https://medium.com/iearn/yearn-finance-ynewsletter-69-f445ec1e8ada?source=rss----3ee5f70df954---4

Welcome to the 69th edition of the Yearn Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of the latest news, including product launches, governance changes, and ecosystem updates. If you’re interested in learning more about Yearn, follow our official Twitter and Medium accounts.

Summary

• yETH is Live
• Yearn v3 is now (kinda) live (on Polygon). And so are the v3 Docs!
• yearn.fi factory vaults are now available on Base!
• ‘Drop the nance.’ Yearn.finance is now Yearn.fi
• Yearn Remembers. Do you?
• Yip-74 & YIP-75 Recaps
• Yearn doesn’t use upgradable Proxies
• yAcademy Highlights
• Hack the Vault: GG
• Content Feat. Yearn Contributors
• #JustCornThings
• Yearn subsidizes bounties on Vyperlang alongside Curve & Lido
• Community and Ecosystem News

yETH is Live

https://medium.com/media/257fb156c3dbb6fe5d24009aa26cac7e/href

yETH IS LIVE! May the memes be many, and the yETH yield be yolked.

“But what if I don’t have yETH to stake to st-yETH?”

Well, if you don’t have sfrxETH, or swETH, or wstETH, or ETHx, or cbETH to Deposit and acquire yETH on the yeth.yearn.fi site…

https://medium.com/media/ac303e23033dec2bfc9a4cb8db981827/href

…yETH is now available via @CowSwap !

Take your yETH to yeth.yearn.fi, go to Stake/Unstake, and stake your yETH to acquire st-yETH.
Remember, yETH does not earn liquid staking yield — only st-yETH does.

https://medium.com/media/dae027fff0cb389fcf73164cd25ab86f/href

The APR isn’t Despicable — it’s the yield from last week. You can still be a minion-aire — just don’t forget to Vote! Voting starts this week.

https://medium.com/media/446cbe2d444ebbfde92b389e34d75d5f/href

See? Even the Lizard People are getting excited.

https://medium.com/media/ebf5a02de0b578171449bfee6ecfd0ba/href

Still on the fence? Well, maybe you should carefully get down from there. Each asset in yETH has its own asset composition safety band, and as a basket of 5 LST’s, yETH is a risk-adjusted token by design.

https://medium.com/media/7634c37304b810943de4d3d271e11932/href

No truer words have ever been spoken by William Stakespeare. Sourced from Stakespeare’s masterpiece, Sonnet 18, “Shall I compare yETH to a Summers day?” written in iambic pentameter, it is an inspirational piece that has moved liquidity in ways never seen before. As you contemplate your yield, along with the rhyme scheme, ababcdcdefefgg, we encourage you to listen to the brilliance presented by the Rich Men of North Richmond as they sing a song that truly captures our generation’s plight in DeFi.

Yearn v3 is now (kinda) live (on Polygon). And so are the v3 Docs!

https://medium.com/media/71f9e323154af30a8cde05651dccbb13/href

When the simps in the crib ma,
doc it like it’s hot,
doc it like it’s hot,
doc it like it’s hot…
When the Yanks try to “Soccer” you,
Footy like it’s hot,
Footy like it’s hot,
Footy like it’s hot,
I got the V3 on deploy and tokenized strats,
and I fund the best Leagues 4626 on stacks…

https://medium.com/media/29e78e869ed7bf9f890776a7ea277305/href

Armed with the V3 docs, unique ERC-4626 compliant tokenized strategies are yours to create. Just ask Schlag — he deployed his own ERC-4626 compliant Fantasy Football League.
Be creative like Schlag. Schlag is a dime piece — just like our V3 docs.

corn on Twitter: “Getting a lot of questions on the new @yearnfi Vaults V3 fee modelThe default fee is 0 Vault creators can add fees and they split that fee with Yearn 80/20 / Twitter”

Getting a lot of questions on the new @yearnfi Vaults V3 fee modelThe default fee is 0 Vault creators can add fees and they split that fee with Yearn 80/20

In case you forgot, “the default fee is 0”.

yearn.fi factory vaults are now available on Base!

https://medium.com/media/5d38534d7a56bc933f3842b23e356801/href

Vaults deployment by @aerodromefi ❤ While on yearn.fi/vaults, simply switch to Base Network, and the Base Vaults will be revealed!
For those looking for more details, this article provides additional insight into YearnFi’s recent integration with Base.

‘Drop the nance.’ Yearn.finance is now Yearn.fi

https://medium.com/media/c399e30d01a3312bb3a23a42581ace33/href

How do you bring sexy back, when sexy never left?
You make it cleaner.
yearn.finance is now yearn.fi

Yearn Remembers. Do you?

yearn on Twitter: “Happy Blue Moon 🔵🌑30.08.23 pic.twitter.com/Y3e51m97s4 / Twitter”

Happy Blue Moon 🔵🌑30.08.23 pic.twitter.com/Y3e51m97s4

Remember wen Moon?

yearn on Twitter: “Then… https://t.co/HcDIEffmrQ / Twitter”

Then… https://t.co/HcDIEffmrQ

Remember that they Yearn.

yearn on Twitter: “Now, and always. pic.twitter.com/HmiZwt0ilC / Twitter”

Now, and always. pic.twitter.com/HmiZwt0ilC

Remember that code is speech.

yearn on Twitter: “Yearn has been building on Curve since the beginning, and we have no plans to stop.Yearn has acquired 3,750,000 CRV which has been LP’d in lp-yCRV v2 (which has a 31.9% APY… just saying 👀).Yearn 🤝 Curve / Twitter”

Yearn has been building on Curve since the beginning, and we have no plans to stop.Yearn has acquired 3,750,000 CRV which has been LP’d in lp-yCRV v2 (which has a 31.9% APY… just saying 👀).Yearn 🤝 Curve

Remember that we’re in this together.

Yip-74 & YIP-75 Recaps

yearn on Twitter: “🗳️ YIP-75: Launch V3 is now livehttps://t.co/poZ9qIi9Z9 / Twitter”

🗳️ YIP-75: Launch V3 is now livehttps://t.co/poZ9qIi9Z9

Yip-75: Launch V3 has passed! 194veYFI “For” to 38 veYFI “Against”.
V3 contracts are already deployed on multiple chains, with an initial rollout focus directed to Polygon chain. By implementing V3 in areas where V2 has a limited presence, Yearn can increase market share while also battle testing V3 code prior to starting TVL migration on Ethereum.

yearn on Twitter: “🗳️ YIP-74: Wintermute YFI Loan & CRV Plans is now live.https://t.co/sJYRbhokFI / Twitter”

🗳️ YIP-74: Wintermute YFI Loan & CRV Plans is now live.https://t.co/sJYRbhokFI

YIP-74 has been voted “Against” by a significant majority: 10 veYFI “For” to 167 veYFI “Against”.
Discourse within the gov.yearn.fi proposal forum was amicable and detailed, and included revisions with an updated proposal. Wintermute’s Ask: “Wintermute Trading is requesting approval for a 12-month loan of 350 YFI ($2.18M) at a 0.10% interest rate from the DAO’s treasury.”
In return, Wintermute would “use up to 3M CRV tokens to buy yCRV, deploy yCRV tokens to the yCRV-CRV pool and stake this on yearn.”

• Additional terms can be found in the snapshot vote, linked above.
  Primary concerns were centered around Wintermute’s lack of collateralization, and overall “unbalanced” proposal terms. Although the revised proposal was raised to YIP status, the veYFI voters within the Yearn community were not receptive to Wintermute’s proposal terms.
• For additional information and coverage, check out this article covered by DLNews, featuring an interview with Wintermute’s CEO.

Yearn doesn’t use upgradable Proxies

banteg on Twitter: “how yearn approaches thiswe famously don’t use upgradable proxies anywhere. when a vault is superseded by a new version, all its strategies are replaced by a router strategy which deposits to the new vault. you can migrate anytime or continue to earn yield in the old vault. https://t.co/6MzsOpNBGR / Twitter”

how yearn approaches thiswe famously don’t use upgradable proxies anywhere. when a vault is superseded by a new version, all its strategies are replaced by a router strategy which deposits to the new vault. you can migrate anytime or continue to earn yield in the old vault. https://t.co/6MzsOpNBGR

Yearn is notorious for not using upgradable proxies anywhere. This is a risk-mitigating standard utilized to benefit Yearn Vault users.
Requiring users to upgrade or risk losing their funds is not in alignment with Yearn’s core values of providing risk-mitigated yield to users via more “passive yield” strategies.
Therefore, if a new version of a vault becomes a better option, the old vault continues to earn yield, and all its strategies are routed into this new vault. This allows the users to migrate anytime or continue to earn yield in the old vault.

• As a friendly reminder, all DeFi users should always be monitoring their wallets, deposits, and funds due to new, and ever-present risks in this rapidly evolving space.

yAcademy Highlights

yearn on Twitter: “Support Shell, or the next generation of auditors?Hmm, tough call 🤔 https://t.co/bpKUukzJ8C / Twitter”

Support Shell, or the next generation of auditors?Hmm, tough call 🤔 https://t.co/bpKUukzJ8C

yAcademy recently participated in their first Gitcoin Grants round, GG18! For those unfamiliar, “Gitcoin Grants is a quarterly initiative empowering early-stage builders through a combination of crowdfunding and grants.”

• DeFi builders can submit applications demonstrating that they qualify for the criteria established for the respective two-week grant round. During that two-week period, anyone can drive funding and make individual donations towards the qualifying builders.
• Gitcoin Grants then uses a Quadratic Funding method and funds from their Matching Partners to “match” the funding raised, wherein the number of contributions is weighted more heavily than the amount funded.
• Funds raised are provided to the builder, so that they can continue building and positively contributing to DeFi’s growth, and for the betterment of the greater community.
• Follow @yAcademy on Twitter, so you don’t miss a future opportunity to contribute to your favorite free and open-source auditing academy. It’s a public good.

yAcademy on Twitter: “1/10Today we are open-sourcing the entirety of the first ZK Auditing Fellowship that just concluded 👉 You can go through the entire fellowship: https://t.co/2nrq83Ohyb- Sessions- Discussions- Quizzes & puzzles- Audit reports- ..A few highlights from the fellowship.. pic.twitter.com/z2BzbgCYA7 / Twitter”

1/10Today we are open-sourcing the entirety of the first ZK Auditing Fellowship that just concluded 👉 You can go through the entire fellowship: https://t.co/2nrq83Ohyb- Sessions- Discussions- Quizzes & puzzles- Audit reports- ..A few highlights from the fellowship.. pic.twitter.com/z2BzbgCYA7

Congratulations to yAcademy’s first ZK Auditing Fellowship graduates! To celebrate this thicc release of brainpower out into the world, yAcademy is “open-sourcing the entirety of the first ZK Auditing Felowship that just concluded.”

• This thread takes you through highlights, quizzes, modules, and even reminds us that some of the best auditors have come from non-STEM backgrounds. So, Anon, if you find yourself inexplicably pulled into yAcademy’s open-sourced auditing content, embrace those feels, and go apply at yAcademy today. Applications are now open.

https://medium.com/media/2dd8b24fc0222ba8f678e54c1893d465/href

@Bl4ckb1rd71 Delivers on 30 days straight of daily security alpha threads! Engn33r is a well recognized contributor to all things Web3 security-related. Fun fact: when you combine all of his posts, it’s almost as long as a single Adam Cochran thread.

• Need a best-in-class Security Audit for your protocol? Submit an inquiry to yAuditDao here!

