Yearn Finance Newsletter #57

Week Ending February 15th, 2022

Feb 15, 2022

Welcome to the 57th 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

YIP-66 Has Passed
Yearn Web Update
Yearn at EthDenver
Security at Yearn
How Yearn Strategies Are Endorsed
Vaults at Yearn
Ecosystem News

YIP-66 Has Passed

YIP-66, which covers a compensation plan for Yearn and hopes to achieve autonomy in its plan, has recently passed the voting stage and will be integrated into the Yearn protocol.

In just Q4 2021, contributing Strategists earned $5,142,137 in performance fees net, and to manage this scale of payments, YIP-65 is designated as being the one size fits all fix for Yearn’s DAO system.

On the contrary, some argue that the proposal overcomplicates the current compensation process, creates tax issues, or disregards how well Strategists currently work. All of this is intended to be worked on and addressed now that the vote has passed, with goals of more efficient DAO management in place.

We invite you to engage, give feedback, and participate in the Yearn community by joining us on Discord, Twitter, or Github . Come build with us.

Check out the proposal here and view the Snapshot here.

Yearn Web Update

This week's Yearn web update includes Arbitrum web support, realtime end2end testing and alerting, and growth of our infrastructure team.

Coming soon are walkthroughs of security updates and improved APY breakdowns.

Check out the full new update here.

Yearn at EthDenver

As a first time EthDenver sponsor, we are excited to meet builders and our community at the conference

We are always looking for contributors experienced in development, product management, marketing and outreach, and operations people.

The culture at Yearn is some of the friendliest in the DeFi landscape, with every anon being able to prove themselves through their work ethic with dozens of like minded peers. Yearn is 100% remote, flexible, and extremely growth-oriented, as you may have seen in The Blue Pill.

Check out the full article here.

Security at Yearn

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

Recently, Yearn has paid a $200,000 bounty to whitehat who disclosed a vulnerability via Immunefi. The vulnerability has since been fixed and the strategy has been rewritten within two weeks.

Read the vulnerability disclosure here. Earn up to $200,000 per bounty at Immunefi and check out the EthDenver bounties here.

How Yearn Strategies Are Endorsed

Following on from the previous Yearn Vaults and Strategies article, this one covers the process of vetting a newly proposed strategy.

First, a Strategist must come up with a due diligence document stating basic protocol risks. Then, they can deploy a strategy via the Yearn template which is then deployed on the ape.tax site. After a few harvests, the Safe Farming Committee at Yearn approves the strategy alongside other internal reviewers.

After feedback is given and concerns are addressed, the new strategy can be deployed in production on the yearn.finance website. New strategists will earn 10% performance fees, and with certain milestones there are tasks they must complete. At 10M TVL, 3 people are needed to actively monitor the strategy. At over 100M TVL, an external audit company and internal reviewers will consistently vet the strategy.

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 the full article by Marco Worms here.