Yearn State of the Vaults #16

Week ending January 24, 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 23rd (current/max):

  • Y Pool: 1.26/1.77
  • BUSD Pool: 1.64/2.15
  • sBTC Pool: 1.72/2.15
  • 3pool: 1.22/1.71
  • Compound Pool: 2.37/2.37
  • GUSD Pool: 2.49/2.49
  • mUSD Pool: 2.50/2.50
  • EURS Pool: 2.42/2.42

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.

v1 DAI yVault

This week, Yearn’s v1 DAI vault unwound its strategy and moved its funds to a new strategy that deposits into the 3pool yVault. This new strategy will more effectively prevent slippage and DAI liquidity crunch issues that the previous Y Pool strategy encountered, and 3pool also generally has a higher APY than the Y pool.

v2 yVaults

This week, Yearn formally launched our v2 yVaults, with DAI, USDC, and HEGIC available initially. As a reminder, Yearn’s v2 yVaults have improved debt management, more efficient unwinding, and can handle multiple strategies at once. USDC and DAI vaults use leveraged borrowing on Compound to farm COMP and sell it for more of the underlying token. HEGIC currently has three strategies. 40% of the funds are used to buy WBTC lots, 40% are used to buy ETH lots, and 20% are kept as a withdrawal buffer and stored in C.R.E.A.M. to earn interest. Additionally, withdrawal fees have been removed for v1 versions of both USDC and DAI yVaults to allow users to more easily move their funds. You can find these v2 yVaults, as well as all of Yearn’s v1 yVaults, on our overhauled vaults page.

Current Vault Strategies 📝 and Weekly APYs 📈

v2 Vaults

DAI yVault

StrategyGenericLevCompFarm. Supply DAI on Compound with leverage utilizing flashloans from dYdX to farming COMP. COMP is harvested, sold for more DAI, and deposited back to the vault.

Current APY: 9.19%

USDC yVault

StrategyGenericLevCompFarm. Supply USDC on Compound with leverage utilizing flashloans from dYdX to farming COMP. COMP is harvested, sold for more USDC, and deposited back to the vault.

Current APY: 4.82%

HEGIC yVault

StrategyHegicETH, StrategyHegicWBTC, StrategyLenderYieldOptimiser. These three strategies work together to alternatively use HEGIC to buy ETH or WBTC lots (40% of HEGIC allocated to each), and keeps 20% of HEGIC in reserve for withdrawals earning interest in CREAM.

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

v1 Vaults

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: 18.01%

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: 3.55%

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: 20.58%

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: 23.93%

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: 33.70%

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: 7.78%

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: 22.43%

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: 3.15%

DAI yVault

StrategyDAI3pool. Deposits DAI into the 3Pool on Curve.fi and deposits the resultant 3Crv into the Curve 3Pool yVault.

Current APY: 15.47%

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: 26.77%

USDC yVault

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

Current APY: 19.82%

USDT yVault

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

Current APY: Currently 18.42%

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 then deposited into the v1 DAI 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.

Current APY: 1.88%

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: 7.02%

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 🔗

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
dudesahn

dudesahn

386 Followers

🐶👒 at Yearn. Find me on telegram or twitter @dudesahn.