Hack the Vault: GG

yearn on Twitter: “We thank everyone who tried to hack the v3 Vault as part of the Crypto Twitter battle test 💰🫡. The $20,000 remained un-rugged and the game has now concluded.Stay dialed in for more v3 launch info in the coming weeks. https://t.co/bWyVYYltQM / Twitter”

We thank everyone who tried to hack the v3 Vault as part of the Crypto Twitter battle test 💰🫡. The $20,000 remained un-rugged and the game has now concluded.Stay dialed in for more v3 launch info in the coming weeks. https://t.co/bWyVYYltQM

The V3 Vault remains unscathed and unhacked. The vault’s contents have been removed.
If I had to guess why the Vault was left unhacked, I’d probably attribute it to the fact that the CT hackers forgot to rent matching mini-coopers for their heist.
Also, Yearn takes security seriously.
To those who participated, we thank you for playing and supporting the CT Battle Test game!

Content Feat. Yearn Contributors

DeGatchi.com | For Hire on Twitter: “On @ScrapingBits, I talked with @storming0x about:⏰ Mitigating live hacks in @yearnfi’s warroom.🩻 The anatomy of complex hacks.🛖 How the @yearnfi internal security team operates.⁉️ And so much more…Give it a listen now if you’re into security!https://t.co/94NdLH8SVW / Twitter”

On @ScrapingBits, I talked with @storming0x about:⏰ Mitigating live hacks in @yearnfi’s warroom.🩻 The anatomy of complex hacks.🛖 How the @yearnfi internal security team operates.⁉️ And so much more…Give it a listen now if you’re into security!https://t.co/94NdLH8SVW

@Storming0x, a key member of Yearn’s security team, discusses war rooms and hacks on the Scraping Bits Podcast.

https://medium.com/media/d9cc2db8dd0d8f8fc38b8b777f692b78/href

Yearn Contributors, Pickles and Korin, are caught discussing the benefits of being early. If you participated in Bootstrapping yETH and have st-yETH, it’s likely you reaped the benefits along with a couple of our favorite hooligans. Be like @Yabirgb so you don’t miss the alpha.

https://medium.com/media/780b5cbdeb1bd53f1864411a7d0fae33/href

@MarcoWorms features @fubuloubu’s excellent write-up discussing the parallels between hardware engineering and building aircraft. The article explores how various concepts of aerospace engineering can be applied to building smart contracts, and provide beneficial failure mitigation during various phases of development.

In this write-up, you will learn about FMECA, FHA, and TRL scores, and how to increase the probability of hitting PMF. @Fabululoubu goes on to describe how Crypto typically utilizes “test in prod” implementation, similar to how aerospace projects go through Ground and Flight Test procedures. With @cHaOSneT, “test in prod” becomes viable via an “ephemeral testnet product” in which full-stack simulations can be run whilst limiting impact to project teams and users.

https://medium.com/media/973242c15af455cda087bace6b11e0a5/href

@Fubuloubu explores building a ERC4626 on-chain “yield oracle” tied to Vault implementation, discusses ERC-4626 evolution, and shares their Call to Action for ERC-4626 vaults to conform to the standard for smooth integration in the community. Yearn V3 embraces the ERC-4626 standard, and we hope other DeFi projects will as well for the benefit of the larger crypto community.

https://medium.com/media/ff5099b12aefe70b575ba813d53d29d6/href

@SaltyFacu, a longtime Yearn contributor and open-source contributor with over 20 years of experience, offers their support to Connext as an official Connext Delegate. The Connext DAO Delegation application process provides potential Delegates with an opportunity to showcase their expertise, and feedback given a few sample voting issues. Click here for more information about the @Connextnetwork.

https://medium.com/media/2a4b58dd49ff7f730bad6e1cf38e16ed/href

Vote for @aliatiia_ for the @Arbitrum DAO Security Council! Ali is a dedicated founder and contributor to @yAuditDAO and @yAcademyDAO, consistently taking all opportunities to encourage best security practices. Give Ali’s statement a read, in which he states that protecting users is his primary priority. Ali has Qualified for Round 2, so continue to keep a lookout for further updates, as Round 2 will begin on Oct. 6th. We hope you’ll show your support!

#JustCornThings

https://medium.com/media/4ada26aadc98d3cc914b36a7b9fcb2ac/href

Yearn’s Corn is always dropping alpha on CT. Let’s see what he’s been up to…

https://medium.com/media/dc8755192db0e621f17835d052c58657/href

Check out Corn repping Yearn’s yETH at the LSTfi Summit !

eBTC on Twitter: “Mark your calendars‼️ The stage is set for the next “Stake Out” event. This weeks topic➡️ The Explosion of #LSTfi Pt. 2. 📅 Thursday August 24 @ 10AM EST📍https://t.co/cILhoxR1HyPart 2 of this discussion features guests from:@yearnfi @staderlabs @gravitaprotocol pic.twitter.com/Brh8CmcWq7 / Twitter”

Mark your calendars‼️ The stage is set for the next “Stake Out” event. This weeks topic➡️ The Explosion of #LSTfi Pt. 2. 📅 Thursday August 24 @ 10AM EST📍https://t.co/cILhoxR1HyPart 2 of this discussion features guests from:@yearnfi @staderlabs @gravitaprotocol pic.twitter.com/Brh8CmcWq7

Corn discusses the ethos maintained in the creation of yETH, and its development and (potential) application(s).

https://medium.com/media/c255ff7e626cb3c7116c8a1ca125d578/href

Yearn PMF. “Yearn started to prove the model for yield-bearing collateral…this is a real thing that TradFi doesn’t have…” This and more on the full episode.

https://medium.com/media/d868f51b9f0b007f78b4fda8bed71de1/href

Have some Yearn Vault Tokens chilling in the OP Vaults? @vmexfinance now offers users to take loans out against select vault assets on Optimism!

corn on Twitter: “Curve oETH Factory Vault is up and running! This vault can take another ~$7.4 million at max boost: https://t.co/ppbEff17u5This curve pool contains ETH and oETH. oETH is @OriginDeFi’s Ethereum liquid staking derivative aggregator. / Twitter”

Curve oETH Factory Vault is up and running! This vault can take another ~$7.4 million at max boost: https://t.co/ppbEff17u5This curve pool contains ETH and oETH. oETH is @OriginDeFi’s Ethereum liquid staking derivative aggregator.

Don’t forget about the oETH Factory Vault, and explore others that have been deployed since this post was made.

Yearn subsidizes bounties on Vyperlang alongside Curve & Lido

yearn on Twitter: “👀 https://t.co/EFZOQEufcl / Twitter”

👀 https://t.co/EFZOQEufcl

Yearn, Lido, and Curve contribute funding towards bug bounty programs and security initiatives related to Vyper. With this continued support along with the rest of the community, @immunefi and @CodeHawks have been able to team up with @Vyperlang to facilitate Vyper compiler auditing competitions and other bounty programs so that Vyper can continue to evolve safely and securely. Join the @Vyperlang Discord to start building today!

Community and Ecosystem News Feat. Scraping Bits Podcast &

Love for Yearn goes beyond being the most callipygian protocol!

Messari on Twitter: “Optimism emerged as the fastest growing ecosystem over the last 30 days, with market cap growing over 50%. @optimismFND 30D stats beyond mcap: ~ TVL grew 5% driven by recent growth of the @ExactlyProtocol and @yearnfi, which added $90M TVL. ~ @ExactlyProtocol is now the… pic.twitter.com/pUUUIi2oa5 / Twitter”

Optimism emerged as the fastest growing ecosystem over the last 30 days, with market cap growing over 50%. @optimismFND 30D stats beyond mcap: ~ TVL grew 5% driven by recent growth of the @ExactlyProtocol and @yearnfi, which added $90M TVL. ~ @ExactlyProtocol is now the… pic.twitter.com/pUUUIi2oa5

Yearn and @ExactlyProtocol fueled a 5% growth ($90M TVL) on Optimism!

https://medium.com/media/09b7aac8bbb9ac5857eaed772b0d7347/href

Rudy, you dirty, dirty dog… OP rewards are for everyone. Not just you. Go to Optimism and help Yearn contribute to those massive market cap boosts shown in the Messari reports!

Gearbox Protocol ⚙️🧰 on Twitter: “90% of the yvDAI farmers on @yearnfi make an amazing 5%+ APY. The remaining 10%, though, make an eye-watering 17%+ APY by leverage farming through Gearbox. Leveraged Stablecoin Farming, only with Gearbox⚙️🧰 pic.twitter.com/Z7puWFOlhW / Twitter”

90% of the yvDAI farmers on @yearnfi make an amazing 5%+ APY. The remaining 10%, though, make an eye-watering 17%+ APY by leverage farming through Gearbox. Leveraged Stablecoin Farming, only with Gearbox⚙️🧰 pic.twitter.com/Z7puWFOlhW

yvDAI farming was showcased by Gearbox Protocol. The APY was so high that rumors spread claiming Willie Nelson had decided to partake with the Gearbox team.

yearn on Twitter: “Why are Yearn strategists aping into the YFI/DAI @ajnafi pool on @summerfinance_ ?1) Misplaced nostalgia for DeFi summer?2) Stacking Ajna rewards.3) Incoming Ajna strategy alpha?Whatever you think the answer is, join them https://t.co/Mivb2RD8o0 pic.twitter.com/VTeWYKswVV / Twitter”

Why are Yearn strategists aping into the YFI/DAI @ajnafi pool on @summerfinance_ ?1) Misplaced nostalgia for DeFi summer?2) Stacking Ajna rewards.3) Incoming Ajna strategy alpha?Whatever you think the answer is, join them https://t.co/Mivb2RD8o0 pic.twitter.com/VTeWYKswVV

If you want more action for your DAI (and YFI!), you can also check out the @ajnafi pool!

Giza on Twitter: “Algorithmic financial intelligence in the works 🌀We are excited to collaborate with @yearnfi on developing a proof of concept to explore automated risk assessment for Yearn Vaults V3.Let’s unpack 🧵https://t.co/ZflgdGEWXx / Twitter”

Algorithmic financial intelligence in the works 🌀We are excited to collaborate with @yearnfi on developing a proof of concept to explore automated risk assessment for Yearn Vaults V3.Let’s unpack 🧵https://t.co/ZflgdGEWXx

@GizaTechxyz collaborates with Yearn to explore the potential of Automated Risk Assessment for V3.

SEBA Bank AG on Twitter: “A proposal to launch V3 recently went live on @yearnfi’s governance. In today’s thread, we explore what is V3, and how it could help increase @yearnfi’s adoption. pic.twitter.com/weCCbKnHdf / Twitter”

A proposal to launch V3 recently went live on @yearnfi’s governance. In today’s thread, we explore what is V3, and how it could help increase @yearnfi’s adoption. pic.twitter.com/weCCbKnHdf

@WeAreSEBA from SEBA Bank AG, a Swiss financial service provider, does a deep dive into Yearn’s V3.

yearn on Twitter: “What a fun few days in the Yearn governance forums 👀We are of course talking about the v3 Launch YIP proposal!Let’s dive into the YIP and the proposal to launch an open protocol to make Vault deployment and strategy development permissionless and accessible to anyone. pic.twitter.com/FnxASlyciO / Twitter”

What a fun few days in the Yearn governance forums 👀We are of course talking about the v3 Launch YIP proposal!Let’s dive into the YIP and the proposal to launch an open protocol to make Vault deployment and strategy development permissionless and accessible to anyone. pic.twitter.com/FnxASlyciO

Here is a Yearn V3 Highlights refresher for those who would like more info!

https://medium.com/media/cc3bff9e9ac0e81c88ed4ea6b73076ad/href

@Swellnetworkio features swETH’s position in yETH’s total composition. At the time of writing this article, swETH’s position has grown to represent over 30% of yETH’s basket of LSTs! sfrxETH is second with approx. 26%.

https://medium.com/media/febd45d3cf5f105ace194eac741e7c59/href

YFI is featured on a StakeDaoHQ — focused on identifying Liquid Staking platforms for governance tokens. Soon…

https://medium.com/media/fd05250c6b115911b2cde992a165aa8b/href

@HighYieldUSD, deployed in collaboration with @reserveprotocol’s hyUSD, showcases the hyUSD/eUSD Yearn LP as a high-yield opportunity for you farmers out there.

https://medium.com/media/91be0e8e4716e13f7b3cb62f9925f7a5/href

Earn yield on your YFI via the YFI silo, and borrow crvUSD. Or be a crvUSD provider to the YFI silo. Personally, I went with the first option and then took my crvUSD to acquire more st-yETH. There are lots of applications and strategies you can utilize with your crvUSD — just don’t over-extend your lending position, and as in all lending protocols, monitor your Health factor — you may need your YFI sooner than you think.

