Yearn Governance Roundup #2

Week of September 28, 2020

Welcome to the Yearn Governance Roundup — a weekly newsletter covering everything in the Yearn Governance pipeline.

📋 Quick Hits

⚖️ Proposals and Discussions

Make sure you join the governance forum if you want to get involved with these discussions! Table of contents:

Raise the salary of core team member Artem

aliatiia shared this proposal on Sept. 30. Here’s the summary:

Increase the monthly salary of core team member Artem K (@banteg) to 150K per year (12.5k per month). This represents a ~56% increase of the current 96k per year (8k per month). The current 96k represents an entry-level compensation in the software industry. Artem’s contributions are evident and are always shared publicly, and belong to the senior developer category.

This proposal is straightforward: Artem (banteg) is an extremely valuable person within the Yearn ecosystem—he should be paid as such. He has been contributing to the implementation of Yearn products and patches, responding to emergencies, and has been an advocate for Yearn in the broader Ethereum ecosystem (e.g. creating Maker proposals that benefit Yearn).

If you’re looking to support Artem and reward his tireless efforts, be sure to vote on this Snapshot signaling poll. Note: This is a non-binding poll to gauge sentiment on the proposal.

[Proposal] Gnosis Safe App

fubuloubu shared this proposal on Sept. 27. Here’s the summary:

Add a yEarn app for Gnosis Safe.

This proposal is looking to gather support for the creation of a Gnosis Safe app that:

  • Deposits funds from a user’s Safe into yVaults
  • Monitors their current value, yield since depositing, expected return, and other metrics
  • Allows for withdraw when they need funds back (or pay to other accounts), with a disclaimer on the fees they would accumulate
  • Other management functions, as necessary

Gnosis Safe is one of the most used multisig wallets on Ethereum with >6,000 deployed Safes holding >$700M in value. Earlier this year they announced Gnosis Safe Apps — allowing users to interact with applications directly from their Safe. The current roster of supported apps includes: Aave, 1inch, Compound, and many others.

A yVaults integration with Gnosis Safe would allow us to tap into a market that would otherwise be unavailable, so consider supporting this proposal!

[Proposal] yPhoon — Add the ability for the yearn vaults to act as privacy mixers

jimsox shared this proposal on Sept. 27. Here’s the summary:

Name of the feature is yPhoon: aka Typhoon on Yearn…based upon the Tornado cash privacy mixer 1

If this proposal passes it will add the ability for each vault in the yearn ecosystem to function as a mixer, giving everyone the ability to deposit funds from one address and withdraw them via another. Doing this will enable absolute anonymity and privacy for all users by breaking the chain so to speak and allowing deposits into a fresh address with no traceable history.

This is an exciting proposal that introduces a new layer of privacy atop yVaults. I won’t cover the proposal in its entirety, but the general idea is to create some means of obfuscating who made a deposit, adding said deposit to a yVault, and obfuscating who made a withdraw—essentially Tornado Cash with a yVault in the middle.

fubuloubu contributed some ideas in the comments and highlighted that you wouldn’t actually be using Tornado Cash with the underlying tokens (e.g. DAI, USDC, etc.), but with yVault share tokens, as these are the tokens of value you’d want to obfuscate. This seems like an awesome idea worth exploring further.

Joint USDC / USDT vault strategy

mattdw shared this proposal on Sept. 24. Here’s the summary:

Update the yUSDC and yUSDT vaults together to liquidity mine on mStable.

This proposal hasn’t caught much wind, but I wanted to highlight it to open the conversation further. The main idea behind this strategy is to replace the DForce strategy being used by the USDC and USDT vaults—since their yields appear to be lagging.

Here’s how it works: The yUSDC and yUSDT vaults would supply liquidity to the 50:50 USDC/mUSD Balancer pool. The USDC would be directly deposited, and the USDT would be used to mint mUSD to complete the other side of the deposit. The Balancer LP tokens would then be staked on mStable for MTA and BAL rewards, which would be sold for USDC or USDT to compound the returns. Make sure to give mattdw your feedback!

💵 Treasury Update

Treasury (Executive) — Oct. 1, 2020

  • The treasury was sent 8M DAI from the Eminance incident, which is now being distributed through
  • The treasury was also sent 3.1439 YFI from the Treasury (Vault) to reimburse users who overpaid on their yYFI withdrawal fee.

Treasury (Vault) — Oct. 1, 2020

Treasury (Governance) — Oct. 1, 2020

🗺️ Ecosystem Links



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