject to locks and vesting.

Under this proposal, day 0 circulating supply is 7,000 $YAK.

How to buy YAK Token 

You can use Coin98 Exchange to swap other tokens for YAK following these simple steps with: https://exchange.coin98.com/

Step 1: Connect Coin98 Extension Wallet.

Step 2: Select Avalanche.

Step 3: Choose coins/tokens for trading:

• Search YAK.
• If the result does not come up, you can paste the contract of YAK into the search box: 0x59414b3089ce2AF0010e7523Dea7E2b35d776ec7

Step 4: Adjust the amount you want to swap.

Step 5: Adjust the gas fee, then click Approve.

How to mine YAK Token

The airdrop events to receive YAK tokens have already ended. Pools supported on the platform rewards by AVAX tokens. 

Therefore, you can only receive YAK by buying on exchanges.

How to store YAK Token 

You can store YAK token on Coin98 Wallet with these steps:

Step 1: Open Coin98 Wallet & click Receive on the home screen.

Step 2: Search YAK Token.

Step 3: Click on the correct result, copy the wallet address and send YAK to this address.

Roadmaps and Updates

The roadmap for the project has not been made public. 

However, there has been some information provided by the team stating that they will accelerate their audit of the project in order to improve the platform's security.

Team, Investors, and Partners

Team

Updating…

Investors

Updating…

Partners

Updating…

Is YAK a good investment?

This article has provided some of the main ideas related to the YAK token and its implications. Still, it is important to note that there are a few key points that investors should take into account before making investment decisions:

• Yield Yak is currently ranked 4th by the Total Value Locked in the Avalanche ecosystem. The pools supported on the platform are quite diverse and the project is also community-driven. Also, the APY on the supported pools is considerably higher than other platforms such as Pangolin.

• The project entered the $180M AvalancheRush incentive program. This will promote the development of Yield Yak, advancing Yield Yak Swap. The support from The Avalanche Foundation will help Yield Yak adopt more users and their trades across the whole ecosystem.
• Yield Yak is not audited yet. With more hacks coming to Avalanche such as Zabu Finance, Vee Finance this month. Users need to consider all the risks involved while using any Pool-farm projects.

Conclusion

I hope you have gained all of the important information about YAK including its features and highlights throughout this topic.

If you have any questions about YAKor want to know more about YAK, please feel free to leave a comment below and join Coin98 Community for further discussions about Crypto.