Vajpeya is annapeya , the yajna where cereals are distributed to deserving people. Some herb , cereals, and divines are also meant by Vajpeya.
In the later vedic age, the King performed the rites of Rajasuya Yajna with a desire to obtain divine power, Ashwamedha Yajna to expand the empire and the Vajpeya Yajna for chariot racing with friends and relatives of his gotra .
Vajpeya yajna literally means ‘to drink water’ – vajam is ‘water’; peya is ‘to drink’. Metaphorically , Vajapeya yajna signifies to bring inner purity and love into everyday life . The goal of such practices is to acquire knowledge of Brahman .
If we give away all our things in the Vajpeya yagna (sacrifice), we will become Indra (king of Gods). The underlying meaning of this sutra is that if we sacrifice the idea of craving, of having ‘more and more’, we will in a different space. We will have the sensitivity to live and enjoy what we have.