Yearn Finance yNewsletter #65

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.

Yearn Finance yNewsletter #64

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

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!

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.

Yearn Finance Newsletter #63

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

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.