Yearn Finance Newsletter #22

Week Ending February 14th, 2021

Welcome to the 22nd 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

  • yveCRV-ETH Pickle Farm is Live Earning Rewards

  • Announcement of Yearn Affiliate Program

  • Compensation Working Group Established

  • Badger DAO & Yearn Partnership

  • yDAI Vault Restored

  • State of the Vaults

  • Partnership Roundup

  • Governance Roundup

  • Ecosystem News

yveCRV-ETH Pickle Farm is Live Earning Rewards

We are proud to announce that the yveCRV-ETH liquidity pool on SushiSwap has been added to Pickle.Finance to the Jar and Farm sections. For context, yveCRV is our CRV “Backscratcher” vault and depositors can lock up their CRV in exchange for receiving a share of admin fees from Curve.fi in the form of 3pool liquidity provider tokens. Users are unable to withdraw their CRV as it is locked forever, however, we have launched a yveCRV-ETH pool that enables depositors of the yveCRV vault to trade their vault token for ETH. This allows them to exit the vault and receive their principal investment back (in ETH), if desired. Liquidity providers of the yveCRV-ETH pool on SushiSwap are eligible to receive SUSHI rewards. Pickle.Finance has created a Jar that automatically compounds these SUSHI rewards and re-invests it into the yveCRV-ETH liquidity pool. This Jar can then be deposited into the Farm section on their site to receive additional PICKLE rewards. As a result, users deposited into the Pickle Farm are essentially earning CRV, SUSHI, and PICKLE rewards. As of 2/14/2021, these rewards are approximately 162% APY.

The screenshot below gives a step-by-step guide on how to do the above. 

You can deposit to the Pickle Farm using this link.

Announcement of Yearn Affiliate Program

Yearn has established an Affiliate program with other protocols in the decentralized finance (DeFi) ecosystem that are interested in forming a synergistic relationship. Cooperating protocols will help increase Yearn’s total value locked (TVL) by directing user deposits to Yearn yVaults. In exchange, the cooperating protocol will receive a % of revenue generated from the additional TVL added to Yearn yVaults. 

We are still in the early stages of designing this program and onboarding protocols interested in forming synergistic relationships. If you are interested in joining or would like additional details please reach out to @milkyklim and @lehnberg

Compensation Working Group Established

In accordance with YIP-57: Funding Yearn’s Future 6,666 YFI has been minted and up to 2,333 of this amount has been set aside for current contributors to reward them for their efforts and to ensure they retain working for Yearn. The Compensation Working Group (CWG) is composed of the Yearn Operations team and five other community members. The working group was approved by the multi-sig. 

The CWG has established several tiers for existing contributors, which is summarized below.

YFI given to these contributors has a 3 year linear vesting schedule. You can read a full description of this working group and the terms of the vesting in the governance post

Badger DAO & Yearn Partnership

We are thrilled to announce that Badger DAO will be partnering with us to create best-in-class BTC Vaults. These vaults will be housed in Badger’s UI and will be eligible to receive BADGER and DIGG rewards. Additionally, Badger DAO is the first protocol to join our Affiliate program and will share a % of revenue that is contributed to Yearn’s TVL from this partnership. The first collaborative vault will be a WBTC vault and is set to launch in the near future. Badger’s crvRENBTC  Super Sett Vault ($291m TLV) will be migrated to Yearn to benefit from boosted CRV rewards as a result of our “Backscratcher” vault. Establishing this partnership we aim to create the most innovative and secure BTC vaults in DeFi.

You can read more information about this partnership in this Medium post

yDAI Vault Restored

Funds related to an exploit of the yDAI vault have been restored and affected users have been compensated in full. Yearn Treasury has opened a MakerDAO vault and minted $9.7m DAI in order to reimburse users. 

Additional details can be found in this tweet

State of the Vaults

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

Three YFI has been purchased with Yearn earnings

Yearn Finance cubes are back on Furucombo

Happy Chinese New Year from your friends at Yearn Finance

Latest Yearn vault stats

Announcement of our Badger DAO partnership

AKRO is able to be supplied to C.R.E.A.M

Updates to Uniquote and Sushiquote

Diagram of our newly updated yveCRV “Backscratcher” vault

APY calculation fixed on crv.ape.tax

Mushrooms.Finance exploring opportunities in Yearn’s Affiliate program

COVER v2 status update

Previously donated YFI has been returned to donors