Yearn State of the Vaults #19
Week ending February 28, 2021
Overview
Welcome to the State of the Vaults — a weekly newsletter summarizing yVault-related updates as well as more in-depth information about the actions (strategies) these vaults are performing.
Yearn and Curve Synergy
One of the critical components of Yearn’s infrastructure includes a collaborative relationship with Curve.fi. Several Yearn vaults provide liquidity into Curve pools and stake the liquidity provider (LP) tokens into the respective gauges, earning CRV rewards. Yearn locks 10% of all CRV rewards earned into the yveCRV-DAO vault (“Backscratcher”) to obtain an additional amount of CRV. In the strategy descriptions below, we will supply the current boost level multiplier indicated with the 🚀.
For a deeper understanding, refer to the Understanding Curve Boost Multipliers section near the end of this document.
Furthermore, the remaining 90% of the CRV earned are swapped into the respective LP tokens , and re-deposited into the vault. The only exception is the yvUSDN3Crv vault that locks 50% of the CRV earned into the Backscratcher vault and swaps the remaining 50%.
Vault Updates 🏦
New Vault — v1 Curve SAAVE Pool yVault (yvsaCRV)
StrategyCurvesaCRVVoterProxy
This vault accepts deposits of saCRV obtained by supplying either DAI or sUSD to the liquidity pool on Curve here. saCRV tokens are staked in the gauge on Curve to earn CRV and then used to obtain more saCRV.
New Experimental Vault — Uniswap Pool Together (yvUNI)🎰🦄
StrategyDaiPoolTogether
This test vault stakes UNI in the Pool Together to gain tickets and farm POOL tokens. All POOL are sold for more UNI. Each week, if the vault holds a winning ticket, it swaps the prize for more UNI and re-deposits it in the vault.
The vault has a max deposit limit of 1,980 UNI tokens.
“DAI, USDC, COMP versions coming soon”
Andre Cronje Deploys Yearn v2 abroad
Andre shares the first deployment of a Yearn v2 vault on the Fantom blockchain. 📺
Current Vault Strategies 📝 and Weekly APYs 📈
V2 yVaults are able to employ multiple strategies per vault (up to 20 strategies simultaneously), unlike v1 yVaults that are only able to employ one strategy per vault. 📺
veCRV-DAO yVault (yveCRV-DAO)
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 Friday, these can be claimed from the vault as 3Crv (Curve’s 3pool LP token).
Depositing is non-reversible: You can only convert CRV into yveCRV, as the CRV is perpetually staked in Curve’s voting escrow. All vaults send 10% of farmed CRV to this vault to sustain boost levels.
🚀 Curve boost is currently enabled at 1.42x
💰 Current APY: 27.49%
v2 USDC yVault (yvUSDC)
StrategyGenericLevCompFarm 📺
Supplies USDC on Compound and borrows an additional amount of USDC to maximize COMP farming. Flashloans are used to obtain additional USDC from dYdX in order to gain additional leverage and boost the APY. Earned COMP is harvested, and sold for more USDC and re-deposited into the vault.
StrategyAH2EarncyUSDC
Description: Lends USDC on Alpha Homora v2 to generate interest. Users of Alpha Homora borrow USDC to perform leveraged yield-farming on Alpha’s platform.
StrategyIdle 📺
Description: 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: 28.54%
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 C.R.E.A.M to earn interest. The vault also keeps a buffer of HEGIC in reserve for withdrawals earning interest in CREAM.
💰 Current APY: 25.62%
v2 DAI yVault (yvDAI)
StrategyGenericLevCompFarm 📺
Supplies DAI on Compound and borrows an additional amount of DAI to maximize COMP farming. Flashloans are used to obtain additional DAI from dYdX in order to gain additional leverage and boost the APY. Earned COMP is harvested and sold for more DAI and re-deposited into the vault.
StrategyAH2EarncyDAI
Lend DAI on Alpha Homora v2 to generate interest. Users of Alpha Homora borrow USDC to perform leveraged yield-farming on Alpha’s platform.
💰 Current APY: 23.37%
v2 WBTC yVault (yvWBTC)
StrategyIdle 📺
Supply WBTC on Idle.finance to earn COMP and IDLE. Rewards are harvested, sold for more WBTC, and deposited back into the vault.
💰 Current APY: 4.55%
v2 Curve sETH Pool yvault (yveCRV)
StrategyCurveEcrvVoterProxy 📺
This vault accepts deposits of eCRV tokens obtained by supplying either ETH or sETH to the liquidity pool on Curve here. eCRV tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more eCRV.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 47.41%
v2 Curve stETH Pool yVault (yvsteCRV)
StrategystETHCurve 📺
This vault accepts deposits of steCRV tokens obtained by supplying either ETH or stETH to the liquidity pool on Curve here. steCRV are staked in the gauge on Curve to earn CRV and LDO rewards. Rewards are swapped for WETH and resupplied to the liquidity pool to obtain more steCRV.
