Yearn Finance Newsletter #5
Week Ending October 4th, 2020
Welcome to the 5th edition of 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.
Summary
Yearn State of The Vaults
ETHOnline Strategies 101 Presentation
New yInsure Competition Announcement
yVault Excess Fee Refunded
8m DAI Related To EMN Distributed
Governance Updates (YIPs)
Ecosystem News
Yearn State of the Vaults
Last week we gave a summary of the current strategies of yVaults and upcoming changes. We are moving this update to a weekly medium post by our Communication team member Dudesahn. You can read the State of the Vaults here. Highlights include two updates related to Maker, and a v2 yVault teaser.
ETHOnline Strategies 101 Presentation
Members of the Yearn development team (Doug Molina, fubuloubu, Orbxball, x48) hosted a live session on October 1st for ETHOnline—an online hackathon. They discussed Yearn yVaults and their current strategies in technical detail. This presentation was intended to give external developers insight on yVaults and to encourage them to create new strategies, which they will be compensated for.
You can view this presentation here.
New yInsure Competition Announcement
We are pleased to announce a competition to select new artwork that will be the face of yInsure. Submissions will begin on October 15th 12:00am UTC and will run until October 17th 12:00am UTC (48 hours).
Participants should submit two images: One image for all insurance under 100 ETH, and another image for insurance over 100 ETH. Tweet your submission with the hashtag #yRari to @iearnfinance and @rariblecom. The winner of the competition will receive 2,000 yUSD. More information can be found here.
yYFI Vault Excess Fee Refunded
The yYFI vault underwent a new strategy last week. This strategy deposits YFI into the Yearn Governance staking contract, earns yCRV, and uses these proceeds to purchase additional YFI. This YFI is deposited back into the yYFI vault where depositors of the YFI have claims over the purchased YFI. The new strategy inadvertently applied a 5% withdrawal fee instead of a 0.5% withdrawal fee. Twenty-three users were affected, but these users were refunded the excess fee amount. The yYFI vault strategy was corrected and now only assesses a 0.5% withdrawal fee.
8m DAI Related To EMN Distributed
The Yearn mult-sig received 8m in DAI related to the Eminence incident. These funds have been distributed to affected users based on token balances from a snapshot at block 10954410.
If you were affected by this incident you can claim your DAI here.
We also want to clarify that Eminence was never an officially released Yearn product. It was a series of test contracts that was under active development.
In the future, please keep in mind that all official releases will be posted on either Yearn Finance’s Twitter or Medium accounts.
Governance Updates
Please refer to the latest Governance Round-up by Nomad here.
Ecosystem News
Vote on Snapshot using both YFI or yYFI
Exhaustive chart of the yearn protocol
Formal YIP around v2 Vaults will be proposed shortly
Version 2 of yVaults are under active research and development
New Dune Analytics page specific to Yearn
Andre Cronje on the Erica Show
Andre Cronje on The Delphia Podcast
Torus wallet has integrated Yearn products
SnowSwap enables swapping between Yearn yVault tokens
YFI was added to the default token list in MetaMask
Is yield farming over? Is YFI dead? A great thread on yearn.finance and its future.
Resources
https://www.learnyearn.finance/
https://yieldfarming.info/yearn/yvault/
https://py-earn.herokuapp.com/
https://yvault-roi.netlify.app/
https://defimarketcap.io/protocol/yearn-vault
https://yvault-roi.netlify.app/
https://sites.google.com/view/definn/yearn-finance
We invite developers to conceive and propose any new yVault strategies or potential product offerings to the governance forum (https://gov.yearn.finance). Introduce strategies and get paid for your work! We are also always looking for security auditors to help us identify vulnerabilities and exploits. Please reach out to us if you are interested in assisting our security efforts or would like to discuss any business collaborations at franklinyfi@yearn.finance or info@yearn.finance