The Future of Finance won’t belong to anybody, but everybody.

This month’s featured artwork is by artist, Rylen! Rylen made these psychedelic POAPs for Yearn for ETHCC 2023! We thank you for your most groovy contribution ❤

• More of Rylen’s incredible artwork can be found Here.

We hope you’ve enjoyed reading this month’s yNewsletter. Remember, you are Yearn, and all of us can contribute to help create the changes we want to see. If you want more information (or just want to say, Hi!), we hope you’ll visit us in our Yearn community Discord and Telegram channels!

Yearn Finance yNewsletter #69 was originally published in Yearn on Medium, where people are continuing the conversation by highlighting and responding to this story.

https://medium.com/iearn/yearn-finance-ynewsletter-68-94e20f4e32d5?source=rss----3ee5f70df954---4

Welcome to the 68th edition of the Yearn Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of the latest news, including product launches, governance changes, and ecosystem updates. If you’re interested in learning more about Yearn, follow our official Twitter and Medium accounts.

Summary

• yETH Bootstrapping Heats Up as 8 LSTs Battle for 5 Spots
• We Challenge You to Hack Yearn’s V3 Vault…for $20,000.00
• Updates on Velodrome’s Boosted OP Vaults (inc. Wido Zap Support)
• New lp-yCRV Pool, and New Vaults ft. yLQTY, Sonne, & MAI
• Yearn Highlights from ETHCC Paris
• yAuditDAO yAudits V3 Vaults, engn33r’s insight at BlockSplit 2023, and yAcademy pointers
• The OATH Foundation discusses empowering DeFi with Yearn
• Yearn Stats, courtesy of Yearn’s Budget Request GitHub
• Community and Ecosystem News Feat. Scraping Bits Podcast & Jackson, StaFi, Messari, Synthetix, and Inverse Finance

yETH Bootstrapping Heats Up as 8 LSTs Battle for 5 Spots

yearn on Twitter: “yETH holders, voting is now live 🗳️Vote for the LSTs that you want to see included in yETH at launch.Remember, you’ll receive incentives from the winning protocols whether you voted for them or not 🪙💰So vote with your heart anon… or not.https://t.co/QtPSs1H8CY pic.twitter.com/w7F6l7Lcwc / Twitter”

yETH holders, voting is now live 🗳️Vote for the LSTs that you want to see included in yETH at launch.Remember, you’ll receive incentives from the winning protocols whether you voted for them or not 🪙💰So vote with your heart anon… or not.https://t.co/QtPSs1H8CY pic.twitter.com/w7F6l7Lcwc

yETH Bootstrapping is well underway, and with Deposits now closed, st-yETH holders are encouraged to submit their votes among the first 8 LSTs who are competing for yETH’s five available spots. Voting with your st-yETH is required to receive your share of ~ $9,484 in incentives, so do not miss this window.

yearn on Twitter: “The yETH Whitelist period is over, welcome @lidofinance, @coinbase, @fraxfinance, @binance, @swellnetworkio, @StaFi_Protocol, @Tranchess and @staderlabs.Now the real games for yETH’s first five spots begin. Read on anon. https://t.co/QtPSs1H8CY pic.twitter.com/bDP9ecG0zv / Twitter”

The yETH Whitelist period is over, welcome @lidofinance, @coinbase, @fraxfinance, @binance, @swellnetworkio, @StaFi_Protocol, @Tranchess and @staderlabs.Now the real games for yETH’s first five spots begin. Read on anon. https://t.co/QtPSs1H8CY pic.twitter.com/bDP9ecG0zv

yETH’s 8 whitelisted LSTs make up 96.7% of the LST Market.
The stakes are exceptionally high because the first round of LSTs have a unique opportunity: Of the top 5 LSTs, one LST can constitute up to 40% of yETH’s total composition.

yearn on Twitter: “💊 Attn LST protocols🍄 2.5 hours remain to incentivize yETH holders to vote your LST into the yETH launch composition. https://t.co/HvZluigKjQWhy incentivize? Peruse the thread below for cat approved alpha 😻https://t.co/RVnF1r7Rd6 / Twitter”

💊 Attn LST protocols🍄 2.5 hours remain to incentivize yETH holders to vote your LST into the yETH launch composition. https://t.co/HvZluigKjQWhy incentivize? Peruse the thread below for cat approved alpha 😻https://t.co/RVnF1r7Rd6

With the total ETH deposits at ~2,090+ETH (at the time of writing) and a net value of ~$3,800,000+USD, a 40% share of yETH benefits to the winning LST’s protocol is significant.
Then, consider yETH’s st-yETH benefits: rewards from the basket of the 5 LST’s own respective protocols’ underlying strategies, native Yearn auto-compounding st-yETH structure, the incentivizing voting system, and the prospects of yETH’s future utility in the larger DeFi ecosystem. It’s a mouthful, we know, but we hope it all adds up to provide a mutually beneficial outcome for st-yETH voters and the LST protocols who have taken this trip with us. We think it will.

yearn on Twitter: “Yearn has just deposited 280 ETH into yETH🍄🌈💊. You can join the yETH party (it’s the cool kind with voting and onchain incentives) by depositing to yETH and having your say on the launch composition (and be paid for it🤝).https://t.co/mlPRzp9uHL / Twitter”

Yearn has just deposited 280 ETH into yETH🍄🌈💊. You can join the yETH party (it’s the cool kind with voting and onchain incentives) by depositing to yETH and having your say on the launch composition (and be paid for it🤝).https://t.co/mlPRzp9uHL

This is one block party you don’t want to miss, and all the cool kids are going. However, we understand that life happens, which is why yETH is hosting this party every epoch (month).

yearn on Twitter: “We designed yETH bootstrapping to be simple. 🍄 Deposit ETH to yETH. 💊 Vote on the launch composition of LSTs.🌈 Receive onchain incentives for voting.But maybe there was an even simpler way…https://t.co/mlPRzp9uHL pic.twitter.com/nwFCR7uSRY / Twitter”

We designed yETH bootstrapping to be simple. 🍄 Deposit ETH to yETH. 💊 Vote on the launch composition of LSTs.🌈 Receive onchain incentives for voting.But maybe there was an even simpler way…https://t.co/mlPRzp9uHL pic.twitter.com/nwFCR7uSRY

The race to incentivize was quite spicy in the last 7hrs, with total incentives nearly tripling. The Team even identified some failed last-minute incentives txn’s attempted that just barely missed the deadline.

If you missed participating in this round, or were not selected as one of the Top 5 LST’s, do not despair! You will have an opportunity to resubmit and try again in the next epoch. Each epoch provides the chance for st-yETH voters to add, or not add, one additional LST to yETH’s composition. Plan your incentivization strategy and vote accordingly.

We Challenge You to Hack Yearn’s V3 Vault…for $20,000.00

yearn on Twitter: “🚨We want you to hack us.🚨 Yep, really…Yearn v3 has gone through multiple audits and internal reviews, but it’s time for the real battle test – Crypto Twitter.If you can take the funds from the v3 Vault and strategy below, they’re yours.[See next tweet for contracts] pic.twitter.com/kqb5tXiXub / Twitter”

🚨We want you to hack us.🚨 Yep, really…Yearn v3 has gone through multiple audits and internal reviews, but it’s time for the real battle test – Crypto Twitter.If you can take the funds from the v3 Vault and strategy below, they’re yours.[See next tweet for contracts] pic.twitter.com/kqb5tXiXub

Bring it on! While the renowned cheerleader movie by the same name is cool, it’s not “$20,000 to Rug Yearn’s v3 Vault” cool.

Crypto Twitter has some serious talent, so we’re inviting you all to participate in the heist of the decade. Get your Team together, or attempt it solo. Show us what you’ve got to hack our v3 Vault, and all $20,000 wubba lubba dub dubs are yours. ZachXBT get-of-jail-free card pending.

In all seriousness, and in light of the recent events of this week’s CRV/ETH exploit, we want to remind everyone that security is always Yearn’s first and number one priority.

To find out more about Yearn’s security, see this thread by Yearn contributor, Storm:

Storm Blessed 0x on Twitter: “With recent events its relevant to show how yearn thinks about riskUses an internal framework to navigate the turbulent waters of DeFI risks.There’s a method to the madnessA quick overview 👇1/ pic.twitter.com/CD768BVshj / Twitter”

With recent events its relevant to show how yearn thinks about riskUses an internal framework to navigate the turbulent waters of DeFI risks.There’s a method to the madnessA quick overview 👇1/ pic.twitter.com/CD768BVshj

Updates on Velodrome’s Boosted OP Vaults (inc. Wido Zap Support)

yearn on Twitter: “The Tour De France is over, but the Tour De Finance is still going strong.Get $yvOP boosts on core Velo pools, and Yearn will lock half the $VELO rewards to boost long term yields.Cruise into the Velo Vaults by switching your network to Optimism on: https://t.co/hHZTAKGK2d pic.twitter.com/hzOJBatPRC / Twitter”

The Tour De France is over, but the Tour De Finance is still going strong.Get $yvOP boosts on core Velo pools, and Yearn will lock half the $VELO rewards to boost long term yields.Cruise into the Velo Vaults by switching your network to Optimism on: https://t.co/hHZTAKGK2d pic.twitter.com/hzOJBatPRC

Don’t sweat it, Anon. We’re here to remind you to check your OP Velodrome Vault deposits to make sure you’re taking advantage of all those boosted yields.

Velodrome on Twitter: “Don’t forget to check out the boosted LP rewards on @yearnfi’s new Velodrome vaults, racers.https://t.co/cghLCFpXmp pic.twitter.com/MbX8Vpargd / Twitter”

Don’t forget to check out the boosted LP rewards on @yearnfi’s new Velodrome vaults, racers.https://t.co/cghLCFpXmp pic.twitter.com/MbX8Vpargd

Thanks to Wido, you can now zap any token into Velo V2 Vaults without getting winded, so you can also put those yvOP rewards to work…in tandem. Claim your yvOP Boost rewards and then redeposit those rewards directly into your Velo Vault of choice — without removing your staked yVault equity!

New lp-yCRV Pool, and New Vaults ft. yLQTY, Sonne, & MAI

yearn on Twitter: “🔉Attention lp-yCRV users🔉All CRV emissions are migrating to a new yCRV pool 💦Migrate to continue earning yield. Use the zap at https://t.co/692uMduSde to migrate your position to lp-yCRVv2 in a single transaction.The new pool features a built-in oracle, making yCRV… pic.twitter.com/jruxqdvWVn / Twitter”

🔉Attention lp-yCRV users🔉All CRV emissions are migrating to a new yCRV pool 💦Migrate to continue earning yield. Use the zap at https://t.co/692uMduSde to migrate your position to lp-yCRVv2 in a single transaction.The new pool features a built-in oracle, making yCRV… pic.twitter.com/jruxqdvWVn

REMINDER for lp-yCRV users to migrate. Zap to easily migrate to the new lp-yCRV pool so you can continue earning those sweet CRV emissions and yield. Did we mention that this new pool’s composition makes yCRV eligible to be used as collateral?

yearn on Twitter: “💦 New Vault alert 💦Introducing the all new yLQTY Vault! Get higher yields than regular LQTY staking thanks to Yearn’s 15k keepLQTY boost ⚡️.Deposit into the Vault at: https://t.co/GiflBkJo89 pic.twitter.com/kC8yYbt68o / Twitter”

💦 New Vault alert 💦Introducing the all new yLQTY Vault! Get higher yields than regular LQTY staking thanks to Yearn’s 15k keepLQTY boost ⚡️.Deposit into the Vault at: https://t.co/GiflBkJo89 pic.twitter.com/kC8yYbt68o

Holding LQTY? Deposit it into yearn’s new yLQTY vault to earn boosted rewards on top of LQTY’s own fee and reward structure derived from issuance fees and redemption fees. Liquity is a decentralized borrowing protocol that offers 0% interest loans and a 110% Collateral Ratio. Check out this video from Ceazor.eth, who describes the Vault’s functionality.

