Yield so good, even central bankers are shilling it
Crypto.com tapped Matt Damon for their global media campaign. FTX enlisted Larry David for a Superbowl ad. So we knew for Yearn’s first celebrity influencer partnership we’d have to pull out all the stops.
Therefore to launch our new yCRV ecosystem, giving users access to the best Curve yields in DeFi, we’ve tapped up the world’s top yield experts — the head of the FED, ECB and BOE.
Yep — Jerome and all his central banker chums are now certified Yearn shills. We just might have forgotten to let them know. You can check out the campaign here.
But why are the world’s top central bankers so excited to shill Yearn’s new suite of Curve products? In this next section we’ll break down;
- Our new simplified token naming conventions.
- Our revamped UI that makes staking and LP’ing a breeze.
- The tokenomics driving supercharged yields to stakers and LP’ers.
- And how with auto harvesting and auto compounding, staking or LP’ing CRV through Yearn is fully set and forget.
“Simplicity is the ultimate sophistication”
Wise words from Leonardo Da Vinci... who clearly did not work in DeFi. Let’s face it, convoluted token naming conventions don’t help anyone. So we decided to strip ours right back. Our new token conventions are less titled english aristocracy and more Kmart normcore.
yCRV is our new baseline curve derivative that trades 1:1 with CRV.
You can stake it for st-yCRV, or LP it for (you guessed it) lp-yCRV.
Of course, there’s no point having simplified tokens if how you use them is anything but. So we built a clean new UI to help make staking and LP’ing as simple as clicking ‘swap’. Check it out at y.finance.
(This UI also allows yveCRV and yvBOOST holders to migrate from these now un-supported tokens to the new and improved tokens.)
Let’s talk yield
Curve yield is driven by a rather complex dance of fees, votes, bribes, emissions, and boosts — the relative value of which can change dramatically over time. But rather than having to understand a college semester’s worth of Curv-onomics — yCRV has been designed to be a hands off way to constantly get the highest CRV yields. With a simple swap mechanic, auto harvested and auto-compounding rewards, yCRV offers a true set and forget strategy for CRV yield.
But just how are we delivering such consistently high yields? For the curious, here’s exactly how we do it…
st-yCRV
Under the hood, st-yCRV is your typical yVault. Swap yCRV (or vanilla CRV) into st-yCRV and you’ll start earning supercharged yield from two distinct sources; boosted Curve admin fees and gauge voting bribes.
st-yCRV is the sole recipient of Yearn’s share of Curve admin fees, which gives it a pretty tasty boost (yum). As of October 4th 2022, Yearn holds 29.2m veCRV and only 3.7m of that is in st-yCRV. That means st-yCRV users are getting a 7.9x boost on Curve admin fees (a difference of 31% yield instead of 4%, nice).
But that’s not all, yCRV always holds onto its veCRV gauge voting power and st-yCRV uses that voting power strategically to collect bribes, which are then turned into even more yield. In the past, this bribe yield has ranged from 25% to 75%. We also sign private voting deals with partners that enable us to earn yields that exceed those available in the public bribe marketplaces.
lp-yCRV
Our new ecosystem places yCRV liquidity on Curve (via our new CRV/yCRV pool and gauge) and directs CRV emissions to it — which you can then farm via lp-yCRV.
Yearn has been farming Curve since 2020, (we like to think we’ve learnt a thing or two). Our lp-yCRV vault allows you to farm your yCRV Curve pool tokens via Yearn and Convex. It automatically moves funds between Yearn and Convex to ensure you get the best possible boost on your CRV rewards.
But where are all of these CRV rewards coming from? Two sources. Firstly, just as st-yCRV uses its respective veCRV gauge voting power to vote for which gauges have the best bribes, lp-yCRV uses its veCRV gauge voting power to direct CRV emission to the yCRV gauge. Secondly, over the past two years, Yearn’s treasury has built up a massive stack of 10m veCRV. And, as we all know, with great voting power comes great yield.
So go forth anon, and start earning the best CRV yields in DeFi with yCRV.
Swap, stake, LP at y.finance.
Learn more from our docs.
Watch the film.
