Yearn Finance Newsletter #33

Welcome to the 33nd 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

  • $20m in Revenue Earned Since Launch

  • Total Value Locked Has Reached $4.5b

  • Yearn Has Purchased An Additional 8.15 YFI For $408K

  • yVaults v1 to v2 Migration Is Live

  • WOOFY Has Gone MultiChain

  • Two New Pickle Jars Launched By Pickle Finance

  • Vaults at Yearn

$20m in Revenue Earned Since Launch

Yearn has earned $20 million in revenue, excluding the interest paid to depositors, since launch in July 2020. In the past 30 days, ~$5 million dollars in revenue has been generated by the protocol. Extrapolating this data puts annual revenue at $60million.

A link to Yearn’s cumulative revenue and other statistics can be found here.

Total Value Locked Has Reached $4.5b

Yearn total value locked (TVL) is continuing to experience explosive growth and we have now surpassed $4.5b in TVL across all Yearn products. Some of this growth can be attributed to 3rd party projects (e.g. @AlchemixFi) using Yearn as vault infrastructure, and we expect this growth to continue. Our vaults provide some of the best risk-adjusted returns in DeFi, while also being the most simple. Let Yearn do the hard work for you and continuously compound your funds.

You can view TVL metrics using this link.

Yearn Has Purchased An Additional 8.15 YFI For $408K

In accordance with YIP-56: Buyback and Build Yearn, which was passed in January 2021, we are proud to announce that Yearn Treasury has purchased an additional 8.15 YFI for $408K at an average price of $50,121 per YFI.

Yearn Treasury will periodically purchase additional YFI in the future using profits earned by the protocol until a new governance proposal is passed that alters this buyback policy. You can read about the BABY proposal here

For more information, a detailed breakdown of previous YFI purchases by Yearn Treasury can be found here.

yVaults v1 to v2 Migration Is Live

The crvSAAVE, yCRV, y3CRV, crvCOMP, crvSBTC, crvRENBTC, crvHBTC, crvTBTC, crvBBTC, crvPBTC, crvYBUSD, and crvGUSD vaults have begun migration to v2. You can view the APYs here. Withdrawal fees related to migration are waived, but only for a LIMITED time so migrate ASAP!

YLA, the Yearn Lazy Ape index by PowerPool, has also migrated to the v2 Yearn vaults that have a higher APY.

You can migrate with a button under each respective vault on our UI here.

Woofy Has Gone MultiChain

The WOOFY launch, following the trend of several dog coins, saw an implied price of YFI at $1.5 million per token.

Following the launch, WOOFY went multichain on Fantom, Binance Smart Chain, and Ethereum by the efforts of Multichain and Anyswap. A Fantom vault has also been created to earn BOO on the WOOFY/FTM pair in Spookyswap, thanks to lanceup and ape.tax

A WOOFY airdrop has also been completed, with several users who sent a picture of their dog licking their face to Banteg receiving 5,000 WOOFY each.

WOOFY has additionally been bought back, with 8.15 million $WOOFY bought for $408K at an average price of $0.05 per WOOFY.

A link to WOOFY merchandise by loldefi can be found here. All profits will be used to buyback WOOFY.

Two New Pickle Jars Launched By Pickle Finance

Yearn ecosystem partner Pickle has added two new wrapped vaults, also known as jars. These two jars are USDC V2 and Curve LUSD boosted by Curve Finance.

Deposit to the new jars here.

Vaults At Yearn
You can read a detailed description of the strategies for all of our active yVaults here.