🚀 Curve boost is currently NOT enabled for this strategy
💰 Current APY: 30.78%
v1 Curve AnkrETH Pool yVault (yvankrCRV)
StrategyCurveAnkrVoterProxy
This vault accepts deposits of ankrCRV tokens obtained by supplying either ETH or ankrETH to the liquidity pool on Curve here. ankrCRV tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more ankrCRV.
🚀 Curve boost is currently enabled at 1.86x
💰 Current APY: 33.47%
v1 Curve YPool yVault (yUSD)
StrategyCurveYVoterProxy
This vault accepts deposits of yCrv tokens obtained by supplying either DAI, USDC, USDT or TUSD to the liquidity pool on Curve here. yCrv tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more yCrv.
🚀 Curve boost is currently enabled at 1.26x
💰 Current APY: 21.59%
v1 Curve mUSD Pool yVault (yvmusd3Crv)
StrategyCurvemUSDVoterProxy
This vault accepts deposits of musd3CRV tokens obtained by supplying either mUSD, DAI, USDC or USDT to the liquidity pool on Curve here. musd3CRV tokens are staked in the gauge on Curve to earn CRV and MTA rewards. 90% of CRV and all of the MTA rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more musd3CRV.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 41.42%
v1 Curve GUSD Pool yVault (yvgusd3CRV)
StrategyCurveGUSDVoterProxy
This vault accepts deposits of gusd3CRV tokens obtained by supplying either GUSD, DAI, USDC or USDT to the liquidity pool on Curve here. gusd3CRV tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more gusd3CRV.
🚀 Curve boost is currently enabled at 1.86x
💰 Current APY: 45.22%
v1 Curve DUSD Pool yVault (yvdusd3CRV)
StrategyCurveDUSDVoterProxy
This vault accepts deposits of dusd3CRV tokens obtained by supplying either DUSD, DAI, USDC or USDT to the liquidity pool on Curve here. dusd3CR tokens are staked in the gauge on Curve to earn CRV and DFD rewards. 90% of CRV and all of the DFD rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more dusd3CRV.
🚀 Curve boost is currently enabled at 2.03x
💰 Current APY: 53.45%
v1 Curve USDN Pool yVault (yvusdn3CRV)
StrategyCurveUSDNVoterProxy
This vault accepts deposits of usdn3CRV tokens obtained by supplying either USDN, DAI, USDC or USDT to the liquidity pool on Curve here. usdn3CRV tokens are staked in the gauge on Curve to earn CRV. 50% of the CRV rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more usdn3CRV.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: N/A
v1 Curve UST Pool yVault (yvust3CRV)
StrategyCurveUSTVoterProxy
This vault accepts deposits of ust3CRV tokens obtained by supplying either UST, DAI, USDC or USDT to the liquidity pool on Curve here. ust3CRV tokens are staked in the gauge on Curve rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more ust3CRV.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 30.31%
v1 Curve HUSD Pool yVault (yvhusd3CRV)
StrategyCurveHUSDVoterProxy
This vault accepts deposits of husd3CRV tokens obtained by supplying either HUSD, DAI, USDC or USDT to the liquidity pool on Curve here. husd3CRV tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more husd3CRV.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 38.90%
v1 Curve BUSD Pool yVault (yvcrvBUSD)
StrategyCurveBUSDVoterProxy
This vault accepts deposits of bCrv tokens obtained by supplying either BUSD, DAI, USDC or USDT to the liquidity pool on Curve here. bCrv tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more bCrv.
🚀 Curve boost is currently enabled at 1.90x
💰 Current APY: 39.53%
v1 Curve sUSD Pool yVault (yvcrvSUSD)
StrategyCurvesUSDVoterProxy
This vault accepts deposits of sCrv tokens obtained by supplying either SUSD, DAI, USDC or USDT to the liquidity pool on Curve here. sCrv tokens are staked in the gauge on Curve to earn CRV and SNX rewards. 90% of the CRV and all of the SNX rewards earned are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more sCrv.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 47.88%
v1 Curve 3pool yVault (yv3Crv)
StrategyCurve3CrvVoterProxy
This vault accepts deposits of 3Crv tokens obtained by supplying either DAI, USDC or USDT to the liquidity pool on Curve here. 3Crv tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more 3Crv.
🚀 Curve boost is currently enabled at 1.71x
💰 Current APY: 18.30%
v1 Curve AAVE Pool yVault (yva3CRV)
StrategyCurvea3CRVVoterProxy
This vault accepts deposits of a3CRV tokens obtained by supplying either aDAI, aUSDC or aUSDT to the liquidity pool on Curve here. a3CRV tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more a3CRV.
