Yearn Finance Newsletter #21

Week Ending February 7th, 2021

Welcome to the 21st 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

  • 6,666 YFI Minted Following YIP-57

  • New yveCRV “Backscratcher” Release 

  • Update to Yearn Lending

  • Thirteen New yVaults Including Six BTC Vaults

  • Yearn Finance UI Update

  • Monthly AMA Concluded

  • Partnership Roundup

  • Governance Roundup

  • Ecosystem News

6,666 YFI Minted Following YIP-57

YIP-57: Funding Yearn’s Future proposed minting additional YFI to give to current contributors, future contributors, potential liquidity mining rewards, and incentives among protocol partners in the Yearn ecosystem. This YIP passed on February 2nd with 83.4% of the eligible vote in favor. The YFI has been minted and is now held in the Yearn multi-sig. You can view the transaction here

yveCRV “BackScratcher” Update

We are proud to announce a new updates to the yveCRV “Backscratcher” vault. Our yveCRV vault enables users to lock their CRV forever in order to receive admin fees from Curve.fi. The average user will earn more rewards by locking their CRV in our yveCRV vault versus locking them on their own. This is due to Yearn locking a portion of the CRV earned from our yVaults into the yveCRV vault. Admin fees from Curve.fi are paid in LP tokens from the 3CRV pool, which can be withdrawn for either USDC, USDT, or DAI. CRV locked into the yveCRV vault cannot be withdrawn, but SushiSwap, Yearn’s AMM arm, has created an incentivized yveCRV-ETH pool that receives SUSHI rewards in addition to normal liquidity provider fees. This pool enables depositors in the yveCRV vault to trade their deposits for ETH and receive back their initial principal if they desire. Further, Pickle.finance has also created a Pickle Jar that autocompounds the SUSHI rewards for more of the underlying tokens (yveCRV-ETH), while also rewarding depositors with PICKLE. 

You can access our yveCRV vault here, the SushiSwap pool here, and the Pickle Jar here.

Update to Yearn Lending

Yearn developers are working hard on new features and innovations on Yearn Lending. We have added several new assets for depositing that can be used to earn interest and/or borrow against as collateral. These assets include, mUSD, DUSD, sEUR, DPI, BUSD, EURS, GUSD, cUSDC, cUSDT, & cDAI. Yearn Lending is integrated into C.R.E.A.M, Yearn’s lending arm, as part of the Iron Bank. 

You can access the UI here

Thirteen New yVaults Including Six BTC Vaults

There have been thirteen new yVaults, including six BTC vaults, added to the yVaults section of our website. These six BTC vaults are crvRENBTC, crvTBTC, crvHBT, crvPBTC, crvBBTC, and crvOBTC and earn CRV, which is automatically sold and reinvested into the yVaults. These profits are claimable by depositors. These vaults are v1 implementations of our yVaults, but withdrawal fees have been temporarily waived until further notice. 

Yearn Finance UI Update

We have released a new update to our site and we are in the process of developing and designing a new update that will be out in the near future. You can access our new site here. If you still see the old site please type CTRL + SHIFT + R (hard refresh). Dudesahn is coordinating the effort to update our new site and he made a post on our governance forum regarding this process. You can view this post here

Monthly AMA Concluded

The latest Yearn AMA concluded on February 3rd on our Discord server. We always welcome community members to ask us any questions they may have about current Yearn products, or future ones as we value complete transparency and communication. Tascha from Alpha Finance Labs joined us as a special guest to discuss their upcoming ibYFIv2 interest bearing token, which will be launched in the near future. You can read a recap of this AMA here

Partnership Roundup

You can read our most recent bi-weekly partnership roundup discussing updates involving partners in the Yearn ecosystem here.

Governance Roundup

You can read our most recent bi-weekly governance roundup discussing potential YIPs or ones actively being voted upon here.

Ecosystem News

Price feeds provided by Keep3r (soon to be Chainlink nodes) live for SushiSwap

xSUSHI available for deposit on C.R.E.A.M

AAVE credit delegation will be natively integrated into v2 yVaults

6 SushiSwap LP tokens able to be deposited to C.R.E.A.M

Pickle Jar announcement for yveCRV-ETH pool

Vulnerability disclosure of v1 yDAI vault

Sneak peak at our upcoming UI

New strategy for our v2 WBTC vault

Leverage factors updated for Yearn Lending

Integration of Yearn yVaults into ecosystem partner Akropolis’ UI

Attractive lending rates available on C.R.E.A.M v2

Recent yv2 pool on Curve.fi paused, but yVaults unaffected

Thread about our yveCRV “Backscratcher” vault