Yearn Finance Newsletter #13

Week Ending November 29th, 2020

Welcome to the 13th edition of the Yearn Finance Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of latest news, including product launches, governance changes, and ecosystem updates. If you’re interested in learning more about Yearn Finance, follow our official Twitter and Medium accounts.

Summary

  • Yearn Merges with C.R.E.A.M

  • Yearn & Pickle Form Symbiotic Relationship

  • Yearn & Cover Merger

  • PowerPool Integrates YFI 

  • The Yearn Ecosystem Ethos

  • 3rd Monthly AMA Recap

  • Launch of yGift

  • Yearn State of the Vaults

  • Governance Updates (YIPs)

  • Ecosystem News

Yearn Merges with C.R.E.A.M.

We are pleased to announce that the C.R.E.A.M. lending platform has officially joined the Yearn ecosystem. Yearn and C.R.E.A.M. developers will join forces to launch C.R.E.A.M. v2. This upcoming launch will expand C.R.E.A.M.'s lending infrastructure and introduce new leverage tools that will be utilized by other Yearn products. A few notable synergies that will be formed include

  • C.R.E.A.M. will serve as the launchpad for our upcoming StableCredit product.

  • Yearn yVault shares will be used as collateral in C.R.E.A.M.

  • yVaults will be able to access leverage using funds within the C.R.E.A.M. lending platform.

  • C.R.E.A.M. & Yearn development resources will merge.

  • Yearn & C.R.E.A.M. TVL will increase.

  • A new collateral protocol credit solution will be launched.

  • Yearn and C.R.E.A.M. can offer pair lending.

This is an exciting new development for us as we have been evaluating how to incorporate a lending platform natively into our ecosystem, and also find a suitable partner to help us launch StableCredit. 

StableCredit is an upcoming product that will combine three pillars of existing DeFi infrastructure: (1) synthetic debt, (2) money markets, and (3) Automated Market Maker (AMM) technology. We wrote an in-depth description about StableCredit in a prior newsletter, which you can read here. You can also read the original Medium post introducing it, or our official documentation

The Medium post describing the C.R.E.A.M. merger can be found here

Yearn & Pickle Form Symbiotic Relationship

The Yearn community is pleased to welcome developers from Pickle Finance to the Yearn ecosystem. Pickle developers will serve as Strategists in our upcoming Yearn 2.0 yVault release. Yearn 2.0 yVaults will incorporate a 2% management fee, and a 20% performance fee. The performance fee will be split between Strategists and Yearn governance. You can read more information about this upcoming fee structure change here

This new relationship will reduce duplicate work, increase specialization, and leverage shared expertise. A brief list of the changes are as follows: 

  • Pickle pJars will now be vaults in our upcoming 2.0 yVault release.

  • Pickle tokens will now be rewarded by staking yVault tokens into newly introduced gauges.Pickle tokens can be placed in time-locked escrow to receive DILL, a new governance token for Pickle finance. DILL will also boost rewards received from Yearn yVaults.

  • A new token, CORNICHON, is introduced and will be proportionally distributed to users affected by the recent Evil Jar attack against Pickle’s DAI pJar. 

Ultimately, end users of Yearn yVaults will benefit from higher rewards due to receiving PICKLE rewards, while the Pickle ecosystem will benefit from Yearn’s expertise in development and security. Pickle developers will earn additional fees as Strategists under our upcoming yVault 2.0 release. 

You can read the Medium post describing this relationship here

Yearn & Cover Merger

Yearn and Cover will join forces and Cover will now serve as the backstop coverage provider for Yearn products—while continuing to serve the broader DeFi market. Cover is in the process of creating a perpetual coverage system that will enable continuous protection against adverse events, without expiration. All current coverage products within DeFi have a fixed expiration date. As a result, Yearn yVaults will be natively covered under these perpetual coverage products. 

You can read the Medium post describing this merger here

PowerPool Integrates YFI 

PowerPool enables token holders to lend, pool, borrow, and gain income from governance tokens. It also oversees the PowerIndex, which is a decentralized ETF consisting of eight governance tokens. CVP token holders govern the PowerIndex. This allows CVP holders to vote on Yearn Finance governance proposals using YFI held in its meta-governance contract. PowerIndex is the first index of its kind, and we are excited to join the PowerPool community to enable this functionality.  

