Welcome to the 32nd 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 TVL Has Surpassed $4b
Introducing Woofy: A Blue Dog Companion to YFI
How to Utilize Your YFI Token
Strategists Have Been Paid $5m in 2021 YTD
Vaults At Yearn
Yearn TVL Has Surpassed $4b
Total value locked across all Yearn products has surpassed $4b, and has only taken 32 days to double from $2b to $4b. In comparison, it took Yearn 226 days to double TVL from $1b to $2b. Yearn is continuing to see parabolic and continuous growth among it’s products with no indication of growth slowing down. The Iron Bank product has seen notable increases since the start of April, in conjunction with sustained growth of our v2 yVault product line.
You can view and track TVL metrics among our products using yearn.science.
A big thank you to everyone in the Yearn ecosystem, community, and of course you the end users.
Introducing Woofy: A Blue Dog Companion to YFI
WOOFY is a blue dog companion to the YFI token. Holders of YFI can “woof” into WOOFY by using the user interface at Woofy.Finance. By “woofing” into WOOFY you exchange your YFI token for WOOFY at a rate of 1 YFI : 1,000,000 WOOFY. This exchange rate is static. You can exchange WOOFY back to YFI by using the “unwoof” button on the user interface. WOOFY is always fully backed by YFI. Some users in DeFi have expressed concern that the YFI token is very expensive, therefore, WOOFY enables people to gain exposure to YFI using a much smaller unit of account (1 YFI : 1,000,000 WOOFY).
How to Utilize Your YFI Token
There are several ways YFI holders can utilize their tokens in DeFi to earn yield. We have created a central place that outlines these options for users on our governance forum. In short, users can deposit to our yYFI vault, provide liquidity to pools on SushiSwap, Uniswap, Bancor, open up collateralized debt positions (CDP) with either MakerDAO or Unit protocol, and other options.
The full, detailed post on our governance forum can be found here.
Strategists Have Been Paid $5m in 2021 YTD
The strategists and developers at Yearn are among the most knowledgeable and tenured members of the DeFi community. These individuals work hard to find the best risk-adjusted opportunities to earn yield in DeFi in a constantly changing environment. In addition, the Strategists are constantly monitoring, harvesting, or tweaking our yVaults for your benefit so you don’t have to any work related to the tasks.
We are happy to announce that our Strategists have so far been compensated $5m through April 2021! We also encourage new developers to contrive strategies for our currently active vaults, or new ones that can be created. Develop strategies at Yearn and get compensated for it.
Vaults At Yearn
You can read a detailed description of the strategies for all of our active yVaults here.
Hey, here is the Official Woofy Yearn Finance Group. Feel free to join!!!
https://t.me/WoofyYearnFinance