Sonne Finance on Twitter: “4/Moreover, Yearn Finance has built a vault for the $SONNE / $USDC pair on @VelodromeFi .If you want to park your $SONNE LP, you can use https://t.co/AngQtGiKM7 pic.twitter.com/grRukKTQHw / Twitter”

4/Moreover, Yearn Finance has built a vault for the $SONNE / $USDC pair on @VelodromeFi .If you want to park your $SONNE LP, you can use https://t.co/AngQtGiKM7 pic.twitter.com/grRukKTQHw

Sonne is a native lending protocol on Optimism. Yearn has increased it’s allocation to Sonne, continuing to foster growth amongst protocols in the Optimism ecosystem. If you’re a holder of Sonne, we invite you to put it to work on Yearn’s new Velo Sonne-USDC OP Vault.

Qi Dao on Twitter: “🐂 Bullish on Yield?🔥 Introducing $yvMAI by @yearnfi, the top single-side stable yield on @optimismFND.🎯 Current stated APY sits at a 27.39%💧 Simply supply $MAI on one side and watch the $MAI + $OP rewards roll in💰🔗https://t.co/boZdG0G8XOLearn more👇 pic.twitter.com/0TIqR5x6Pr / Twitter”

🐂 Bullish on Yield?🔥 Introducing $yvMAI by @yearnfi, the top single-side stable yield on @optimismFND.🎯 Current stated APY sits at a 27.39%💧 Simply supply $MAI on one side and watch the $MAI + $OP rewards roll in💰🔗https://t.co/boZdG0G8XOLearn more👇 pic.twitter.com/0TIqR5x6Pr

Mai Finance offers a borrowable stablecoin collateralized by a mix of cryptocurrencies. Deposit MAI into Yearn’s new yvMAI vault on Optimism to earn OP-boosted yield.

Yearn Highlights from ETHCC Paris

Composable Security 🇵🇱⛓️ on Twitter: “Congratulations on 1st 🥇 place in War Room Games for @drdr_zz from our team and other Team16 members @cairoeth @dgrabec @danielvf Networking during @EthCC 🇫🇷 is great, but hacking together is another level of friendship 🍾 @TenderlyApp @yAuditDAO @yearnfi pic.twitter.com/9aKaA5n0ci / Twitter”

Congratulations on 1st 🥇 place in War Room Games for @drdr_zz from our team and other Team16 members @cairoeth @dgrabec @danielvf Networking during @EthCC 🇫🇷 is great, but hacking together is another level of friendship 🍾 @TenderlyApp @yAuditDAO @yearnfi pic.twitter.com/9aKaA5n0ci

The War Room Games hosted by yAuditDAO and TenderlyApp were a smashing success! Congrats to the first-place winners, @drdr_zz, from Composable Security, and to the other Team16 members: @cairoeth, @dgrabec, @danielvf. Great hacking!

yearn on Twitter: “Forget L2s, ZK snarks, dank sharding – we know the real reason you’re going to @EthCC anon…The Yearn x @PodsFinance Super Smash Bros tournament! Legends will be forged, friendships ruined, and prizes won! Grab a limited spot 👀: https://t.co/27eC76z5IM🗝 pw: noitems pic.twitter.com/sjeFUtEPz8 / Twitter”

Forget L2s, ZK snarks, dank sharding – we know the real reason you’re going to @EthCC anon…The Yearn x @PodsFinance Super Smash Bros tournament! Legends will be forged, friendships ruined, and prizes won! Grab a limited spot 👀: https://t.co/27eC76z5IM🗝 pw: noitems pic.twitter.com/sjeFUtEPz8

Speaking of smashing successes… Pods and Yearn had a blast at the Smash Bros Tourney. Rumor was, “Ness isn’t a kid.”

yAuditDAO yAudits V3 Vaults, engn33r’s insight at BlockSplit 2023, and Academy pointers

yearn on Twitter: “Happy friday! What better way to kick back and prepare for the weekend than a thorough smart contract audit?yAudit have yAudited Yearn v3 contracts and you can check out their final report here: https://t.co/8iW75rS6ZoIf that’s not enough friday fun for you, dive into the… pic.twitter.com/wver0SZ0zx / Twitter”

Happy friday! What better way to kick back and prepare for the weekend than a thorough smart contract audit?yAudit have yAudited Yearn v3 contracts and you can check out their final report here: https://t.co/8iW75rS6ZoIf that’s not enough friday fun for you, dive into the… pic.twitter.com/wver0SZ0zx

yAuditDAO yAudits Yearn v3, and the results are readily available for your reading pleasure. The report is robust, with noted issues addressed and changes made by Yearn’s team. Special thanks to yAudit’s auditors, Adriro and Panda for their hard work. Excerpt:

“Overall, the codebase showed good quality and a thoughtful approach towards smart contract design. Some areas, like the tokenized strategy proxy design, were quite unique and showcased an innovative approach towards on chain gas deployment limitations. The tokenized strategy contract also provides a single yield source ERC4626 compliant token, which adds additional functionality for users.”

yAudit on Twitter: “Just published!yAudit’s own @bl4ckb1rd71 shared a behind the scenes look at smart contract security at BlockSplit 2023https://t.co/VeclXx3RbKHighlights in thread below… 👇 / Twitter”

Just published!yAudit’s own @bl4ckb1rd71 shared a behind the scenes look at smart contract security at BlockSplit 2023https://t.co/VeclXx3RbKHighlights in thread below… 👇

Check out a “behind the scenes” perspective from yAuditDAO’s @bl4ckb1rd71 (aka engn33r) as they share some smart contract security knowledge at BlockSplit 2023! engn33r is an active Security Auditor at yAcademy. The video is informative, diving into how/why Web3 security “audits” are not traditional “audits” and also highly variable in context/content.

KiT_KAT on Twitter: “💡List of common Web 3 security issues for which you should be vigilant next time when you auditing a Smart contract.✅ https://t.co/od9kSOt6d7 / Twitter”

💡List of common Web 3 security issues for which you should be vigilant next time when you auditing a Smart contract.✅ https://t.co/od9kSOt6d7

Check out yAcademy’s list of Common Web3 Security Issues! The abridged tips read like a Web3 security auditor’s version of Cliff Notes — easy to understand and comprehensive.

• Need a best-in-class Security Audit for your protocol? Submit an inquiry to yAuditDao here!

The OATH Foundation discusses empowering DeFi with Yearn

OATH Foundation on Twitter: “https://t.co/kdsSmvC9za / Twitter”

https://t.co/kdsSmvC9za

Yearn’s Corn and the OATH Foundation discuss yETH, V3’s composability + tranche architecture, and yAuditDAO. The questions and discussion facilitated by OATH in this interview provide listeners with solid content applicable to Yearn and to the rest of DeFi as well. OATH Foundation’s stated mission is “to foster an ecosystem of transparency, inclusivity, and community-driven decision making, empowered by cutting-edge technology.” As OATH’s presence continues to evolve in the space, we wish them success in their growth and in maintaining their mission. Great interview.

Yearn Stats, courtesy of Yearn’s Budget Request GitHub

The following statistics are provided for your convenience, sourced from information provided during the first week of July. All data points can be found in Yearn’s Budget Request GitHub, and are publicly accessible. We believe in transparency, and we believe in Yearn.
🔹 Optimism TVL has been ~ $18-$20 million.
🔹 V3 Vaults: ~25 partners have expressed a commitment to building on Vaults V3.
🔹 June billing for yAuditDAO: $158,500.

Community and Ecosystem News Feat. Scraping Bits Podcast & Jackson, StaFi, Messari, Synthetix, and Inverse Finance

Love for Yearn goes beyond being the most callipygian protocol!

Scraping Bits – Juggling Ambitions: Building Robinhood’s Non-Custodial Wallet While Auditing Smart Contracts – With Jackson And DeGatchi | RSS.com

This month, we’re excited to share this Podcast from “Scraping Bits” with our readers — featuring an interview with yAuditDAO’s whitehat, Jackson! Listen in as Jackson discusses his ambitious endeavors and successes, while sharing some of his personal experiences with Yearn.

StaFi Protocol on Twitter: “🎊Integrating rETH into yETH from Yearn Finance$rETH has been invited by @yearnfi to take part in $yETH’s whitelisting, opening up the opportunity to include $rETH into $yETH’s basket of LST’s!📚Read more: https://t.co/rwZ7mBYhLK / Twitter”

🎊Integrating rETH into yETH from Yearn Finance$rETH has been invited by @yearnfi to take part in $yETH’s whitelisting, opening up the opportunity to include $rETH into $yETH’s basket of LST’s!📚Read more: https://t.co/rwZ7mBYhLK

StaFi discusses why they are keen to have their own LST, rETH, to be featured as one of yETH’s five initial LSTs. Their Abstract on their DAO’s discussion forum, “yETH: Supercharging StaFi’s rETH With Index LST’s”, does an excellent job conveying the benefits of rETH’s inclusion in yETH. StaFi’s Abstract is a great resource if you’re considering including your own protocol’s LST in yETH’s next application round after the current epoch.

Messari on Twitter: “Two major narratives in DeFi, liquid staking tokens (LSTs) and oracleless protocols, gained momentum this week. @yearnfi introduced yETH, while @Surge_Fi launched on Arbitrum.NFT marketplace @blur_io faced controversy for its influential role in the decline of PFP collections. pic.twitter.com/VjIHDlQpck / Twitter”

Two major narratives in DeFi, liquid staking tokens (LSTs) and oracleless protocols, gained momentum this week. @yearnfi introduced yETH, while @Surge_Fi launched on Arbitrum.NFT marketplace @blur_io faced controversy for its influential role in the decline of PFP collections. pic.twitter.com/VjIHDlQpck

Messari explores Yearn’s yETH and V3 in their Weekly Recap edition on July 7th, offered to their Pro Members. Messari is a “one-stop-shop for all your crypto data and research needs”.

Synthetix ⚔️ on Twitter: “As of this morning, Synthetix has unpaused 8 new perps markets. Front ends like @Kwenta_io and @PolynomialFi can now offer the following:$ETH / $BTC, $XMR, $ETC, $COMP, $MAV, $YFI, $MKR, and $RPL.Read more here: https://t.co/lC9dpM0Xmp pic.twitter.com/WUr3mjZ3Nr / Twitter”

As of this morning, Synthetix has unpaused 8 new perps markets. Front ends like @Kwenta_io and @PolynomialFi can now offer the following:$ETH / $BTC, $XMR, $ETC, $COMP, $MAV, $YFI, $MKR, and $RPL.Read more here: https://t.co/lC9dpM0Xmp pic.twitter.com/WUr3mjZ3Nr

Synthetix has reactivated eight new futures markets that will go live on Optimism! You will soon be able to trade YFI perps!

