Yearn Finance Newsletter #34

Welcome to the 34th 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 Has Purchased An Additional 21.35 YFI For $1.02M

• YIP-62: Change Two Multisig Signers Voting Is Live

• Synthetix Vault Released

• Collateral Factor Of New yVault Tokens Has Risen To 60% On C.R.E.A.M.

• Cumulative Protocol Revenue Approaches $21M

• Vaults at Yearn

Yearn Has Purchased An Additional 21.35 YFI for $1.02M

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 21.35 YFI for $1.02 million at an average price of $47,976 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.

YIP-56: Change Two Multisig Signers Voting Is Live

A new vote is live on our Snapshot that will replace two current multisig signers, Tarun Chitra & Substreight/Joe Mahon with Ryan Watkins and Lumberg/Leon Cheng. Voting concludes on May 29th and the results will be binding. You can read the full proposal here and vote on it on our Snapshot here. 

Synthetix Vault Released

We have released our long-awaited Synthetix staking vault. Instead of users having to regularly manage their debt and do weekly transactions with high gas fees, this new vault automatically claims weekly rewards, neutralizes stakers’ exposure to the debt pool, and deposits $SUSD into our $SUSD Vault for more yield. We hope that Yearn vaults will become the gold standard for $SNX staking moving forward.

Any airdrops that $SNX stakers may receive (i.e. $THALES, $KWENTA, $AELIN) will be converted to the vault underlying token (SNX in this case) and are donated to the vault, increasing its share price. No additional fees apply.

Yearn's standard vault fees apply: 2% management fee + 20% performance fee. Both should be covered by savings in gas fees alone for most users.

The $SNX and $SUSD vaults can be found here.

Collateral Factor Of 3 yVault Tokens Increased To 60% On C.R.E.A.M.

Holders of yvCurve-IronBank, yvCurve-sETH, and yvCurve-stETH can now borrow up to 60% of their value on C.R.E.A.M. Finance.

You can deposit to these vaults at yearn.finance/vaults.

A link to the C.R.E.A.M governance vote can be found here.

Cumulative Protocol Revenue Approaches $21M

Since its launch, Yearn has earned nearly $21 million in revenue excluding the interest paid to depositors, with almost $1 million earned in the last week. In the past 30 days, $6.36 million dollars in revenue has been generated by the protocol. An extrapolation of this data projects annual revenue to be $77.36 million.

Yearn’s cumulative revenue and other statistics are viewable here.

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