🚀 Curve boost is currently enabled at 1.86x
💰 Current APY: 45.22%
v1 Curve EURS Pool yVault (yveursCRV)
StrategyCurveEURVoterProxy
This vault accepts deposits of eursCRV tokens obtained by supplying either EURs or sEUR to the liquidity pool on Curve here. eursCRV tokens are staked in the gauge on Curve to earn CRV and SNX. CRV rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more eursCRV.
SNX rewards are not currently being sold as the vault on Curve is being upgraded to enable this functionality. In order to benefit from the additional SNX rewards, please do not withdraw from the vault until the update is complete.
🚀 Curve boost is currently enabled at 1.55x
💰 Current APY: 59.78%
v1 Curve Compound Pool yVault (yvcDAI+cUSDC)
StrategyCurveCompoundVoterProxy 📺
This vault accepts deposits of cCrv tokens obtained by supplying either DAI or USDC to the liquidity pool on Curve here. cCrv tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more cCrv.
🚀 Curve boost is currently enabled at 2.49x
💰 Current APY: 35.52%
v1 Curve oBTC Pool yVault (ycrvoBTC)
StrategyCurveOBTCVoterProxy
This vault accepts deposits of oBTC/sbtcCRV tokens obtained by supplying either oBTC, renBTC, wBTC or sBTC to the liquidity pool on Curve here. oBTC/sbtcCRV tokens are staked in the gauge on Curve to earn CRV and BOR. 90% of the CRV and all of the BOR rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more oBTC/sbtcCRV.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 36.99%
v1 Curve sBTC Pool yVault (ycrvRenWSBTC)
StrategyCurveBTCVoterProxy
This vault accepts deposits of sbtcCrv tokens obtained by supplying either renBTC, wBTC or sBTC to the liquidity pool on Curve here. sbtcCrv tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more sbtcCrv.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 4.54%
v1 Curve hBTC Pool yVault (yvhCRV)
StrategyCurveHBTCVoterProxy
This vault accepts deposits of hCRV tokens obtained by supplying either hBTC or wBTC to the liquidity pool on Curve here. hCRV tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more hCRV.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 24.29%
v1 Curve pBTC Pool yVault (ycrvpBTC)
StrategyCurvePBTCVoterProxy
This vault accepts deposits of pBTC/sbtcCRV tokens obtained by supplying either pBTC, renBTC, wBTC or sBTC to the liquidity pool on Curve here. pBTC/sbtcCRV tokens are staked in the gauge on Curve to earn CRV and PNT. 90% of the CRV and all of the PNT rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more pBTC/sbtcCRV.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 30.29%
v1 Curve tBTC Pool yVault (ycrvtBTC)
StrategyCurveTBTCVoterProxy
This vault accepts deposits of tBTC/sbtcCrv tokens obtained by supplying either tBTC, renBTC, wBTC or sBTC to the liquidity pool on Curve here. tBTC/sbtcCrv tokens are staked in the gauge on Curve to earn CRV. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more tBTC/sbtcCrv.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 7.44%
v1 Curve bBTC Pool yVault (ycrvbBTC)
StrategyCurveBBTCVoterProxy
This vault accepts deposits of bBTC/sbtcCrv tokens obtained by supplying either BBTC, renBTC, wBTC or sBTC to the liquidity pool on Curve here. bBTC/sbtcCrv tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more bBTC/sbtcCrv.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 24.18%
v1 Curve renBTC Pool yVault (yvcrvRenWBTC)
StrategyCurveRENVoterProxy
This vault accepts deposits of renCrv tokens obtained by supplying either RenBTC or WBTC to the liquidity pool on Curve here. renCrv tokens are staked in the gauge on Curve to earn CRV rewards. Rewards are swapped for one of the underlying assets and resupplied to the liquidity pool to obtain more renCrv.
🚀 Curve boost is currently enabled at 2.50x
💰 Current APY: 3.48%
v1 Ethereum yVault (yvETH)
StrategyMKRVaultDAIDelegate
Users deposit ETH, which is used to mint DAI from MakerDAO. DAI is then deposited into our v1 yDAI vault, which earns CRV. CRV is periodically harvested, sold for more ETH and re-deposited into the vault.
💰 Current APY: 2.39%
v1 WETH yVault (yvWETH)
StrategyMKRVaultDAIDelegate
Users deposit ETH, which is used to mint DAI from MakerDAO. DAI is then deposited into our v1 yDAI vault, which earns CRV. CRV is periodically harvested, sold for more WETH and re-deposited into the vault.
💰 Current APY: N/A
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: 19.00%
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: 29.56%
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: 21.38%
v1 TrueUSD yVault (yTUSD)
StrategyTUSDypool
Thıs vault deposits TUSD into the YPool on Curve here. The yCRV are then deposited into the Curve YPool yVault.
