Yearn State of the Vaults #17

Week ending February 7, 2021

After four months of publishing the State of the Vaults, @dudesahn has recently stepped up to help drive the future of @iearnfinance’s website. Moving forward, it is with great pleasure that we, @Ceazor7 🥪 and @qosmonot 👨‍🚀, will be carrying on publishing the weekly State of the Vaults. Please feel free to reach out to us for any comments or if you would like to see anything added to the publication.

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.
• For a general understanding unofficial videos by 🥪 have been linked to in relevant sections. Note that these videos might be a bit dated and not completely accurate. You will find them indicated by a clickable 📺
• One of the major features of Yearn is their long mutual beneficial history with Curve Finance. As a result, many of the vaults that take deposits of curve LP tokens “crvTKN” gain a boost in their reward APYs. In the strategy descriptions at the end of the post, we will supply the current boost level percentages indicated with the 🚀.

Vault Updates 🏦

yveCRV “BackScratcher”

Both SushiSwap and Pickle Finance are incentivizing the ETH/yveCRV Pair with SUSHI and PICKLE rewards. For maximum benefit yield (175% at time of writing), deposit yveCRV/ETH on SushiSwap to create the LP pair, then deposit and stake that LP pair on Pickle. The yveCRV token can be obtained by depositing CRV into the yveCRV vault outlined below, and found here.

New [v2] USDC yVault strategies attached

On top of previous COMP strategy (StrategyGenericLevCompFarm), two new strategies have been attached to the USDC yVault.

• A strategy built on Alpha Homora v2 ([StrategyAH2EarncyUSDC) that lends USDC on Alpha Homora v2 to generate interest when borrowed by users that use leveraged yield farming using leverage on Alpha Homora v2.
• A strategy built on Idle.finance (StrategyIdle) that supplies USDC on Idle.finance and farms COMP and IDLE tokens. The rewards are then harvested, sold for more USDC and redeposited in the vault.
  The yVault self rebalances the vault fund allocations between the different strategies to optimize the yield.

[v2] WBTC yVault in prod

The v2 yVault is now live with a strategy built on Idle.finance (StrategyIdle) that supplies WBTC on Idle.finance and farms COMP and IDLE tokens. The rewards are then harvested, sold for more WBTC and redeposited in the vault.

AKRO + YFI

Following their integration of @RampNetwork allowing you to buy crypto with your debit card/bank account, Akropolis.io has integrated the new v2 yVaults, offering a new onramp onto the new vaults.

[v1] DAI yVault

This past week, Yearn’s v1 DAI vault suffered an exploit. Acting quickly, Yearn’s team has utilized some of the newly-minted YFI to create a vault on MakerDAO, minting enough DAI to return yDAI share price to its pre-exploit level. Read the official Yearn security disclosure here, and a piece by blockchain security and data analytics company @peckshield-“The yDAI Incident Analysis: Forced Investment” here.

AAVE v2 + YFI

Aave’s v2 credit delegation has been natively integrated into Yearn’s v2 vaults, funneling unused credit to earn yield in Yearn’s vaults.

What’s brewing 🧪

There are many unreleased vaults / experiments that are currently being tested. We would like to share how these work and the strategies they employ, to give you a glimpse of what’s to come. This section will be developed and released in future publications!

New test vaults

Several new test vaults are currently live on yearn.rocks. As always, proceed with caution, as these vaults are experimental and will likely be refined before final release.

• the 𓀀☀︎ Egyptian God sETH/ETH by @matkam
• the 🍄🧑‍🌾 Mushroom Worker (aka the WBTC Farmer) by @MushroomsFinan1
• the 🏆⚔️ sUSD Idle by @emilianobonassi
• the 🧬💰 WETH Gen Lender by @doug_storming

Current Vault Strategies 📝 and Weekly APYs 📈

• Note that the new Yearn V2 vaults can use multiple strategies. 📺
• The format of each entry has been modified to accommodate the new V2 Vaults. Each entry will start with the vault name followed by the share token in (). Under this we supply a hyperlinked name of one of the strategies that links to the smart contract on etherscan. This strategy name is followed by a short description of the strategy. Additional strategies, where applicable are then listed in the same manner. Finally, the most recent reported APY is given. Bear in mind that APYs can change frequently and this number should be considered an estimation.

veCRV-DAO yVault (yveCRV)

AKA-Backscratcher 📺
This vault converts your CRV into yveCRV, earning you a continuous share of Curve fees. The more converted, the greater the rewards. Every week, these can be claimed from the vault as 3Crv (Curve’s 3pool LP token).