Inverse on Twitter: “Now in the oven … @yearnfi & @curvefinance … pic.twitter.com/PEjquCtS5X / Twitter”

Now in the oven … @yearnfi & @curvefinance … pic.twitter.com/PEjquCtS5X

As described in their excellent new release video, Inverse Finance now offers another way for you to earn additional yield on your st-yCRV. Via their FiRM lending protocol, you can use st-yCRV as collateral to borrow DOLA. As always, track your lending positions carefully to avoid liquidation!

The Future of Finance won’t belong to anybody, but everybody.
Source: https://yfistory.org/images

We hope you’ve enjoyed reading this month’s yNewsletter. Remember, you are Yearn, and all of us can contribute to help create the changes we want to see. If you want more information (or just want to say, Hi!), we hope you’ll visit us in our Yearn community Discord and Telegram channels!

Yearn Finance yNewsletter #68 was originally published in Yearn on Medium, where people are continuing the conversation by highlighting and responding to this story.

https://medium.com/iearn/yearn-finance-ynewsletter-67-79d410af967f?source=rss----3ee5f70df954---4

Welcome to the 67th edition of the Yearn Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of the latest news, including product launches, governance changes, and ecosystem updates. If you’re interested in learning more about Yearn, follow our official Twitter and Medium accounts.

Summary

• yETH: Bootstrapping — Whitelisting Now!
• Yearn’s V3 & Uniswap’s V4: Parallels amongst (R)evolutionary Protocols
• Yearn Gov [Proposal] Activate veYFI rewards with oYFI Gauges
• New Velodrome OP Vaults
• War Room Games with yAuditDAO and yAcademy at EthCC 2023
• Yearn and other guest protocols discuss LSDs, hosted by RedStone
• Community and Ecosystem News Feat. Ramses Exchange, Perpetual Protocol, Reserve Protocol, and AI

yETH: Bootstrapping — Whitelisting Now!

yearn on Twitter: “yETH? Bootstrapping? Incentives?Let’s learn about yETH bootstrapping and how protocols & depositors can play the incentive game to front run better rewards with less centralization risk.https://t.co/rw2FUgJ2p0Strap in for the bootstrapping thread. pic.twitter.com/dzuwAQJ9sT / Twitter”

yETH? Bootstrapping? Incentives?Let’s learn about yETH bootstrapping and how protocols & depositors can play the incentive game to front run better rewards with less centralization risk.https://t.co/rw2FUgJ2p0Strap in for the bootstrapping thread. pic.twitter.com/dzuwAQJ9sT

Whitelisting for yETH has begun!
With the Bootstrapping phase now underway, let’s revisit yETH and how you can participate.

yETH is a single LSD token whose composition is made up of 5 other LSTs. By creating a yETH as a “basket of LSTs”, yETH is able to provide:
🔹 Liquidity & Depeg Resilience.
🔹 Risk Hedging by creating uniformity among varying decentralization profiles.
🔹 Yield Aggregation.
🔹 A scalable growth platform with utility for adding additional LSTs (st-yETH voters may vote to add 1 additional LST to the initial 5, per Epoch).

st-yETH voters will decide which 5 LSTs yETH will initially be comprised of. st-yETH voters will also determine the direction of yETH going forward. As such, Yearn integrated a number of incentive mechanisms to empower st-yETH voters and to foster the growth and longevity of yETH.

🔹 Protocols applying to be 1 of the 5 LSTs will submit a 1 ETH Whitelisting Application Fee, which will be applied to yield for st-yETH users.
🔹 LSD Protocols (and ALL st-yETH holders) may deposit incentives for other st-yETH holders to encourage positive or negative voting outcomes.
🔹 If you provide incentives, and your incentivized Protocol is not successful in being selected, those incentives may be reclaimed.
🔹 The Top 5 LST Protocols that are selected will have their incentives disbursed to ALL participating st-yETH holders, regardless of their voting composition.
🔹 Incentives can be used to affect outcomes of yETH Governance proposals so that yETH’s future may be directed by st-yETH voters to their benefit.

Protocols are encouraged to incentivize the st-yETH holders to vote in their favor. There is power in being 1 of the first 5 LSTs:
🔹 Initially selected LSTs will have a unique opportunity for their own protocol’s LST to comprise up to 45% of yETH’s total composition. Significant voting weight = significant demand for your own protocol’s LST. All you have to do is convince the st-yETH voters.

Reminder: The Whitelisting Phase has begun and is only open for 16 more days*

Protocols: Submit your application now, and prepare your incentivization strategies.
Users: In 9 days, Deposits will open for you to deposit your ETH to become an st-yETH holder. May your diligence bring you rewards with bountiful incentives:

yEth

*Days referenced are at the time of writing. Please use the link above to see the countdowns and to check on the status of current timelines.

For a more detailed look into yETH and Bootstrapping Phases:
🔹 YIP-72: Launch yETH
🔹 yETH: LSD Lobbying season is now open

Yearn’s V3 & Uniswap’s V4: Parallels amongst (R)evolutionary Protocols

yearn on Twitter: “Gather round decentralized protocol nerds.Let’s dive into some of the unique similarities (and small differences) between Yearn v3 (launching vSoon) and Uniswap v4.NFL fans get to compare QB passing yards… this is like that, but weirder. pic.twitter.com/mx1ePxfAg2 / Twitter”

Gather round decentralized protocol nerds.Let’s dive into some of the unique similarities (and small differences) between Yearn v3 (launching vSoon) and Uniswap v4.NFL fans get to compare QB passing yards… this is like that, but weirder. pic.twitter.com/mx1ePxfAg2

Exploring the similarities and differences between Yearn’s V3 and Uniswap’s V4:

• Examples include variations in Protocol fees and how to approach maintaining the longevity of the base protocol, funding new (future) development, testing, auditing, and encouraging ingenuity, etc.
• Approaches in gas savings methodology, single or multi-chain compatibility, and other differences will begin to be defined as the key differentiators as the space grows and new niches are explored.

As protocols continue to evolve, so will naturally occurring similarities. Optimization means embracing transparency, building together, and realizing that no one has a monopoly on good ideas.

You may have seen similarities in expressed goals across many protocols in DeFi. We see shared principles, a desire for optimization of cross-protocol interoperability and unforeseeable vertical integrations, long-term visions of immutability, and dreams of reducing barriers of entry to help foster creativity so that all may participate. V3 is built with all of these concepts and goals in mind.
“Providing a secure and efficient base infrastructure that anyone can build on should allow the best ideas to flourish no matter where they come from.” — Schlag

• Wen V3? Ready for Prod deployment target is by the end of Q2. Behind the scenes, it seems deployment is getting closer, with Audits expected to be completed as early as this week.
• V3 has a lot to look forward to, and the ease of protocol composability also introduces potential applications for the utilization of tranches. Dudesahn, a long-time Yearn Contributor and builder, is bullish for yJuniorTranches that will come from V3. Expanding on that thread, there are some great points made by others on the underutilization of yield tranches with various risk/reward models.

Yearn Gov [Proposal] Activate veYFI rewards with oYFI Gauges

yearn on Twitter: “Proposal to activate veYFI rewards with oYFI gauges now live on governance forum:https://t.co/iuTFgDcMvk pic.twitter.com/NjJ5zW5Ezg / Twitter”

Proposal to activate veYFI rewards with oYFI gauges now live on governance forum:https://t.co/iuTFgDcMvk pic.twitter.com/NjJ5zW5Ezg

The implementation of oYFI addresses Section 2.3 of the YIP-65 spec, “Vault gauges + Voting” by integrating oYFI tokenomics for emissions, gauges, and rewards for active veYFI participants. The proposal received nearly unilateral support for YIP implementation.

The Proposal is comprehensive and thorough, with a design and implementation model focused on risk-averse adaptability to meet evolving needs. Potential risks are discussed, along with considerations that led to some additional features, such as epoch-based voting and linear decay voting weight mechanisms. The community is also excited about the potential “flywheel” utility and “controller/feedback mechanisms”.

New Velodrome OP Vaults!

yearn on Twitter: “It’s the Tour de France, so we’re off to the VELOdrome (see what we did there) to pedal out more permissionless financial goodness.Now anyone can use our Vault Factory to deploy @VelodromeFi Vaults on Optimism. The devs are now your domestiques and you’re off to the… pic.twitter.com/5wBtSRxfNw / Twitter”

It’s the Tour de France, so we’re off to the VELOdrome (see what we did there) to pedal out more permissionless financial goodness.Now anyone can use our Vault Factory to deploy @VelodromeFi Vaults on Optimism. The devs are now your domestiques and you’re off to the… pic.twitter.com/5wBtSRxfNw

Set a steady pace to explore the ~50 new VelodromeFi v2 pool vaults that were recently deployed on Optimism!
Now, how about some stablecoin yields that are gold medal-worthy? At the time of writing this, the DAI Vault was at 10.20%

yearn on Twitter: “Forget T-Bills, OP boosted yVaults are still live!Yep, core Vaults on Optimism are still receiving $OP rewards, with current yields of:USDT: 7.51%USDC: 7.44%WETH: 6.34%DAI: 6.65%Get boosted yields at https://t.co/DH1QgGMuMF (set your network to Optimism and enjoy). pic.twitter.com/r5KAZQc2Kv / Twitter”

Forget T-Bills, OP boosted yVaults are still live!Yep, core Vaults on Optimism are still receiving $OP rewards, with current yields of:USDT: 7.51%USDC: 7.44%WETH: 6.34%DAI: 6.65%Get boosted yields at https://t.co/DH1QgGMuMF (set your network to Optimism and enjoy). pic.twitter.com/r5KAZQc2Kv

War Room Games with yAuditDAO and yAcademy at EthCC 2023!

yearn on Twitter: “Ready to do battle in the smart contract trenches? Join us, @TenderlyApp and @yAuditDAO for the War Room Games @EthCC Paris. Sign up here: https://t.co/Vm4uapq2NT https://t.co/TTEdOzZfCB / Twitter”

Ready to do battle in the smart contract trenches? Join us, @TenderlyApp and @yAuditDAO for the War Room Games @EthCC Paris. Sign up here: https://t.co/Vm4uapq2NT https://t.co/TTEdOzZfCB

In town for @EthCC 2023 and itching to flex your hacking skills with some smart contract war room action? Sign up now to take your shot alongside some of the best in the business!

• Need a best-in-class Security Audit for your protocol? Submit an inquiry to yAuditDao here!

Yearn and other guest protocols discuss LSDs, hosted by RedStone

RedStone Oracles ♦️ on Twitter: “Riding the LSDs Wave 🌊How to Navigate the Opportunities and Challenges in DeFi?Join us as we plunge into the world of Liquid Staking Derivatives@LybraFinanceLSD, @CIAN_protocol, @swellnetworkio, @yearnfi & @unsheth_xyz will decrypt your questions 🔥📆 28th June, 3PM CEST pic.twitter.com/KkbvUIhb1K / Twitter”

Riding the LSDs Wave 🌊How to Navigate the Opportunities and Challenges in DeFi?Join us as we plunge into the world of Liquid Staking Derivatives@LybraFinanceLSD, @CIAN_protocol, @swellnetworkio, @yearnfi & @unsheth_xyz will decrypt your questions 🔥📆 28th June, 3PM CEST pic.twitter.com/KkbvUIhb1K

Guest speakers included Corn with Yearn, Lybra Finance, Swell, unshETH, and Cian protocol. The discussion met with a uniform consensus on the positive impacts of LSDs in our space. Here are some takeaways:

• ETH has unique, native yield-bearing characteristics, and the integration of liquid staking tokens will contribute to a more captive ecosystem. Without the utility of staked ETH, it would be relatively dormant. The reintroduction of ETH as a liquid utility is helpful to the longevity of the asset.
• Bullish commentary was made on LSD-backed stablecoins.
• Wider scale adoption will ultimately assist in evaluations of new LSD platform risks.
• Regulatory clarification will lead to institutional investment and, ideally, even greater adoption.

