Yearn State of the Vaults #15

Week ending January 17, 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 🏦

Yearn yTokens Index

Proposed this week on the PowerPool forums, this would create a single product (similar to Curve’s pools) that would allow users to gain exposure or trade between all of Yearn’s current USD-denominated Curve Pool yVaults.

mUSD and EURS Pool yVaults

This week, Yearn launched two new vaults. The mUSD yVault accepts mUSD, deposits this into the mUSD/3Crv pool on Curve.fi, and then deposits that LP token into the Yearn’s mUSD Pool Vault.The EURS Pool yVault accepts Curve EURS Pool LP tokens and stakes them in the EURS gauge on Curve. Both strategies harvest CRV emissions and sell CRV for more of the underlying LP tokens. Additionally, Yearn strategist vasa has announced he is currently working on a new EUR strategy for v2 that is much more intricate.

Curve Pool yVaults

Curve boost levels as of January 16th (current/max):

• Y Pool: 1.16/1.47
• BUSD Pool: 1.69/2.18
• sBTC Pool: 1.61/2.09
• 3pool: 1.29/1.86
• Compound Pool: 2.38/2.38
• GUSD Pool: 2.49/2.49
• mUSD Pool: 2.50/2.50
• EURS Pool: 2.49/2.49

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.

GUSD yVault

This week, Yearn developers deployed a fix to to update and deactivate the GUSD yVault due to a conflicting issue with the new GUSD Pool (GUSD/3Crv) yVault. All outstanding yGUSD holders have been refunded any owed GUSD. Read more about it here.

stETH Pool yVault

Yearn strategy wizard arbingsam released a new v2 test vault this week. This vault allows you to deposit your stETH/ETH Curve LP tokens and auto-harvests LDO and CRV emissions for more of the underlying LP tokens. You can find this new vault, as well as all of our other test vaults, at yearn.rocks. As always, remember that these vaults are still experimental, and will be replaced by updated and more finalized versions when Yearn v2 formally launches.

Odds and Ends

• Another strategy explainer from strategy guru vasa, this time focusing on Yearn’s new leveraged COMP farming strategy.
• Yearn ecosystem partner CREAM announced the launch of CREAM v2, aka the Iron Bank. This will allow for Yearn strategies to borrow capital without collateral, enabling up to 90x leverage on stablecoins or 80x leverage on ETH. Read the official post here, as well great twitter thread about the Iron Bank from Kyle Samani.

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: 16.85%

Curve EURS yVault

StrategyCurveEURVoterProxy. Deposits crvEURS (Curve.fi EURS pool LP token) into the EURS 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 EURS, deposited into the EURS 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 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: 10.44%

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: 12.85%

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: 1.21%

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%

mUSD yVault

StrategymUSDCurve. Deposits mUSD into the mUSD/3Crv pool on Curve.fi and deposits the resultant crvMUSD into the Curve mUSD Pool yVault.

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

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

This vault has been disabled, and all outstanding yGUSD holders have been refunded. Please use the GUSD Pool yVault above if you wish to deposit GUSD.

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