The operation is non-reversible: You can only convert CRV into yveCRV, as the CRV is perpetually staked in Curve’s voting escrow.

💰Current APY: 10.10%

[v1] Ethereum yVault (yWETH)

StrategyMKRVaultDAIDelegate

• This vault accepts deposits of ETH and uses them on MakerDAO to mint DAI. This DAI is then deposited in the [v2]DAI vault above to gain yield. This yield is periodically used to buy more ETH and deposited back to the vault.

💰Current APY: 2.26%

[v1] WETH yVault (yWETH)

StrategyMKRVaultDAIDelegate

• This vault accepts deposits of WETH and uses them on MakerDao to mint DAI. This DAI is then deposited in the [v2]DAI vault above to gain yield. This yield is periodically used to buy more WETH and deposited back to the vault.

💰*Current APY: 2.26%

[v2] WBTC yVault (yvWBTC)

StrategyIdle 📺

• Description: Supply WBTC on IDLE.finance to farm COMP and IDLE. Rewards are harvested, sold for more WBTC, and deposited back to the vault.

💰Current APY: 5.78%

[v2] USDC yVault (yvUSDC)

StrategyGenericLevCompFarm 📺

• Supply USDC on Compound with leverage utilizing flash loans from dYdX to farm COMP. COMP is harvested, sold for more USDC, and deposited back to the vault.

StrategyAH2EarncyUSDC

• Lends USDC on Alpha Homora v2 to generate interest. Other users borrow USDC to for leveraged yield farming.

StrategyIdle 📺

• Supply USDC on IDLE.finance to farm COMP and IDLE. Rewards are harvested, sold for more USDC, and deposited back to the vault.

💰Current APY: 17.60%

[v2] DAI yVault (yvDAI)

StrategyGenericLevCompFarm 📺

• Supply DAI on Compound with leverage utilizing flash loans from dYdX to farm COMP. COMP is harvested, sold for more DAI, and deposited back to the vault.

StrategyAH2EarncyDAI

• Lend DAI on Alpha Homora v2 to generate interest. Other users borrow DAI for leveraged yield farming.

💰Current APY: 17.89%

[v2] HEGIC yVault (yvHEGIC)

StrategyHegicETH, StrategyHegicWBTC, StrategyLenderYieldOptimiser 📺

• These three strategies work together to alternatively use HEGIC to buy ETH or WBTC lots on HEGIC.co. While the vault is building up the required 888,000 HEGIC needed to buy a lot, it lends it out on CREAM to earn interest. The vault also keeps a buffer of HEGIC in reserve for withdrawals earning interest in CREAM.

💰Current APY: 5.43%

[v2] Curve STETH Pool yVault (yvsteCRV)

StrategystETHCurve 📺

• This vault accepts deposits of crvSTETH tokens obtained by supplying ETH/stETH to the liquidity pool on Curve here. crvSTETH are staked in the gauge on Curve.finance to earn CRV and [LDO] rewards. Rewards are sold for wETH, used to buy more crvSTETH, and deposited back to the vault.

🚀 Curve boost is currently NOT enabled for this strategy.
💰Current APY: 36.60%

[v1] Curve EURS Pool yVault (yveursCRV)

StrategyCurveEURVoterProxy 📺

• This vault accepts deposits of eursCRV tokens obtained by supplying EURs/sEUR to the liquidity pool on Curve here. eursCRV are staked in the gauge on Curve.finance to earn CRV and SNX rewards. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder of CRV along with the SNX are sold for EURS, used to buy more eursCRV, and deposited back to the vault.

🚀 Curve boost is currently enabled at 46.44%
💰Current APY: 61.55%

[v1] Curve Compound Pool yVault (yvcDAI+cUSDC)

StrategyCurveCompoundVoterProxy 📺

• This vault accepts deposits of crvCOMP tokens obtained by supplying DAI/USDC to the liquidity pool on Curve here. crvCOMP tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more crvCOMP, and deposited back to the vault.

🚀 Curve boost is currently enabled at 24.65%.
💰Current APY: 37.90%

[v1] Curve 3pool yVault (y3Crv)

StrategyCurve3CrvVoterProxy 📺

• This vault accepts deposits of 3Crv obtained by supplying DAI/USDC/USDT to the liquidity pool on Curve here. 3Crv tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more 3Crv, and deposited back to the vault.

🚀 Curve boost is currently enabled at 19.30%.
💰Current APY: 17.48%

[v1] Curve mUSD Pool yVault (yvmusd3Crv)

StrategyCurvemUSDVoterProxy 📺

• This vault accepts deposits of crvMUSD obtained by supplying mUSD/3pool(DAI/USDC/USDT) to the liquidity pool on Curve here. crvMUSD tokens are staked in the gauge on Curve to earn CRV and MTA rewards. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder of CRV along with the MTA are sold for DAI and used to buy more crvMUSD, and deposited back to the vault.