You can read the Medium post describing this integration here

The Yearn Ecosystem Ethos

There have been several mergers and/or partnerships formed within the Yearn ecosystem this past week. We want to remind readers that at its core the Yearn ecosystem fosters and encourages a collaborative development environment. Yearn is a yield-aggregator and relies on composability of many different protocols within DeFi on the Ethereum blockchain. This translates to a developer community that encourages collaboration between other developers and protocols in order to create new, innovative technology. 

We invite more developers to collaborate with the Yearn ecosystem, or reach out to us if you have ideas where new synergies can be formed. 

3rd Monthly AMA Recap

On November 27th, we conducted our 3rd Ask Me Anything (AMA), and we were joined by special guest Tascha Panpan from Alpha Homora who discussed their YFI/ETH leveraged liquidity pool product. We conduct monthly AMAs so that community members are able to ask questions about anything related to the Yearn ecosystem. We will announce the date for our next AMA in the future. Stay tuned!

You can read a synopsis of this AMA here

Launch of yGift

We are pleased to announce the launch of yGift, a platform for giving gifts, grants, and gratitude. Upload an image or GIF, and add a message to send an ERC-721 non-fungible token (NFT) to a friend. You can also send one of several tokens as a part of the gift (YFI, yUSD, y3Crv, DAI, USDC, WETH, or WBTC). 

Special thanks to @AndreCronjeTech@bantg@bigba_daboom@ericjuta@gabusch@milkyklim@OwlOfMoistness@Substreight@WrongNebula@Zemm_NFT@st_heresypriv

@ssSuttonSss @tracheopteryx !

You can send a yGift by using the portal found here

Yearn State of the Vaults

You can read our weekly synopsis regarding Yearn’s yVaults, including current strategies and upcoming changes here

Governance Updates (YIPs)

You can read our weekly governance roundup discussing newly proposed, on-going, or passed governance proposals here.

Ecosystem News

Sneak peak into upcoming lending markets integrated in the Yearn ecosystem

Yearn developer Andre Cronje discusses what merger, acquisition, and other terms mean in a decentralized space

yTUSD vault has a new strategy and will deposit TUSD into the y Pool on Curve finance

Yearn yVaults are now integrated into the Argent wallet

YFI is one of six tokens that will proceed to on-chain voting for two open slots in Bancor’s liquidity mining program. Further details to be announced soon.

C.R.E.A.M founder commenting on the Yearn & C.R.E.A.M merger

Announcing the KERNEL security track fellowship

12 hours after the YFI debt ceiling was increased at MakerDAO it reached 75% of the new debt limit (20m DAI). A new vote is being discussed to raise the debt ceiling further. 

Community created video announcing the YFI debt ceiling increase on MakerDAO

yvWETH test vault v.0.2.0 deployed

Vaults v0.2.1 (Laika) released

Twitter thread about the Yearn & Pickle relationship

Guest list created for upcoming 2.0 yVaults. Depositors must have at least 1 YFI held in their wallet or approved smart contracts

Recap of our latest AMA in French

Proposal to create a YFI Governance vault

The Cornichon token is born

A UI for claiming CORN tokens is live

Resources

YCosystem: Aggregator of Yearn community links

Yearn Docs

Y.finance: Development Yearn frontend

Yearn Governance Forum

Yearn Snapshot Vote Signaling

yGov Finance: Yearn on-chain voting

yGov Rocks: Alternative voting and claiming portal

Learn Yearn: Yearn education and explainers

Yield Farming Info: Yearn Vault APYs

Feel the Yearn: Yearn Vault APYs, wallet holdings, and earnings

Stats.Finance: Yearn Vault APYs, value locked in yVaults and Strategies

yVault ROI: yVaults ROI for any wallet address

Yearn ROI: Estimate future yVault ROI

DeFi Marketcap: Yearn Vault and token marketcaps

Add YFI and yUSD to MetaMask

Recycler: Zap multiple stablecoins into yUSD Vault

yVault explainer graphics by DeFinn