Community and Ecosystem News Feat. Ramses Exchange, Perpetual Protocol, Reserve Protocol, and AI

Love for Yearn goes beyond being the most callipygian protocol!

RAMSES on Twitter: “Excited to kickoff an additional audit on our recent RAMSES CL implementation. By way of our friends at Yearn, we’ve engaged yAudit – made up of the best auditors hand-selected from the yAcademy training program. @yAuditDAO @yearnfi Learn more about their services here:… pic.twitter.com/FDKmZI471O / Twitter”

Excited to kickoff an additional audit on our recent RAMSES CL implementation. By way of our friends at Yearn, we’ve engaged yAudit – made up of the best auditors hand-selected from the yAcademy training program. @yAuditDAO @yearnfi Learn more about their services here:… pic.twitter.com/FDKmZI471O

@RamsesExchange has engaged @yAuditDAO for an additional audit for their recent Ramses CL implementation, reaffirming their dedication to security, scalability, and user trust. Ramses Exchange is a Native Liquidity Layer on Arbitrum, and you can find their website here: https://www.ramses.exchange/

Perpetual Protocol (✨🔴_🔴✨) on Twitter: “Ready to double up your earnings with yield from @yearnfi while trading on Perp?Sign up for Yield+ now to get early access! 👇https://t.co/MNOU5IhHRV pic.twitter.com/Kysohebagi / Twitter”

Ready to double up your earnings with yield from @yearnfi while trading on Perp?Sign up for Yield+ now to get early access! 👇https://t.co/MNOU5IhHRV pic.twitter.com/Kysohebagi

What if you could use Yearn’s yield-bearing tokens on Optimism to trade Perps? Soon you’ll be able to with Perpetual Protocol’s Yield+ project. Keep earning your yield from Yearn while using that same asset as margin to trade perpetual futures. Cool concept, and yes, I have waitlisted to request early access. This article sums it up well.

Reserve on Twitter: “3/ Another option is @yearnfi – their new factory vaults can be permissionlessly created for any Curve pool. CRV rewards from your LP are automatically compounded into your base assete.g. CRV rewards are sold to purchase and stake more hyUSD/eUSD LPhttps://t.co/xxyL22MOOV pic.twitter.com/KTykQvDYuO / Twitter”

3/ Another option is @yearnfi – their new factory vaults can be permissionlessly created for any Curve pool. CRV rewards from your LP are automatically compounded into your base assete.g. CRV rewards are sold to purchase and stake more hyUSD/eUSD LPhttps://t.co/xxyL22MOOV pic.twitter.com/KTykQvDYuO

Reserve Protocol declares its additional $20M investment into the Curve governance ecosystem to boost their RToken (community-created stablecoins) ecosystem. We love to see protocols utilizing Yearn’s permissionless factory vaults to automate their own strategies for their betterment! All for DeFi, DeFi for ALL!

murderteeth on Twitter: “Yo! tried out GPT functions. also had the idea of “https://t.co/NeVsrqNTBI but chat” going around in my head. So put the two together. ask general knowledge stuff. ask stuff like “which vault has the highest TVL”. 🕹 https://t.co/DgDrUoVLfO👷‍♂️ https://t.co/zX1OtH0mri pic.twitter.com/7RhXrcwexa / Twitter”

Yo! tried out GPT functions. also had the idea of “https://t.co/NeVsrqNTBI but chat” going around in my head. So put the two together. ask general knowledge stuff. ask stuff like “which vault has the highest TVL”. 🕹 https://t.co/DgDrUoVLfO👷‍♂️ https://t.co/zX1OtH0mri pic.twitter.com/7RhXrcwexa

The AI narrative isn’t over until Sarah Connor says it’s over. Big Brains at Yearn have been testing some fun AI GPT functionality with yGenius and yDeamon to power Yo — an ai powered chatbot via GPT! Check it out, and contribute to the discussion.

We hope you’ve enjoyed reading this month’s yNewsletter. Remember, you are Yearn, and all of us can contribute to help create the changes we want to see. If you want more information (or just want to say, Hi!), we hope you’ll visit us in our Yearn community Discord and Telegram channels!

Yearn Finance yNewsletter #67 was originally published in Yearn on Medium, where people are continuing the conversation by highlighting and responding to this story.

https://medium.com/iearn/ynewsletter-66-3b1f9a396fd2?source=rss----3ee5f70df954---4

Welcome to the 66th edition of the Yearn Finance Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of the latest news, including product launches, governance changes, and ecosystem updates. If you’re interested in learning more about Yearn Finance, follow our official Twitter and Medium accounts.

Summary

• Then you Yearn
• Shields Up
• Yearn’s 4,980% TVL increase on Optimism
• yAcademyDAO feat. Guest Speaker, Ali Atiia!
• yAuditDAO wants you to read their Audit Reports
• Yearn meets with Popcorn DAO, Pendle & unshETH, and Premia Finance
• Community and Ecosystem News

Then you Yearn

yearn on Twitter: “First they ignore you.Then they laugh at you. Then they fight you.Then… pic.twitter.com/bK9ChLc1Dg / Twitter”

First they ignore you.Then they laugh at you. Then they fight you.Then… pic.twitter.com/bK9ChLc1Dg

Remember your unrelenting zeal and the loneliness that came with it because it motivated us to seek out others and build an international community.

Remember the nay-sayers, the oppressors, and the critics, because, against all odds, our communities’ collaboration has yielded unquestionable vindication.

Remember the battles fought and what we fight for because we have leveraged that adversity to make us stronger, smarter, and better at everything we do.

Remember that you are not alone, Anon, for we all Yearn for a future of finance that won’t belong to anybody, but everybody.

Shields Up

In response to the SEC’s recent enforcement action, Coinbase called for “shields up” to demonstrate solidarity throughout the Crypto industry.
Coinbase posted the following video conveying its efforts to the unresponsive SEC:

Coinbase 🛡️ on Twitter: “The numbers don’t lie. pic.twitter.com/lec4wkp6RO / Twitter”

The numbers don’t lie. pic.twitter.com/lec4wkp6RO

• Brian Armstrong, Coinbase’s CEO, also emphasized the need for clear ground rules in America.
• Yearn stands with crypto. Shields Up.

Yearn’s 4,980% TVL increase on Optimism

Optimism Hub (✨🔴_🔴✨) on Twitter: “🔥 Top #DeFi projects on #Optimism with highest #TVL growth last 30 days 🚀🥇 $YFI @yearnfi🥈 @ExtraFi_io🥉 $KNC @KyberNetwork@DefiEdge$THALES @thalesmarket@Barn_Bridge$TAROT @TarotFinance@overnight_fi$AAVE @AaveAave$XTK @xtokenterminal#Layer2 $ETH $OP pic.twitter.com/QFrUZGKEYz / Twitter”

🔥 Top #DeFi projects on #Optimism with highest #TVL growth last 30 days 🚀🥇 $YFI @yearnfi🥈 @ExtraFi_io🥉 $KNC @KyberNetwork@DefiEdge$THALES @thalesmarket@Barn_Bridge$TAROT @TarotFinance@overnight_fi$AAVE @AaveAave$XTK @xtokenterminal#Layer2 $ETH $OP pic.twitter.com/QFrUZGKEYz

Optimism sees a nearly 5,000% increase in TVL from Yearn Finance as Yearn’s TVL increases to $13.8M. As of June 9, Yearn is showing the greatest TVL growth on Optimism over the last 30 days.

• The rapid growth in TVL on Optimism is largely in part due to Yearn’s boosted OP Vaults. If you need instructions on participating in those sweet boosted yields, check out yNewsletter #65!

yAcademyDAO feat. guest speaker, Ali Atiia!

Catch this insightful video featuring the “mastermind” behind yAcademy, Ali Atiia! Listen in as Ali provides yAcademyDAO’s Block V cohort with insight and predictions on the direction of web3 auditing and shares skillsets to help future auditors prepare to be effective in this rapidly evolving space.

• Ali Atiia is a respected leader and pioneer in the web3 auditing space who directed the formation of yAcademy.

yAuditDAO wants you to read their Audit Reports

yAudit code reports can provide valuable details and information that other protocols and builders can utilize! Find references and examples of smart contract code and how it can be optimized. Learn how smart contracts are reviewed and evaluated. Gain insight into the high level of detail and quality that yAuditDAO’s reports provide participating protocols!

• Need a best-in-class Security Audit for your protocol? Submit an inquiry to yAuditDao here!

Yearn meets with Popcorn DAO, Pendle & unshETH, and Premia Finance

Corn is a core Yearn contributor overseeing Partner & Protocol Integrations, yAuditDao Optimization, and general Yearn Operations. Corn can often be found engaging other protocols on Twitter Spaces. This month’s highlights include Spaces hosted by Popcorn DAO, Pendle Finance & Unsheathe, and Premia Finance.

• Corn meets with Popcorn DAO to discuss how their protocol uses “Vault Craft” to build non-custodial yield automation on top of multiple/other protocols and vaults. Popcorn’s objective is to utilize yield-generating products and strategies to fund nonprofits and social impact organizations. Here’s a link to Popcorn Dao’s website to give their vaults a try!
• Corn meets with Pendle Finance & unshETH to discuss Liquid Staking Derivitives. Is yPendle in our future? Check out the discounted assets offered on Pendle Finance! For even more staking yields and swaps for LSDs, take a look at unshETH’s offerings!
• Corn meets with Premia Finance to discuss their plans for utilizing Yearn’s V3 framework to support their options trading protocol. Check out Premia Finance’s website!

Community and Ecosystem News

Love for Yearn Finance goes beyond being the most callipygian protocol!

• The Sturdy Finance protocol experienced a hack totaling a loss of 442 ETH. Yearn’s Storm Blessed 0x directs users to the correct repo so you don’t fall prey to the same “reentry hack” utilized in the recent Sturdy Hack.
• As the LSD wars start to gain traction, the Swell Network has launched an incentive program for YFI holders!
• Adam Cochran’s positive take on yETH with DC Investor.
• Romy reminds us that Abracadabra offers leveraged trading using collateral from Yearn’s Curve 3Crypto Vault! If you need to get more familiar with leveraged trading, review this documentation from Abracadabra before you begin so you don’t get yourself liquidated!

We hope you’ve enjoyed reading June’s mid-month yNewsletter. Remember, you are Yearn, and all of us can contribute to help create the changes we want to see. If you want more information (or just want to say, Hi!), we hope you’ll visit us in our Yearn community Discord and Telegram channels!

yNewsletter #66 was originally published in Yearn on Medium, where people are continuing the conversation by highlighting and responding to this story.

https://medium.com/iearn/yearn-finance-ynewsletter-65-b052dba99a9?source=rss----3ee5f70df954---4

Welcome to the 65th edition of the Yearn Finance Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of the latest news, including product launches, governance changes, and ecosystem updates. If you’re interested in learning more about Yearn Finance, follow our official Twitter and Medium accounts.

Summary

• Optimism yVaults boosted yields are live!
• Dump.Services
• ApeWorX Ltd Debut: Chaosnet
• yAcademy
• yAuditDao
• Community and Ecosystem News

Optimism yVaults boosted yields are live!

yearn on Twitter: “Time to fire up the printer… pic.twitter.com/mk63aMCd4e / Twitter”

Time to fire up the printer… pic.twitter.com/mk63aMCd4e

25,000 $OP rewards per week, for 40 weeks! This boosted strategy is putting 1,000,000 $OP back into depositors’ wallets! Enjoy boosted yields and lower gas transaction fees on Optimism’s L2 Network. Depositing is easy, but just in case you’re new to the space, check out these step-by-step instructions:
ELI5: How to ape into the boosted yVaults:

• Step1: Visit Yearn.Finance/vaults.
• Step 2: Switch your network to Optimism. Depending on your wallet provider, you may be able to use the network selection feature in the top right of Yearn’s Vaults page:

• Step 3: Select one of the yVaults reflecting “REWARD”:

• Step 4: You will see a banner confirming that the Vault is receiving an Optimism Boost. Deposit and Stake your funds to receive OP rewards, and you are done:

• Please Note: If you already have funds in these yVaults, or if you are zapping tokens other than the native token into its respective yVault (ex. zapping OP into the DAI yVault), you will need to select “OP BOOST” and manually Stake your yVault tokens for the additional $OP rewards:

Great work, anon!