🚀 Curve boost is currently enabled at 23.85%.
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve GUSD Pool yVault (yvgusd3CRV)

StrategyCurveGUSDVoterProxy 📺

• This vault accepts deposits of crvGUSD obtained by supplying GUSD/3pool(DAI/USDC/USDT) to the liquidity pool on Curve here. crvGUSD tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more crvGUSD, and deposited back to the vault.

🚀 Curve boost is currently enabled at 50.65%.
💰Current APY: 60.77%

[v1] Curve Y Pool yVault (yUSD)

StrategyCurveYVoterProxy

• This vault accepts deposits of yCrv obtained by supplying DAI/USDC/USDT/TUSD to the liquidity pool on Curve here. yCrv tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more yCrv, and deposited back to the vault.

🚀 Curve boost is currently enabled at 21.89%.
💰Current APY: 21.19%

[v1] Curve BUSD Pool yVault (yvcrvBUSD)

StrategyCurveBUSDVoterProxy 📺

• This vault accepts deposits of crvBUSD obtained by supplying BUSD/3pool(DAI/USDC/USDT) to the liquidity pool on Curve here. crvBUSD tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more crvBUSD and deposited back to the vault.

🚀 Curve boost is currently enabled at 26.57%
💰Current APY: 31.10%

[v1] Curve USDN Pool yVault (yvusdn3CRV)

StrategyCurveUSDNVoterProxy 📺

• This vault accepts deposits of crvUSDN obtained by supplying USDN/3pool(DAI/USDC/USDT) to the liquidity pool on Curve here. crvUSDN tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more crvUSDN, and deposited back to the vault.

🚀 Curve boost is currently enabled at 64.11%.
💰Current APY: 1.18%

[v1] Curve UST Pool yVault (yvust3CRV)

StrategyCurveUSTVoterProxy 📺

• This vault accepts deposits of crvUST obtained by supplying UST/3pool(DAI/USDC/USDT) to the liquidity pool on Curve here. crvUST tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more crvUST, and deposited back to the vault.

🚀 Curve boost is currently enabled at 11.60%.
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve sUSD Pool yVault (yvcrvSUSD)

StrategyCurvesUSDVoterProxy 📺

• This vault accepts deposits of crvSUSD tokens obtained by supplying SUSD/DAI/USDC/USDT to the liquidity pool on Curve here. crvSUSD are staked in the gauge on Curve.finance to earn CRV and SNX rewards. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder of CRV along with the SNX are sold for DAI, used to buy more crvSUSD, and deposited back to the vault.

🚀 Curve boost 46.41%
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve HUSD Pool yVault (yvhusd3CRV)

StrategyCurveHUSDVoterProxy 📺

• This vault accepts deposits of crvHUSD obtained by supplying HUSD/3pool(DAI/USDC/USDT) to the liquidity pool on Curve here. crvHUSD tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more crvHUSD, and deposited back to the vault.

🚀 Curve boost is currently enabled at 28.24%
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve DUSD Pool yVault (yvdusd3CRV)

StrategyCurveDUSDVoterProxy 📺

• This vault accepts deposits of crvDUSD obtained by supplying DUSD/3pool(DAI/USDC/USDT) to the liquidity pool on Curve here. crvDUSD tokens are staked in the gauge on Curve to earn CRV and DFD. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI along with the DFD, used to buy more crvDUSD, and deposited back to the vault.

🚀 Curve boost is currently enabled at 22.57%.
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve sBTC Pool yVault (ycrvSBTC)

StrategyCurveBTCVoterProxy 📺

• This vault accepts deposits of crvSBTC obtained by supplying oBTC/renBTC/wBTC/sBTC to the liquidity pool on Curve here. crvOBTC tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns)and the remainder of CRV sold for crvOBTC, and deposited back to the vault.

🚀 Curve boost is currently enabled at 3.34%
💰Current APY: 4.70%

[v1] Curve renBTC Pool yVault (ycrvRENBTC)

StrategyCurveRENVoterProxy 📺

• This vault accepts deposits of crvBUSD obtained by supplying BUSD/3pool(DAI/USDC/USDT) to the liquidity pool on Curve here. crvBUSD tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns) and the remainder is sold for DAI, used to buy more crvBUSD and deposited back to the vault.

