Yearn State of the Vaults #14

Week ending January 10, 2021

dudesahn

Published in

Yearn State of the Vaults

6 min readJan 9, 2021

Overview

To help consolidate information in a single place, we created State of the Vaults–a weekly update that will include yVault-related updates from the previous week as well as more in-depth information about the actions (strategies) these vaults are performing.

If you’re looking for a guide on using the yVaults, check out some of our fantastic docs–including how to use a yVault and how to mint yUSD.
If you’re looking for current ROIs (annualized returns) on the yVaults, you can view the official stats here–with many more ways to visualize this data available in the links at the bottom of this page.
And if you’re interested in an overview of everything going on in the Yearn ecosystem, subscribe to Yearn’s weekly newsletter here.

Vault Updates 🏦

Curve Pool yVaults

Curve boost levels as of January 9th (current/max):

Y Pool: 1.14/1.43
BUSD Pool: 1.54/2.13
sBTC Pool: 1.53/2.04
3pool: 1.41/2.06
Compound Pool: 2.50/2.50
GUSD Pool: 2.50/2.50
mUSD Pool: 2.50/2.50

Max boosts are determined in part by strategy holdings relative to total pool holdings while current boost is affected by how much veCRV Yearn has locked. Furthermore, an update to the yearn.finance UI is coming soon that will display current boost levels for each vault. This data is currently accessible in the contracts as well as from the API here.

Lido stETH Vault

As a Christmas present to the world, Yearn developer Banteg released an experimental vault for Lido’s staked ETH product. Users can deposit ETH or stETH directly to the vault, and will accrue validator rewards just as other staked ETH does. You can find a helpful UI for this vault here.

New Vault Code Release

The newest release of Yearn’s Vaults were released today on GitHub, and included several new features/fixes including

Automatic Total Value Locked (TVL) calculations, allowing completely on-chain TVL data
Standardizing the permit function
Fixes from the second audit 👀

Yearn Vault Registry

One of the most underrated features of Yearn’s Vaults, the Vault Registry, recently received an update, with several tests and bug fixes added. As described by Yearn core dev fubuloubu, the registry organizes all of Yearn’s Vaults and experiments (experimental vaults). It is also connected to The Graph for data purposes, and is completely open-source, allowing anyone to build their own experimental vault and deploy it easily and cheaply.

Yearn Test Vaults Registry

Yearn’s Test Vaults Registry UI (maintained currently at yearn.rocks) was recently updated to include several new leveraged DAI strategies, a WETH-Maker strategy, and Banteg’s previously deployed stETH vault. As always, remember that these vaults are still experimental, and will be replaced by updated and more thorougly tested versions when Yearn v2 formally launches.

Current Vault Strategies 📝 and Weekly APYs 📈

Curve Compound yVault

StrategyCurveCompoundVoterProxy. Deposits crvCOMP (Curve.fi Compound pool LP token) into the Compound pool liquidity gauge at Curve and farms CRV. 10% of this CRV is locked as veCRV (to boost returns) and the remainder is sold for DAI, deposited into the Compound pool at Curve and then this is deposited back into the yVault. Curve boost is currently enabled for this strategy.

Current APY: 15.24%

Curve 3pool yVault

StrategyCurve3CrvVoterProxy. Deposits 3Crv (Curve 3pool LP token) into the liquidity gauge at Curve.fi and farms CRV. 10% of this CRV is locked as veCRV (to boost returns) and the remainder is sold for DAI, deposited back into the 3pool at Curve to obtain 3Crv and this is deposited back into the yVault. Curve boost is currently enabled for this strategy.

Current APY: 12.85%

Curve Y Pool yVault

StrategyCurveYVoterProxy. Deposits yCRV into the Y Pool liquidity gauge at Curve.fi and farms CRV. 10% of this CRV is locked as veCRV (to boost returns) and the remainder is sold for DAI, deposited back into the Y Pool at Curve to obtain yCRV and deposited back into the yVault. Curve boost is currently enabled for this strategy.

Current APY: 5.88%

Curve BUSD Pool yVault

StrategyCurveBUSDVoterProxy. Almost identical process as the Curve Y Pool yVault listed above, except it deposits crvBUSD (base asset of the yVault) back into the yVault instead of yCRV. Curve boost is currently enabled for this strategy.

