Yearn Finance Newsletter #8

Week Ending October 25th, 2020

Welcome to the 8th 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. If you’re interested in learning more about Yearn Finance, follow our official Twitter and Medium accounts.

Summary

  • New yVault Created for GUSD

  • 2nd AMA Announcement

  • Yearn Manifesto

  • Levered DAI Strategy Under Testing

  • BitMEX Adds YFI Futures

  • Yearn State of the Vaults

  • Governance Updates (YIPs)

  • Ecosystem News

  • Resources

New yVault Created for GUSD

A new yVault has been created for Gemini USD (GUSD). Gemini USD is a stablecoin launched by the Gemini Cryptocurrency Exchange owned and operated by Tyler and Cameron Winklevoss. This vault deposits GUSD into the recently released GUSD+3Pool MetaPool on Curve Finance, which can be found here. The liquidity provider (LP) token received after depositing into this pool is deposited into the liquidity gauge at Curve.fi and farms CRV. 10% of this farmed CRV is locked as veCRV (to boost returns) and the remainder is sold for DAI, deposited back into the GUSD+3pool Metapool at Curve to obtain LP tokens and deposited back into the yVault. Depositors have claim to this excess LP token that can be withdrawn in the form of GUSD. 

You can deposit to the GUSD yVault here

2nd AMA Announcement

We are pleased to announce our second Ask Me Anything (AMA) that will be conducted on Tuesday, October 27th, at 16:00 UTC. Members of the Yearn communications and developer team will be present to answer any questions you may have. The live AMA will be held on Discord and can be joined here

You can also submit one question to the Yearn team using this google form. A Medium post following the AMA will summarize the live AMA questions, as well as questions submitted using the google form. 

Yearn Manifesto

Last week we published an article discussing the Yearn ecosystem and ethos, which you can read here. Members of the Yearn community took this one step further and published the Yearn Manifesto on the governance forum. You can read it here. The main takeaway is that Yearn is simply a collective of contributors. There is no difference between “the team” and “the community”, they are synonymous. 

Levered DAI Strategy Under Testing

A new yVault strategy was proposed by community member, gspoosi, on the governance forum. The initial proposal can be found here. This strategy would use DAI held in the yDAI vault, deposit DAI into Compound, borrow up to 75% of the deposit amount in DAI (subject to change following risk assessments), and repeat the same supply/deposit process 3 more times to gain additional leverage. 

The act of supplying and borrowing DAI on Compound would earn COMP, the governance token of the Compound lending platform. The COMP would be sold for DAI and deposited back into the yDAI vault. Depositors of the yDAI vault would have claims over the excess DAI earned from this strategy. This strategy could also be utilized in the planned yWBTC Vault, which will open a CDP at MakerDAO and borrow DAI.

Yearn developers are in the process of testing and evaluating this strategy for safety and feasibility. You can find the github code related to this strategy here.

BitMEX Adds YFI Futures

BitMEX announced on October 23rd, that it will launch YFI quanto futures contracts (along with BNB and DOT). Trading will begin on October 30th, 2020 at 04:00 UTC. To give more context, BitMEX stated, “These three contracts aim to provide our users with quality coverage of highly liquid products. We plan to introduce several more Altcoin product listings before the end of the year.” You can read their full announcement here

Yearn State of the Vaults

You can read our weekly synopsis regarding Yearn’s yVaults, including current strategies and upcoming changes here. Written by Yearn Communications team member dudesahn

Governance Updates (YIPs)

You can read our weekly governance roundup discussing newly proposed, on-going, or passed governance proposals here. Written by Yearn Communications team member Nomad

Ecosystem News

Yearn developers are seeking more collaborators

Yearn September Grants Announcement

Key points from most recent Yearn dev call 

A new Yearn API from x48

Polychain Capital has purportedly acquired 329 YFI

What is Yearn? by Coingyan

YIP generator to help simplify governance proposals

Proposal to integrate Rari Capital $RGT into Yearn yVaults

MakerDao moving towards listing YFI as collateral in their ecosystem 

Analysis of v2 yVault code

Yearn updates channel on Telegram is active

Visualizing data of early YFI farmers

Resources

YCosystem: Aggregator of Yearn community links

Yearn Docs

Y.finance: Development Yearn frontend

Yearn Governance Forum

Yearn Snapshot Vote Signaling

yGov Finance: Yearn on-chain voting

yGov Rocks: Alternative voting and claiming portal

Learn Yearn: Yearn education and explainers

Yield Farming Info: Yearn Vault APYs

Feel the Yearn: Yearn Vault APYs, wallet holdings, and earnings

Stats.Finance: Yearn Vault APYs, value locked in yVaults and Strategies

yVault ROI: yVaults ROI for any wallet address

Yearn ROI: Estimate future yVault ROI

DeFi Marketcap: Yearn Vault and token marketcaps

Add YFI and yUSD to MetaMask

Recycler: Zap multiple stablecoins into yUSD Vault

yVault explainer graphics by DeFinn


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