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.
Announcement: yYFI vault has switched to StrategyYFIGovernance.
What are some other revenue streams that yearn finance can have in the future to generate fees when yields are lower?
We have already developed Cover and we are working hard on StableCredit at the moment.
Do you have any upcoming partnerships with other DeFi protocols?
Nothing public to announce at this time, unfortunately.
I wonder how does the future co-operation with curve will look like — are you guys keeping the vault strategies based on curve pools? What with the situation we currectly see, that CRV is loosing the value drastically and it may even further, as the inflation is pretty high? Does it affect the YFI in any way?
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.
What are the long-term plans/vision for yearn.finance? Except StableCredit and new vaults, is there something more coming in the future?
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.
Are all the contracts audited with some symbolic execution techniques?
No, almost nothing is audited. We have 2 teams looking over the code now.
How do you look at NFTs and can it generate income for YearnFinance?
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….
Hi, I would like to join the yDAO, how can I do that?
How many people are working full time on yearn at the moment? How many devs and how many working on everything else?
We are a team of 5 people in total. Only 1 full time developer and 1 Kirby.
I know YFI is a whale coin, in last week it dumps so hard. What will you do to make it stable, at least, so it won’t dump significantly?
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.
I’ve heard the term, ‘next gen vaults’ being mentioned on discord, what does it mean?
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
Website UI/Ux definitely needs a facelift. Any plans on this end?
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.
20 hours ago Andre Cronje Tweeted about YFI on L1L2 will he launch a new TOKEN related to YFI Ecosystem?
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 🙂
Do we still have to stake on governance vault for voting and rewards or off-chain voting is ready and we can stake YFI in other protocols?
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.
What is unusual is the lack of humanly-understandable information about the strategies of the different vaults. Any initiative on that direction?
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 🙂
Are there any plans to develop a strategy for mining UNI?
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
Will all the contracts be migrated to Vyper?
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.
How does Andre handoff prototypes / primitives such as stablecredit to other team members for production-ready testing & deployment?
We test in production, remember? Andre releases the products on chain and we work with him to produce documentation and help onboard new users.
Are you Kirby? I’m a hodler since day 1, but why don’t you add me in @secretyfi?
I’m not kirby but I can answer this — basically the twitter UI sucks so he gave up adding people.
Can you use Zapper.fi to enter the new YFI vault?
I think you can, last time I checked Zapper’s contract had support for all our vaults both in and out.
Is there any possibility to deploy multistrategy vaults that automatically pick the strategy based on the expected apy of said strategy (so if one strategy falls in apy it picks the next highest apy in the list)?
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.
It does not seem like the curve.fi/y LP vault has been boosted?
Remember that the APYs you see are pictures of the past. Not predictions. You will see the boost in future yield.
How do i make a proposal?
Post on the forum, so it has some discussion, and then an admin with promote it to YIP.
Where is YFI community?
Here we are! Can’t you see us all? You are part of it ❤️
Will the ELI5 UI enhancements include a plain language list of risks associated with each product? Would be nice to make that a standard part of each description. Currently, products are differentiated strictly by ARR and input type in the UI.
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.
Considering OVM? Synthetix and Aave is contemplating moving?
If every protocol moves to it, we might consider too. Our contracts is very intertwined with other protocols and usually go several levels deep.
If we stake our yUSD from curve.fi/y pool to Uniswap or YAM or another protocol, will that break anything or trigger withdrawal fees?
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.