Dump.Services

yearn on Twitter: “When it comes to the fine art of token dumping… there’s a new player in town. 🔊🔛[Developed in partnership with @CoWSwap] pic.twitter.com/z8lEpdUNO1 / Twitter”

When it comes to the fine art of token dumping… there’s a new player in town. 🔊🔛[Developed in partnership with @CoWSwap] pic.twitter.com/z8lEpdUNO1

Let’s first take a moment to appreciate Yearn’s marketing team, “yCreative”…yeah, Don Draper would be proud. Created in partnership with Yearn and CoW Swap, this convenient tool allows you to “dump multiple (different) tokens in a single transaction”.

• As a single transaction, it saves you gas fees. It’s easier than exchanging each of those tokens individually, and as such, it saves you precious time… to dump moar.
• Dump.Services is part of a suite of other dapps featured on SMOL DAPP, which is “a registry for small, simple, and secure dapps for all your needs”. Definitely worth exploring.

ApeWorX Ltd Debut: Chaosnet

ApeWorX Ltd. on Twitter: “After months of development we are proud to announce our third product:#cHaOSneTThe world’s first AI-powered testnetAlpha invites have been sent out. Read more to learn how to join the beta.https://t.co/nUboUnVjhp pic.twitter.com/ZgFn1B828E / Twitter”

After months of development we are proud to announce our third product:#cHaOSneTThe world’s first AI-powered testnetAlpha invites have been sent out. Read more to learn how to join the beta.https://t.co/nUboUnVjhp pic.twitter.com/ZgFn1B828E

In our previous yNewsletter, we discussed how Yearn utilizes ApeWorX framework in our protocol. Now, with some help from the community, ApeWorX has launched the first AI-powered testnet, dubbed “cHaOSneT”.

• “The world’s first AI-powered testnet.” Fork chains, create unique scenarios, and then create virtual humans to interact with it all. “Three Core Powers of the Chaosnet AI”: Replicants, Time-Travel, and Simulacrum.
  Could this mark the end of traditional testnets? Either way, it’s AI AF.

yAcademy

A “trial-by-fire fellowship program” created to help improve the quality and quantity of competent auditors in the crypto ecosystem. Audits are done “communally, in a collaborative environment between our residents/mentors/guest auditors on one side, and our fellows on another.” This method of “shadow-auditing” enables both Fellows and experienced auditors to get real-time experience and produce their own respective audit reports.

• yAcademy seeks to develop the best auditors in the space, and their program is highly competitive, with an acceptance rate similar to Harvard. As such, yAcademy has been dubbed, “the Harvard of web3 Security.”
• Most recently, yAcademy has launched their ZK Auditing fellowship round:

yAcademy ➡️ ETH Belgrade on Twitter: “Ready to level up to ZK security auditing? Building privacy dApps?We are thrilled to announce yAcademy’s ZK Auditing Fellowships! 🚀🔥🚀Our pilot ZK fellowship: May 22nd to late June 2023.Ready to rumble? Applications are now open:https://t.co/Tk1quaJG9d pic.twitter.com/85k52IFiva / Twitter”

Ready to level up to ZK security auditing? Building privacy dApps?We are thrilled to announce yAcademy’s ZK Auditing Fellowships! 🚀🔥🚀Our pilot ZK fellowship: May 22nd to late June 2023.Ready to rumble? Applications are now open:https://t.co/Tk1quaJG9d pic.twitter.com/85k52IFiva

• Curious about auditing? Check out these videos from yAcademy’s youtube featuring top auditors and other guest speakers discussing their processes and the Art of Blockchain Security.
• Anon, the crypto space needs more security pros and whitehats, and you can do your part by applying for a yAcademy Fellowship today! Maybe you’ll even find a home at yAuditDao after your fellowship?

yAuditDao

yAudit ➡️ ETH Belgrade on Twitter: “yAudit recently branched out from @yAcademyDAO. So how are the two related?yAudit -> audits by Resident AuditorsyAcademy -> audits by Resident Auditors + many Fellows in training (up-and-coming security talents) / Twitter”

yAudit recently branched out from @yAcademyDAO. So how are the two related?yAudit -> audits by Resident AuditorsyAcademy -> audits by Resident Auditors + many Fellows in training (up-and-coming security talents)

yAuditDao deserves its own dedicated novel and commemoration ceremony for the work that they do in our space every day. “yAudit is an auditing collective made up of the best auditors hand-selected from the yAcademy training program.” Translation: yAuditDao is an elite team of professional codebase h̶a̶c̶k̶e̶r̶s auditors.

• yAuditDao helps other protocols grow by providing a service that comprehensively reviews and tests the protocol’s codebases. The result is a detailed yAudit Report containing the auditor’s findings so that the protocol can continue to scale securely and effectively. Check out some of their yAudit Reports.
• As Yearn’s auditing wing, yAuditDao also generates revenue for the Yearn Protocol. 10% of yAudit profit goes to Yearn, and this gross income generated by yAuditDao is split with Yearn before any deductions. Auditors are also paid for services rendered, and this top-down structure assists in maintaining a viable, self-sustaining growth strategy benefiting all those involved.
• EOY Yearn revenue target for 2023 is $80k! Generating revenue during bear markets is impressive, and we anticipate growth as yAuditDao absorbs a greater market share in the crypto auditing space.
• yAuditDao’s ENGN33R (a.k.a. bl4ckb1rd71) is a Security Auditor and Teacher at yAcademy who has recently been featured as a Guest Speaker at BlockSplit:

BlockSplit on Twitter: “The BlockSplit speaker lineup is getting hotter by the minute! 🔥It is our pleasure to welcome a new impressive lineup of speakersWe have:🔸@bl4ckb1rd71, Security auditor at @yAcademyDAO🔸@ShardYaco, Chief Innovation Officer at @shard_labs🔸@GaspardPeduzzi, Co-Founder at… pic.twitter.com/GCOhoSSfwd / Twitter”

The BlockSplit speaker lineup is getting hotter by the minute! 🔥It is our pleasure to welcome a new impressive lineup of speakersWe have:🔸@bl4ckb1rd71, Security auditor at @yAcademyDAO🔸@ShardYaco, Chief Innovation Officer at @shard_labs🔸@GaspardPeduzzi, Co-Founder at… pic.twitter.com/GCOhoSSfwd

• ENGN33R will also be a featured Security Auditor speaker at ETH Belgrade! Way to represent yAcademy and yAuditDao!

ETH Belgrade on Twitter: “Wanna hear something cool? Go listen to @bl4ckb1rd71 speaking at ETH Belgrade.engn33r is easy to find, just look for the paranoid guy wearing a tin foil hat. You may see him training up-and-coming security stars at @yAcademyDAO or doing security reviews at @yAuditDAO. His… pic.twitter.com/NNn2gUigCs / Twitter”

Wanna hear something cool? Go listen to @bl4ckb1rd71 speaking at ETH Belgrade.engn33r is easy to find, just look for the paranoid guy wearing a tin foil hat. You may see him training up-and-coming security stars at @yAcademyDAO or doing security reviews at @yAuditDAO. His… pic.twitter.com/NNn2gUigCs

Need a best-in-class Security Audit for your Protocol? Submit an inquiry to yAuditDao here!

Community and Ecosystem News

Love for Yearn Finance goes beyond being the most callipygian protocol!

• DegenScore is directing on-chain talent to help protocols grow, and Yearn wants to see how you can contribute to our protocol!
• Yearn shares the following with all interested parties:
  “We (Yearn) believe the only thing that matters for those who want to build a better, open financial system is one thing — their contribution…” So, if you work hard and add value to the protocol, Yearn may have a place for you. Actual merit-based talent acquisition!
• Behind the scenes, Yearn is working on AI systems and concepts that will benefit Yearn and its users. One of the concepts, “yNews”, processes public DAO data to create useful, digestible visualizations and summaries.
• Rumors abound of AI serving as a catalyst for crypto this cycle, with many interesting proposed use cases.

We hope you’ve enjoyed reading May’s yNewsletter. Remember, you are Yearn, and all of us can contribute to help create the changes we want to see. If you want more information (or even just want to say, Hi!), we hope you’ll visit the Yearn community Discord and Telegram channels!

Yearn Finance yNewsletter #65 was originally published in Yearn on Medium, where people are continuing the conversation by highlighting and responding to this story.

https://medium.com/iearn/yearn-finance-ynewsletter-64-18b0a98937bd?source=rss----3ee5f70df954---4

yNewsletter #64 May 16, 2023

Welcome to the 64th edition of the Yearn Finance Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of the latest news, including product launches, governance changes, and ecosystem updates. If you’re interested in learning more about Yearn Finance, follow our official Twitter and Medium accounts.

Summary

• yAuditDao: 1337 Codebase Auditors Enhancing Protocol Scalability via Comprehensive Security Reports, complete with risk-mitigating strategies and solutions. yAudit is Yearn’s auditing wing that shares 10% of revenue generated with Yearn. Already rapidly scaling, EOY Yearn revenue target for 2023 is $80k!
• ApeWorX Ltd: “Futureproofing Web3” via Ape Templates and plugin structures to “make whatever you want in Web3”. Devs at Yearn discuss how they utilize Ape’s helpful tools in various ways.
• 4626 Alliance: A group of leading protocols and applications unified in building with the ERC-4626 tokenized vault standard. ERC-4626 will be used by Yearn’s v3 vaults for easier vault integrations, plugin utility, and far-reaching “composability across the entire ecosystem.”
• Dump.Services: We highly encourage you watch the Launch Video. Developed by Yearn & Cowswap, you can now “dump multiple tokens in a single tx.” Spend Less to Dump En Masse.
• Euler Hack Funds Recovered: Yearnfi, alongside idlefinance and AngieProtocol, successfully recovered all impacted funds.
• yREDACTED?: Teaser tweet from one of Yearn’s core Devs. Highly recommend you follow their account if you aren’t already.
• yETH Community Hype: Ox7d54 provides a concise, detailed summary as to why yETH “is not simply a token representing a diverse ‘basket’ of LSDs. It is much, much better.”
• Yearn’s V3 Smart Contract Audit: A Security Audit Report was completed by Chain Security on Yearn’s V3 Vaults and Smart Contracts. Yearn takes security seriously. One step closer to V3 and ERC-4626 standardization!

