Yearn Finance Newsletter #61

Week Ending April 25th, 2022

Apr 25, 2022

Welcome to the 61st 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

New Yearn Site
A New Salvo In the Curve Wars
Yearn Governance Explained
People of Yearn: RestlessMik3
Yearn Finance Is Sponsoring the ETHAmsterdam 2022 Hackathon
Vaults at Yearn
Ecosystem News

New Yearn Site

We have released a new update to our site and, as always, we are constantly iterating on how we can make our user experience better. Members of the Yearn designer team have been hard at work creating this updated version of the Yearn website UI, and now it is live. We are blessed to have the most talented and dedicated designers in all of crypto. You can access the new site at yearn.finance.

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.

A New Salvo In the Curve Wars

Yearn partner Inverse Finance, a DeFi protocol aiming to be a central bank, has looked to us to enable aggressively growing their native stablecoin DOLA’s liquidity.

With the help of our 9.7 million veCRV tokens, we are committing 10% to vote in emissions towards the DOLA/3CRV pairing on Curve Finance. In return, Inverse is deploying DOLA tokens to a custom Yearn vault via their Fed program. For Yearn, this delivers a better return than what is available through conventional bribing as swap fees, CRV rewards, and CVX rewards all accrue to us.

Check out the full medium article here and a guide to farming DOLA can be found here.

If your protocol is interested in partnering with Yearn to earn benefits and fees like Inverse, you may find more details about partnerships here and apply here.

Yearn Governance Explained

Anyone can discuss or propose ideas in the Yearn’s Discord, Twitter, Reddit, Pool of Ideas, Telegram, and Governance Forum. As proposals mature it becomes a structured vote in the Snapshot Page where the YFI token is used as voting power.

The most common type of proposals in the forum are Yearn Improvement Proposals (YIPs) but there are other types covered in the current Yearn governance implementation (YIP-61). Yearn Improvement Proposal (YIP): A proposal to execute any power delegated to YFI holders or outside the scope of enumerated powers. Yearn Delegation Proposal (YDP): A proposal to change how a yTeam has power over a scope. And lastly, Yearn Signaling Proposal (YSP): A non-binding proposal to signal community feelings or intent on any issue.

Holding YFI allows one to have control over how the power is distributed among teams, YFI gives exclusive voting power to pass or deny changes that shift power dynamics within the protocol such as: changing Multisig or yTeams Signers, ratifying yTeams, spending Treasury Funds, setting Protocol Fees, and changing YFI contracts.

Holding or staking YFI in the following places allows you to vote: your wallet, YFI yVault V2 (equivalent to holding the yvYFI token), Balancer YFI/WETH LP token, Uniswap YFI/WETH LP token, Sushiswap YFI/WETH LP token staked in MasterChef, MakerDAO YFI collateral, Unit Protocol YFI collateral, and Bancor.

Ultimately, governance follows three simple procedures: discussion in the forum, voting on Snapshot, and execution.

Click here to learn more about Yearn governance with contributor MarcoWorms.

People of Yearn: RestlessMik3

RestlessMik3 is a Yearn contributor who does Spanish translations and onboards new contributors. They are often celebrated for their strong work ethic, friendly nature, and initiative to spot new ways to help Yearn.

At Yearn, Mik3 usually goes about his day by checking his Telegram for Yearn communications, advancing translations, reaching out to new contributors, and attending meetings and various Yearn activities. Mik3 finds the international community working on Yearn very impressive and hopes to create a lasting impact on the space by acting as guidance when DeFi enters the mainstream.

As always, Yearn promotes an easygoing culture that allows anyone of all backgrounds to flourish, and Mik3 recognizes that we truly do encourage contributors to do what they believe in.

Check out the full interview from Yearn contributor Defiglenn.

Yearn Finance Is Sponsoring the ETHAmsterdam 2022 Hackathon

Yearn Finance is excited to be sponsoring the ETHAmsterdam 2022 Hackathon. We have had an incredible weekend packed with opportunities to build on top of Yearn in one of the most vibrant cities in the world. Hosted by ETHGlobal, ETHAmsterdam brings hundreds of web3 engineers and innovators together for a weekend to build, learn, and compete for over $400,000 in prizes!

We have given out 2 prizes of $2,000 for the Best Overall Project Built With Yearn. Project submissions were judged based on the following criteria: use of Yearn, originality/creativity, and technical competence (well organized and written code). Congrats to VeriFried-Strategy and Archimedes for winning these prizes. VeriFried Strategy creates a decentralized infrastructure that allows traders to backtest and deploy their strategies in a decentralized and non-custodial environment. Archimedes is a tokenized Gearbox strategy with ERC-4626 that aims to simplify access to highly leveraged strategies. Casual users and financial institutions can access hedged strategies with a single transaction.

In order to build at Yearn, we recommend getting started by reviewing our developer docs. They’ll show you everything from how to get your machine set up, how to get started building with vaults and strategies, and how to use the Yearn stack and the SDK to aggregate data sources. It is a lot easier than you think! What to build? We recommend checking out the following links for inspiration: Building with yVaults, Becoming a Strategist, Submissions from a Previous Hackathon, and Intro to Yearn Vaults. Have questions or need help? Join our Discord Server for 1x1 support from our team.

Big thanks to everyone that hacked this weekend and the event organizers. Actively building a product or strategy in DeFi? Consider applying here for a Yearn bounty or grant.

You can find more details of Yearn at ETHAmsterdam here.