Current APY: 12.05%

Curve sBTC Pool yVault

StrategyCurveBTCVoterProxy. Deposits crvSBTC (Curve.fi sBTC pool LP token) into the sBTC liquidity gauge at Curve and farms CRV. 10% of this CRV is locked as veCRV (to boost returns) and the remainder is sold for WBTC, deposited into the sBTC pool at Curve and then this is deposited back into the yVault. Curve boost is currently enabled for this strategy.

Current APY: 2.38%

Curve mUSD Pool yVault

StrategyCurvemUSDVoterProxy. Deposits crvMUSD (Curve.fi mUSD/3Crv pool LP token) into the mUSD pool liquidity gauge at Curve and farms CRV. 10% of this CRV is locked as veCRV (to boost returns) and the remainder is sold for DAI, deposited into the mUSD pool at Curve and then this is deposited back into the yVault. Curve boost is currently enabled for this strategy.

Current APY: N/A, new vault has yet to call harvest

Curve GUSD Pool yVault

StrategyCurveGUSDVoterProxy. Deposits crvGUSD (Curve.fi GUSD/3Crv pool LP token) into the GUSD pool liquidity gauge at Curve and farms CRV. 10% of this CRV is locked as veCRV (to boost returns) and the remainder is sold for DAI, deposited into the GUSD pool at Curve and then this is deposited back into the yVault. Curve boost is currently enabled for this strategy.

Current APY: 9.36%

YFI yVault

StrategyYFIGovernance. Deposits YFI into the Yearn governance staking contract, earns yCRV governance rewards, converts yCRV into USDT, buys additional YFI with the USDT, and deposits back into the yVault.

Current APY: 0.85%

DAI yVault

StrategyDAICurve. Deposits DAI into the Y Pool on Curve.fi and deposits the resultant yCRV into the Curve Y Pool yVault.

Current APY: 15.76%

TUSD yVault

StrategyTUSDypool. Deposits TUSD into the Y Pool on Curve.fi and deposits the resultant yCRV into the Curve Y Pool yVault.

Current APY: 17.45%

USDC yVault

StrategyUSDC3pool. Deposits USDC into the 3pool on Curve.fi, and deposits the 3pool LP token into the 3pool yVault.

Current APY: 12.43%

USDT yVault

StrategyUSDT3pool. Deposits USDT into the 3pool on Curve.fi, and deposits the 3pool LP token into the 3pool yVault.

Current APY: Currently 8.59%

ETH yVault

StrategyMKRVaultDAIDelegate. Deposits ETH into a Maker Vault to mint DAI. This minted DAI is deposited into the DAI yVault which deposits DAI into the Y Pool at Curve.fi and farms CRV. Profits from the CRV sales are used to purchase additional ETH, which goes back into the ETH yVault. The current strategy targets a collateralization ratio of 200% for the Maker Vault and periodically queries Maker’s Oracle Security Module (OSM). Therefore, the strategy is able to see the future oracle price 1 hour before price updates are made.

This yVault is currently undergoing an optimization process that will enable the Maker Vault to be shifted to new strategies without totally unwinding the debt, which will allow flexibility and deleveraging protection. The optimization process is estimated to take an additional 1 to 3 weeks. Unforeseen events may delay this update.

Current APY: 3.19%

aLINK yVault

StrategyVaultUSDC. Uses aLINK as collateral to borrow USDC from Aave. The USDC is deposited into the USDC yVault and farms based on that yVault’s current strategy (listed above). Excess profits are harvested and used to buy additional LINK, which is deposited into Aave for aLINK.

Current APY: 2.77%

GUSD yVault

StrategyCurveGUSDProxy. User deposits GUSD, which is deposited to GUSD/3pool Metapool on Curve.fi. The gusd3crv LP token is deposited into the liquidity gauge at Curve.fi and farms CRV. 10% of this 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 gusd3crv and deposited back into the yVault.

Current APY: No funds are currently in strategy due to slippage issues. You can read more about this issue in previous State of the Vaults here and here.

LINK yVault

Deposits for this vault are currently disabled– please deposit LINK to Aave first and use aLINK yVault instead.

**Current APY for all yVaults is based on the most recent 7-day period, annualized.

Useful Vault Links 🔗

yVaults Holdings/Deposited/Withdrawn– Dune Analytics
Recycler– zap multiple stablecoins into the yUSD Vault in one transaction
Estimate future yVault ROI
Calculate Governance and yVault APYs (and calculate current yUSD value)
View current ROI, TVL, and strategies several ways: Yearn stats, stats.finance, feel-the-yearn, yearn.party, yVault-ROI
Use the yearn.tools API to view APYs, contract info, as well as boost info for relevant yVaults