References

yAudit

yAudit ➡️ BlockSplit on Twitter: “yAudit recently branched out from @yAcademyDAO. So how are the two related?yAudit -> audits by Resident AuditorsyAcademy -> audits by Resident Auditors + many Fellows in training (up-and-coming security talents) / Twitter”

yAudit recently branched out from @yAcademyDAO. So how are the two related?yAudit -> audits by Resident AuditorsyAcademy -> audits by Resident Auditors + many Fellows in training (up-and-coming security talents)

ApeWorX Ltd

ApeWorX Ltd. on Twitter: “A little while ago, the incredible @iearnfinance core dev @wavey0x joined us for a lovely casual discussion about Ape, how it’s continuing the legacy of Brownie, and about some ways Yearn has been able to use its flexability in their project.https://t.co/6dstfti6sy / Twitter”

A little while ago, the incredible @iearnfinance core dev @wavey0x joined us for a lovely casual discussion about Ape, how it’s continuing the legacy of Brownie, and about some ways Yearn has been able to use its flexability in their project.https://t.co/6dstfti6sy

4626 Alliance

4626 Alliance on Twitter: “1/🌟 The 4626 Alliance is thrilled to announce a stellar lineup of new members joining forces to propel the ERC-4626 standard: @yearnfi, @fraxfinance, @sommfinance, @AlchemixFi, @Blockworks_, @MorphoLabs, and @joey__santoro pic.twitter.com/vgTl4fs1Rq / Twitter”

1/🌟 The 4626 Alliance is thrilled to announce a stellar lineup of new members joining forces to propel the ERC-4626 standard: @yearnfi, @fraxfinance, @sommfinance, @AlchemixFi, @Blockworks_, @MorphoLabs, and @joey__santoro pic.twitter.com/vgTl4fs1Rq

Dump.Services

yearn on Twitter: “When it comes to the fine art of token dumping… there’s a new player in town. 🔊🔛[Developed in partnership with @CoWSwap] pic.twitter.com/z8lEpdUNO1 / Twitter”

When it comes to the fine art of token dumping… there’s a new player in town. 🔊🔛[Developed in partnership with @CoWSwap] pic.twitter.com/z8lEpdUNO1

Euler Hack Funds Recovered

Val on Twitter: “Exciting news for the @yearnfi community! 🎉 We’ve fully recovered funds impacted by the Euler hack in March. The affected vaults were yvUSDC & yvUSDT, with these strategies having indirect exposure:* Idle Finance v4 [Best yield]* Angle Standard LP / Twitter”

Exciting news for the @yearnfi community! 🎉 We’ve fully recovered funds impacted by the Euler hack in March. The affected vaults were yvUSDC & yvUSDT, with these strategies having indirect exposure:* Idle Finance v4 [Best yield]* Angle Standard LP

yREDACTED?

Storm Blessed 0x on Twitter: “Exciting times!Have a lot of code reading to do in upcoming days with both internal and external projects i want to dive in:crvUSDBlendArtemisyREDACTED 🤫 pic.twitter.com/QTUcLm8yA5 / Twitter”

Exciting times!Have a lot of code reading to do in upcoming days with both internal and external projects i want to dive in:crvUSDBlendArtemisyREDACTED 🤫 pic.twitter.com/QTUcLm8yA5

yETH Community Hype

0x7d54 on Twitter: “🧵on why @yearnfi’s yETH design is brilliant + why it is by far the most bullish thing for $YFI since inception.Summary: risk diversifying, immutable, self-governing. Ξ LSD + swap fee + bribe yields will make yETH a premier product. LSD protocols will buy in. $ for veYFI.1/11 https://t.co/2uzeTgDF0v / Twitter”

🧵on why @yearnfi’s yETH design is brilliant + why it is by far the most bullish thing for $YFI since inception.Summary: risk diversifying, immutable, self-governing. Ξ LSD + swap fee + bribe yields will make yETH a premier product. LSD protocols will buy in. $ for veYFI.1/11 https://t.co/2uzeTgDF0v

Yearn’s V3 Smart Contract Audit

ChainSecurity on Twitter: “New @yearnfi audit reports are out. Thanks for your continued trust and collaboration.https://t.co/RcdznKpxnQ / Twitter”

New @yearnfi audit reports are out. Thanks for your continued trust and collaboration.https://t.co/RcdznKpxnQ

Community and Ecosystem News

Love for Yearn Finance goes beyond being the most callipygian protocol!

• Check out Defiglenn for community news featuring their insightful contributor perspective.
• Searching for something in Yearn’s docs? Try out “yGenius: a GPT-powered bot that indexes the Yearn Ecosystem knowledge so you can query it with a universal chat interface.” Created by Marco Worms.

We hope you’ve enjoyed reading May’s mid-month yNewsletter. Remember, you are Yearn, and all of us can contribute to help create the changes we want to see. If you want more information (or even just want to say, Hi!), we hope you’ll visit us in our Yearn community Discord and Telegram channels!

Yearn Finance yNewsletter #64 was originally published in Yearn on Medium, where people are continuing the conversation by highlighting and responding to this story.

https://medium.com/iearn/yearn-finance-newsletter-63-59a2f1547ac5?source=rss----3ee5f70df954---4

yNewsletter #63

Welcome to the 63rd edition of the Yearn Finance Newsletter. Our aim with this newsletter is to keep the Yearn and the wider crypto community informed of the latest news, including product launches, governance changes, and ecosystem updates. If you’re interested in learning more about Yearn Finance, follow our official Twitter and Medium accounts.

Summary

• yETH! YIP-72 Passes!
• Yearn Finance Alpha: Budget Requests & V3
• Exploit on iEarn
• Yearn’s Graphic Novel!
• Community and Ecosystem News

yETH! YIP-72 Passes!

veYFI voters have overwhelmingly voted ‘For’ the launch of yETH on the recent snapshot: YIP-72: Launch yETH! Going forward, holders of st-yETH will decide yETH’s future: “yETH is designed to be governed by its token holders who decide on assets to onboard and configure the protocol.”

• Attention fellow LSD Protocols: The yETH Proposal section, ‘yETH in a nutshell’ has a few points worth noting:
  yETH’s voting mechanisms encourage inclusivity of additional LSD’s for the yETH’s index, and is poised for the adoption of up to 5 LSDs upon launch (see section 5.4). If you’re a protocol that wants to take this trip with Yearn, all Protocols will have a chance at whitelist per Section 5 (and Section 3.2).
• How does yETH benefit st-yETH holders?
  Consider the bribe system for weighting. st-yETH holders get 90% of yield from eth staking, plus swap fees, plus bribe income, making yETH a premier staking derivative option.
  These features cultivate incentive and potential for other LSD’s to deploy their treasury assets into yETH for direct voting vs paying bribes, further encouraging scaling and investment into yETH. Realized gains, boosted adoption of their own LSD, and distribution of risk? Moar, please!
• How does yETH benefit veYFI?
  yEth will benefit veYFI holders via Vault Performance Fees (10%), and 1% incentive rewards that go to Yearn Treasury, of which a portion are used for YFI buybacks, which is distributed to veYFI holders. As yETH scales in size, so will the returns.

Yearn Finance Alpha: Budget Requests & v3

Yearn contributors submit public budget requests that outline the scope of work for a given project or task, so you can see what Yearn is building behind the scenes, and how those funds are being spent. Yearn is always building, go see for yourself!

• Looks like v3 is getting close! Here is v3 Team’s Request for development, testing, and deployment. As a reminder, the v3 upgrade will be the biggest collection of updates in Yearn’s history. Check out the 62nd edition of our yNewsletter for a comprehensive refresher.
• Here is s2 Team’s Request to prepare for the implementation of the v3 migration, utilizing 6 KPI’s (Key Performance Indicators) to track progress and performance.

Exploit on iearn

There has been an exploit of iearn’s yUSDT, a legacy, deprecated product that predated v1 and v2 vaults. Unfortunately, some Curve pools (y, busd, pax) and v1 and v2 vaults where these LP tokens were deposited, were affected. Some important takeaways from the exploit:

banteg on Twitter: “iearn was the original yield optimizer launched in january 2020. it was supported by yearn till march 2021.v1 vaults were launched in july 2020 and were supported till july 2021.v2 was lanuched january 2021 and it’s the only version that is still supported by yearn devs. https://t.co/eFht8cJczt / Twitter”

iearn was the original yield optimizer launched in january 2020. it was supported by yearn till march 2021.v1 vaults were launched in july 2020 and were supported till july 2021.v2 was lanuched january 2021 and it’s the only version that is still supported by yearn devs. https://t.co/eFht8cJczt

• The impact constituted ~$11M in drained iearn tokens.
• iearn predated YFI. All unaudited content was removed from Yearn’s primary site in 2021. This included iearn and v1 vaults.
• Yearn keeps v1 and v2 sites active so that individuals may withdraw from older, deprecated pools.

yearn on Twitter: “As previously pointed out, the root cause of this morning’s iEarn exploit was a bug in the legacy iEarn USDT (yUSDT) token contract.This bug persisted in several versions and led to multiple Curve pools (y, busd, pax) being exploited and drained. Liquidity providers who… / Twitter”

As previously pointed out, the root cause of this morning’s iEarn exploit was a bug in the legacy iEarn USDT (yUSDT) token contract.This bug persisted in several versions and led to multiple Curve pools (y, busd, pax) being exploited and drained. Liquidity providers who…

• We highly recommend that you give this thread by Storm a read, as it provides a detailed perspective from inside the War Room, and a look into how teams handle these types of exploits:

Storm Blessed 0x on Twitter: “War room true stories 🤐Thought I’d write a thread on the aftermath of the exploit on the legacy iearn contracts and my first hand description of events.I believe insight on how teams handle exploits and war rooms is very scarce in CT and teams should share more.🧵👇 pic.twitter.com/TarelkvsM5 / Twitter”

War room true stories 🤐Thought I’d write a thread on the aftermath of the exploit on the legacy iearn contracts and my first hand description of events.I believe insight on how teams handle exploits and war rooms is very scarce in CT and teams should share more.🧵👇 pic.twitter.com/TarelkvsM5

• Although No Yearn Vault or Strategy code was exploited, it’s important to note that utilizing a Yearn vault to wrap a token does not protect you from an issue with the underlying token itself.
• No Reimbursement Plan has been announced. More information will be shared when it becomes available.
• Friendly DeFi Reminder: Legacy contracts cannot be paused, so Users must self exit. Please keep track of your tokens so that you don’t find yourself utilizing a deprecated token/pool/protocol.

Yearn’s Graphic Novel!

https://medium.com/media/776a078abcbf5ba753ffb0f265fd49f7/href

Yearn’s own graphic novel is coming out after 1.5 years in the making! Stay tuned for more…

Community and Ecosystem News

Love for Yearn Finance goes beyond being the most callipygian protocol!

• Wido has partnered with Yearn Finance as our Official Zap Provider! With Wido Router, it’s easier than ever to “Deposit any token into any pool, farm, or vault!”

yearn on Twitter: “With Zaps (powered by Wido) you can deposit any token directly into a Yearn vault. That’s right anon, even that metaverse token you’ve been bag-holding since 2021 can be zapped into a yVault and start earning you yield. https://t.co/19dTxybYph / Twitter”

With Zaps (powered by Wido) you can deposit any token directly into a Yearn vault. That’s right anon, even that metaverse token you’ve been bag-holding since 2021 can be zapped into a yVault and start earning you yield. https://t.co/19dTxybYph

• Check out these yThighs that made their debut at ETH Tokyo! Well done, Kay! PS, please post a link for these so we can get some for our own waifu’s? Thanks!

yearn on Twitter: “Another Y drop (not i) today at ETH Tokyo – yThighs. You may want to burn socks, but not these thigh highs. Designed and manufactured by @kayandswag pic.twitter.com/5eBKwZs3VV / Twitter”

Another Y drop (not i) today at ETH Tokyo – yThighs. You may want to burn socks, but not these thigh highs. Designed and manufactured by @kayandswag pic.twitter.com/5eBKwZs3VV

• Yearning for more content? Check out Defiglenn for community news featuring their insightful contributor perspective!
• Yearn’s Marco Worms also has been working on some incredible concepts, including, “yGenius: a GPT-powered bot that indexes the Yearn Ecosystem knowledge so you can query it with a universal chat interface.”

We hope you’ve enjoyed reading April’s yNewsletter. Remember, you are Yearn, and all of us can contribute to help create the changes we want to see. If you want more information (or even just want to say, Hi!), we hope you’ll visit us in our Yearn community Discord and Telegram channels!

Yearn Finance Newsletter #63 was originally published in Yearn on Medium, where people are continuing the conversation by highlighting and responding to this story.