Yearn Finance Newsletter #48

Week Ending October 10th, 2021

Oct 12, 2021

Welcome to the 48th edition of the Yearn Finance Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of the 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 Goes Multichain with Fantom
Yearn Reaches $5B TVL (Again)
How You Can Contribute to Yearn
Call for Ideas: YFI Tokenomics Revamp
Transparency at Yearn
Vaults at Yearn
Ecosystem News

Yearn Goes Multichain with Fantom

The Realm of Multichain beckons. And Yearn has heeded the call.

Today, we go multichain with the launch of Iron Bank Fantom and the first Fantom vaults on beta.yearn.finance.

You may ask, “Why multichain now?”. This is because Yearn requires specific infrastructure to safely and efficiently function, both external (Gnosis safe, DEX liquidity, block explorer) and internal (frontend and backend).

Our v2 vault codebase has hardened over the past few months, and the new beta website is a vast improvement, allowing us to switch chains relatively easily, something we simply could not have done in the past.

Fantom is fast, simple to use, and easy to bridge to thanks to Anyswap. Additionally, it is well-supported by our development tools and by our Iron Bank partners at CREAM Finance. Check out the article on the Fantom Iron Bank here.

And it doesn't hurt that Andre Cronje is a big fan.

The first vaults on Fantom are: yvWFTM, yvUSDC, yvDAI, and yvMIM. We’ve launched support for a native Fantom Iron Bank as well. Head to beta.yearn.finance to check them out for yourself.

So to answer your questions of when Arbitrum, Optimism, Polygon, Avalanche, and others are arriving, there will definitely be more multichain fun coming soon. Ultimately, we’d love to bring Yearn to any chain where we can safely operate and simplify the process of earning yield for users and partners.

The Realm expands and we go with it. We want to meet people where they are, including new users and users with smaller deposits. Multichain expansion is a natural way to do this.

Got questions or want to learn more? Join us on Telegram or Discord.

Yearn Reaches $5B TVL (Again)

Total value locked across all Yearn products has surpassed $5 billion once again, and $1 billion has been added in the last month alone. Yearn is continuing to see parabolic growth among its products with no indication of slowing down. The Iron Bank and v2 vaults are particularly notable components of our exponential growth. You can view and track TVL metrics among our products using yearn.science.

A big thank you to everyone in the Yearn ecosystem, our partners, and of course you, the users.

How You Can Contribute to Yearn

You may ask, “How can I contribute to Yearn?” For one, Yearn has no papers of incorporation, no headquarters, nor even a list of names and locations for its contributors. It’s a radical experiment in decentralization & here’s how easy it is to get involved.

Visit our public page at yearnfinance.notion.site. Here, you’ll learn about Yearn’s decentralized structure, culture of doing, open roles, and how to get in touch.

Looking to jump in now and start doing? 1. Visit contribute.yearn.rocks 2. Scan the list of available tasks 3. Do one that you want to do!

Don’t see a task you want to do on the list? Good. You may know what Yearn is better than we do. Come show us. Submit your idea in our shimmy pool of ideas. Or join us in Discord and share your voice.

How to farm YFI by working for a DAO: When other Yearn contributors see your work, they can vouch for you in Coordinape Gorilla and you’ll be on your way to earning YFI! Check out Coordinape here.

Here’s what we believe: If you have fallen down Yearn's gravity well, there is a reason. Let's bump against the impossible and see if it moves.

We are building a ship. It will carry anyone who wants to board. Any age, any gender, any worldview. You are all welcome. Yearn is a ship from the fleet of tomorrow. And all that matters is that we sail.

What if the most radical component of Yearn isn’t the yield machine, after all? The machine is a technical apparatus constructed of code. It cannot exist without its network of hearts and minds.

Perhaps the network itself is the most radical part of Yearn… our unique DAO and those who embody it. Perhaps the most radical component of Yearn will soon be you.

Check out more details here.

Call for Ideas: YFI Tokenomics Revamp

With the renewed interest in YFI tokenomics in recent days and the v3 protocol development still being in the phase when it’s malleable enough, it might be a good time to properly tie the two together. Everything is on the table, be it token split, liquidity mining, tail emission, veCRV-style lockups. If you started YFI right now, how would you structure it? We are looking forward to the suggestions that our community puts forward, and would love to implement it in the future.

Check out the forum post here.

Transparency at Yearn

Through transparency and on-chain verifiability, we firmly believe crypto will change the world. Yearn hopes to exemplify this transparency, and below, we have showcased some examples.

See Yearn’s balance sheets, EBITDA, income and more every quarter: https://github.com/yearn/yearn-pm/blob/master/financials/reports/2021Q2-yearn-quarterly-report.pdf

In fact, you can track every single Yearn-related transaction in real time at yfistats.com. There, you’ll find sortable: transaction records, protocol income, protocol expenses, income statements, EOM balances, charts, revenue projections, $YFI buybacks, & much more. All of this information is carefully curated by the yBudget team and, as usual, freely accessible to everyone.

Don’t like websites? You can even track our income with custom “harvest bots” in Discord and Telegram.

Want to join one of the most open and transparent platforms in history? Good news: we show you exactly how you can contribute with a list of tasks just waiting for new contributors: https://contribute.yearn.rocks

The future is here, it’s just not evenly distributed.

Thank you to the Yearn community and all the contributors at Yearn who helped to make this happen. If you’d like to contribute, come join our public discord, create an issue in one of the repos linked in the medium, or share your designs with us on twitter!

Read an in-depth thread on Yearn’s transparency here.

Check out the vaults here.