Yearn AMA Recap: Sept. 24

The yearn.finance team hosted an AMA on Sept. 24, 2020. Questions were asked in the yearn.finance Telegram group and answers were shared in the new yearn.finance Updates Telegram group.

We have already developed Cover and we are working hard on StableCredit at the moment.

Nothing public to announce at this time, unfortunately.

We’ll keep making the best strategies we can, either with Curve or others. If we find ways to give a better return elsewhere with a good, safe, and longterm approach we will — but also this is all up to governance which votes on new strats.

One exciting thing we’ve been working on is new yUSD. Combined with an upcoming ███ pool, it’ll allow all USD-denominated vaults to merge into one, with yUSD being vault agnostic, any coin in, any coin out. Similarly to syusd.cash, it’ll use the price to underlying as an oracle for itself, so you’ll have the yUSD balance growing in your wallet every block. Given the USD vaults have more than $330 million deposited in total, it can rival other stablecoins from day one. One meta yield-bearing stablecoin to rule them all.

No, almost nothing is audited. We have 2 teams looking over the code now.

NFTs are already being used for trading insurance coverage (yNFT) and are pretty booming right now so pretty sure we’ll find a use for them. Some of us have been thinking about this….

https://docs.yearn.finance/faq#ydao

We are a team of 5 people in total. Only 1 full time developer and 1 Kirby.

The YFI team is busy building out the yearn ecosystem and we believe that is the best way to add value to our governance token.

This refers to a complete rethink and rewrite of the core vault contract. The new vaults will be more defensive and will allow adding multiple strategies with gradual ramp up. You can read about the new design here, this file has more comments about design considerations than code https://github.com/iearn-finance/yearn-protocol/blob/v1/vaults/contracts/Vault.vy

OH YES. Working a ton on this lately. Feeling guilty for not sharing more on the forum. Basically there is a small group of community members with serious skills in this area and we’re working on this a lot. Latest plan is to keep yearn.finance minimal and revise the nav and importantly add a community portal. The new community portal will feature all the projects and alternative frontends from the community. It will also help prevent scams because there will be 1 source of truth for what projects are part of yearn community.

I have no idea. But this brings up an important point — yearn is not a company or a normal organization. We’re a network of independent agents making dope shit in coordination. So even though I’m on the team I know the same as you about this. We all piece things together from tweets, messages, and code 🙂

Yes, Snapshot voting currently uses balance staked in ygov.finance. We are working on adding an ability to vote with a balance in yYFI vault.

We are working hard to produce ELI5 documents to explain to the best of our abilities what the vaults do. The project is pretty young and we are doing our best to work as fast as possible.We commended ourselves to improve communication and we are doing it 🙂

Anyone can suggest and discuss potential strategies in the forum. Here’s one propsoal to mine UNI https://gov.yearn.finance/t/yeth-vault-strategy-w-uni-mining/5930

Vyper has noble design goals but it’s still a young language and we understand that. We have a core Vyper dev on our team and the team is generally very inclined towards Pythonic stuff. We certainly love to experiment with Vyper, so we’ll see where it leads us, I feel it’ll be a mix of Solidity and Vyper.

We test in production, remember? Andre releases the products on chain and we work with him to produce documentation and help onboard new users.

I’m not kirby but I can answer this — basically the twitter UI sucks so he gave up adding people.

I think you can, last time I checked Zapper’s contract had support for all our vaults both in and out.

We are working on that. It’s a complex solution. There’s been some inforamtion released recently. It’s what we call next generation vaults.

Remember that the APYs you see are pictures of the past. Not predictions. You will see the boost in future yield.

Post on the forum, so it has some discussion, and then an admin with promote it to YIP.

Here we are! Can’t you see us all? You are part of it ❤️

Great question — we’re working on this now in the docs team. Hoping to create a pretty full risk overview to help people evaluate our stuff. Will be an ongoing community project to do this, so if it’s an area you’re interested in we’d love your help. I think we’ll have our first risk docs up in ~1 week.

If every protocol moves to it, we might consider too. Our contracts is very intertwined with other protocols and usually go several levels deep.

No, it won’t. You can trade, you can exchange it, you can do what you want. You won’t break it.

Thanks to everyone who asked questions! Make sure to get involved in the yearn.finance community on the governance forum, Discord, and Telegram.

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