🚀 Curve boost is currently enabled at 2.89%
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve tBTC Pool yVault (ycrvTBTC)

StrategyCurveTBTCVoterProxy 📺

• This vault accepts deposits of crvHBTC obtained by supplying tBTC/renBTC/wBTC/sBTC to the liquidity pool on Curve here. crvTBTC tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns)and the remainder of CRV sold for crvTBTC, and deposited back to the vault.

🚀 Curve boost is currently enabled at 4.73%
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve HBTC Pool yVault (ycrvHBTC)

StrategyCurveHBTCVoterProxy 📺

• This vault accepts deposits of crvHBTC obtained by supplying hBTC/renBTC/wBTC/sBTC to the liquidity pool on Curve here. crvHBTC tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns)and the remainder of CRV sold for crvHBTC, and deposited back to the vault.

🚀 Curve boost is currently enabled at 20.48%
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve pBTC Pool yVault (ycrvPBTC)

StrategyCurvePBTCVoterProxy 📺

• This vault accepts deposits of crvPBTC obtained by supplying pBTC/renBTC/wBTC/sBTC to the liquidity pool on Curve here. crvPBTC tokens are staked in the gauge on Curve to earn CRV and PNT. 10% of these CRV rewards are locked as veCRV (to boost returns)and the remainder of CRV along with the PNT are sold for crvPBTC, and deposited back to the vault.

🚀 Curve boost is currently enabled at 6.14%
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve BBTC Pool yVault (ycrvBBTC)

StrategyCurveBBTCVoterProxy 📺

• This vault accepts deposits of crvBBTC obtained by supplying BBTC/renBTC/wBTC/sBTC to the liquidity pool on Curve here. crvBBTC tokens are staked in the gauge on Curve to earn CRV. 10% of these CRV rewards are locked as veCRV (to boost returns)and the remainder of CRV sold for crvBBTC, and deposited back to the vault.

🚀 Curve boost is currently enabled at 37.78%
💰Current APY: N/A, new vault has yet to call harvest

[v1] Curve oBTC Pool yVault (ycrvOBTC)

StrategyCurveOBTCVoterProxy 📺

• This vault accepts deposits of crvOBTC obtained by supplying oBTC/renBTC/wBTC/sBTC to the liquidity pool on Curve here. crvOBTC tokens are staked in the gauge on Curve to earn CRV and BOR. 10% of these CRV rewards are locked as veCRV (to boost returns)and the remainder of CRV along with the BOR are sold for crvOBTC, and deposited back to the vault.

🚀 Curve boost is currently enabled at 7.37%
💰Current APY: N/A, new vault has yet to call harvest

[v1] YFI yVault (yYFI)

StrategyYFIGovernance📺

• This vault deposits YFI into the Yearn governance staking contract to earn yCRV governance rewards. The yCRV rewards are converted into USDT, used to buy YFI, and deposited back into the vault.

💰Current APY: 2.67%

[v1] aLINK yVault (yaLINK)

StrategyVaultUSDC

• Thıs vault deposits aLINK as collateral on Aave to borrow USDC. The USDC is deposited into the [v1] USDC yVault. Profits are harvested and used to buy additional LINK, deposited as collateral on Aave to borrow aLINK and deposited back into the vault.

💰Current APY: 5.58%

[v1] DAI yVault (yDAI)

StrategyDAI3pool

• This vault deposits DAI into the 3Pool on Curve here. The 3Crv tokens are then deposited into the Curve 3Pool yVault.

💰Current APY: N/A
🛑Due to recent exploit, do not withdraw from DAI V1 vault if you do not want to realize losses.🛑

[v1] TrueUSD yVault (yTUSD)

StrategyTUSDypool

• Thıs vault deposits TUSD into the Y Pool on Curve here. The resultant yCRV are then deposited into the Curve Y Pool yVault.

💰Current APY: 23.31%

[v1] USDC yVault (yUSDC)

StrategyUSDC3pool

• This vault deposits USDC into the 3pool on Curve.fi here. The 3Crv tokens are then deposited into the Curve 3Pool yVault.

💰Current APY: 19.46%

[v1] USDT yVault (yUSDT)

StrategyUSDT3pool

• This vault deposits USDT into the 3pool on Curve.fi here. The 3Crv tokens are then deposited into the Curve 3Pool yVault.

💰Current APY: 20.69%

[v1] mStable USD yVault (yvmUSD)

StrategymUSDCurve

• This vault deposits mUSD into the mUSD/3Crv pool on Curve here. The crvMUSD is then deposited into the Curve mUSD Pool yVault.

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

[v1] LINK yVault (yLINK)

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

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

🐶, 🥪, and 👨‍🚀