💰 Current APY: 29.04%
v1 aLINK yVault (yaLINK)
StrategyVaultUSDC
This 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: 3.89%
v1 LINK yVault (yLINK)
💰 Current APY: 1.94%
⚠️ Deposits for this vault are currently disabled. Please use the yaLINK vault above instead.⚠️
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 YFI yVault (yvYFI)
Inactive with YIP-56 Buyback and Build
💰 Current APY: N/A
What’s brewing 🧪
There are several experimental vaults being tested at yearn.rocks. The section below gives a brief overview of the strategies employed within these vaults. These vaults are experimental in nature, may contain bugs that result in loss of user funds, therefore we urge depositors to use caution interacting with these vaults. We are not responsible for any adverse events that may occur within these vaults.
v2 1INCH Little Horse (yv1INCH) 🤏🐴
Strategy1INCHGovernance
Stakes 1INCH tokens into the 1Inch DAO governance rewards contract. 1inch rewards are periodically harvested and re-deposited into the vault.
The vault is currently 27% full with a max deposit limit of 9,058 1INCH tokens.
v2 Creamy Swords SNX (yvSNX) 🍦⚔️
StrategyLenderYieldOptimiser
Lends SNX on Cream.Finance to generate interest.
The vault is currently 56% full and has a max deposit limit of 2,000 SNX.
v2 sUSD Idle (yvSUSDIL) 🏆⚔️
StrategyIdleidleSUSDYield
Deposits sUSD to Idle.Finance to farm IDLE. IDLE is harvested and sold for more sUSD and redeposited into the vault.
The vault currently has a deposit limit of 50,000 sUSD.
v2 WETH Gen Lender (yvWETH) 🧬💰
StrategyLenderYieldOptimiser
Lends assets between multiple lending platforms including Compound, Cream, Aave, dYdX, and Alpha Homora. Keep3r bots check if positions can be changed to earn more yield.
The vault is currently 1% full with a max deposit limit of 400 WETH
v2 WETH Iron Lender (yvWETHIB) 🦾💰
StrategyLenderYieldOptimiserIB
Lends WETH to the Iron Bank (C.R.E.A.M v2) for interest and compounds it.
The vault is currently 49% full and has a deposit limit of 10 WETH.
v2 Mushroom Worker (yvExptWBTC) 🍄🧑🌾
StratMushroomsytWBTCV1
Supplies WBTC to mushrooms.finance to farm MMToken. MM is harvested, sold for more WBTC and redeposited to the vault.
The vault is currently 74% full with a max deposit limit of 2.0 WBTC.
v1 Lido St. Ether Vault (yvstETH) 👼🏦
Accepts ETH as a deposit and converts it to stETH. This vault has advantages over using lido.fi in that it is a wrapper for Lido stETH and uses underlying shares instead of balances which can change outside transfers.
📢When you transfer and deposit, your ETH will be converted into stETH 1:1 and deposit in the vault. You will not be able to redeem stETH for ETH until txs are enabled on ETH 2.0.
v2 SpadaVault (yvWBTC) s🦡
This experimental vault balances 5 strategies:
NOTE-This vault is still a pre-experiment phase and even the vault contract in not yet public for read() and write()
1- Lends WBTC (Generic Lender strategy) to the highest APY lending platform (Compound or Aave).
2–3- Deposits WBTC to a Single Sided BTC Curve Pool (SingleSidedCrvWBTC), and alternates between pools according to whichever is the most profitable.
4- Deposits WBTC to Idle.Finance that farms both COMP and IDLE tokens. Rewards are periodically harvested, sold for more WBTC and redeposited to the vault.
5- Deposits WBTC to mushrooms.finance to farms MMToken. MMtoken are harvested, sold for more WBTC, and redeposited to the vault.
The vault is currently 12% full with a max deposit limit of 10.0 WBTC.
Understanding Curve 🚀 Boost Multipliers
Using the crvCOMP pool, as an example, liquidity providers earn approximately 12.82% APY in trading fees, and an additional 24.72% APY (as of the date of this publication) in the form of CRV rewards, if they stake their liquidity provider tokens in the Curve gauge.
Depositors are able to boost the CRV rewards earned by locking CRV into the voting escrow module, with a max boost of 2.5x. This size of the boost is dependent on the amount of CRV locked in the voter escrow, and the size of the deposit in the liquidity pool, however, this calculator is useful in modeling potential boost multipliers. The max boost for the crvCOMP pool yields an addition 61.81% APY in the form of CRV rewards, which is displayed below.
Yearn stakes the Curve liquidity provider token into the gauge to earn CRV rewards. 10% of these rewards are locked in our yveCRV-DAO vault (described above) to boost the rewards of all yVaults with Curve strategies.
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
