Yearn Finance Newsletter #56

Week Ending February 2nd, 2022

Feb 02, 2022

Welcome to the 56th 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

Proposal to Upgrade Yearn’s Compensation System
Yearn Has Purchased An Additional 127.9 YFI For $3.9M
Yearn Users Eligible for NFT Badge From Project Galaxy
Read the New Yearn Partner Tracker Audit
Yearn Featured in ARK Invest Big Ideas Report
Vaults at Yearn
Ecosystem News

Proposal to Upgrade Yearn’s Compensation System

Want even more YFI buybacks, anon? What if Yearn's compensation system leveraged the new YFI tokenomics outlined in YIP-65? What if every time a Yearn team member gets paid they can allocate up to 100% to be used to buy and lock veYFI?

After months of work, a group of 15 authors has presented a contributor buyout proposal, as well as new perks for people who choose to fully submit to Yearn.

This proposal hopes to evolve Yearn to one single, flexible compensation plan, directly integrate veYFI tokenomics design, align all to YFI & incentivize token locking, and run autonomously. Included in the proposal is a history of compensation @ Yearn, the proposed new plan, steps to bridge to streamlined comp, and risks.

We invite you to engage, give feedback, and participate in the non-binding signaling poll. Come build with us.

Check out the proposal here.

Yearn Has Purchased An Additional 127.9 YFI For $3.9M

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 127.9 YFI for $3.9 million

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.

Yearn Users Eligible for NFT Badge From Project Galaxy

With the help of our partners at Project Galaxy, we have brought the Yearn community another NFT badge, with special thanks to Coingecko. This badge is the second task of the Coingecko series and is called “Yield Farmer - DeFi 101”

Users who have staked any amount on either Yearn, Alpha, or Badger will be rewarded with the “Yield Farmer - DeFi 101” badge. Keep an eye out for future rewards as well from us as well!

Claim your future rewards at galaxy.eco/coingecko and read the full thread here.

Read the New Yearn Partner Tracker Audit

Here at Yearn, we take security extremely seriously in hopes of giving our users the best risk-adjusted yields in DeFi.

Yearn Finance implements a partner tracker that tracks the vault deposits done over an affiliate partner. The tracked amount is simply the sum of all funds deposited via the partner into a specific vault. No security issues were found, and minor issues like unused imports or constants were fixed.

Chainsecurity has additionally commended us on our codebase having a high level of security as well.

Check out the full audit here.

Yearn Featured in ARK Invest Big Ideas Report

In this report, Yearn is noted as a company excelling in its disruptive innovation and being able to create a novel protocol that can displace older technologies. We receive comparisons to multi-trillion dollar asset manager BlackRock, with Yearn shown to generate nearly $15M in revenue per employee and BlackRock generating nearly 10x less per employee.

With the help of smart contracts, we are able to reduce counterparty risk and reduce dependencies on intermediaries, and create the most efficient asset manager in the world. And, thanks to new YIPs, the Yearn protocol will only grow stronger and scale bigger.

The full report from ARK can be found here.