Yearn Finance Newsletter #23

Week Ending February 21st, 2021

Feb 24, 2021

Welcome to the 23rd 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

Temporarily Extend Multi-sig Empowerment
Yearn Contributor Vesting Packages Sent
APY Updates to Yearn UI
yDAI Reimbursement Airdrop
State of the Vaults
Partnership Roundup
Governance Roundup
Ecosystem News

Temporarily Extend Multi-sig Empowerment

YIP-59: Temporarily Extend Multisig Empowerment was voted on our Snapshot this past week. This vote extends the empowerment of the multi-sig that was established under YIP-41 to the end of May. Additional time is needed to develop a governance structure that is intended to replace the current multi-sig architecture. This vote passed with 100% of the eligible vote in favor on February 23rd, and is binding.

You can view the Snapshot vote here.

Yearn Contributor Vesting Packages Sent

In accordance with YIP-57: Funding Yearn’s Future, contributors have been allocated 1/3rd of the 6,666 YFI minted to retain current contributors, attract new ones, potential liquidity mining programs, and ecosystem incentives. The vesting packages are subject to a 6 month vesting cliff, and are escrowed for 3 years. Further, unvested YFI can be clawed back by Yearn if employment is terminated for any reason by either Yearn or the contributor. Yearn Treasury also has the first right o purchase any vested YFI over-the-counter from the contributor if they decide to sell.

The vesting packages were sent with this transaction.

APY Updates to Yearn UI

Yearn’s user interface has undergone updates to the APY calculations displayed for our yVaults. Curve strategies now display the pool APY (from trading fees), the additional CRV reward APY, the boost amount, and the total APY. The APYs for other non-Curve strategy yVaults have also been updated to more accurately reflect their most recent performance using a compound interest formula not previously employed. We believe that the APYs previously displayed were under-reporting actual APY for depositors, and the new present figures are more accurate. Additional updates coming this week will display each vault’s fees as well as APY before and after fees.

You can view these APYs and deposit to our yVaults using this link.

yDAI Reimbursement Airdrop

Users affected by the issue with our yDAI vault have been reimbursed by our developer team. No additional action is needed from users and all vaults are currently operating as intended. You can view the reimbursement airdrop with this transaction, or obtain more information from this tweet.