yearn

vision - docs - discord

[yearn @yearnfi]

Yearn has been onchain since 2020.

In that time we’ve made deliberate choices to keep the protocol safe, simple, and fully transparent.

Now we're sharing these key choices in a series of threads.

Catch them all here

[DAdvisoor @DAdvisoor]

Every day, more people learn that fixed rate lending has arrived onchain.

@flexmeow, a @yearnfi Sub DAO, is the first, and well positioned to be the best of the category.

This delivers benefits for both lenders and borrowers.

DeFi lending as we've known - is about to change.

[bobdbldr @0xBobdbldr]

@DeFi_Dad @flexmeow @yearnfi @Nomaticcap flex is pretty cool, one of the new cool new mechanisms in defi

[yearn @yearnfi]

https://t.co/lhZv16uy4A

[DeFi Dad ⟠ defidad.eth @DeFi_Dad]

One newer protocol you should take a look at ASAP is @flexmeow, by the team at @yearnfi.

In The Edge Newsletter this week, @Nomaticcap has an easy-to-read but fairly extensive write-up here: https://t.co/N8m9bJpm2k

Flex is a fixed-rate lending protocol, that takes a lotta inspiration from features of Liquity. Flex should excel at looping because you choose your interest rate, it's fixed, and you don't have to worry about utilization rates spiking and putting your looped positions into negative carry. A more predictable tool for looping.

The real driver here though is redemptions. If you've ever dug into Liquity, this will make sense. Ideally, loopers/borrowers will prioritize paying higher interest rates (good for lenders) to avoid risk of being redeemed.

Super excited to cover this more extensively with an upcoming episode of DeFi Frontier on The @Edge_Pod!

[corn🛸 @omgcorn]

@flexmeow is a Fixed Rate lending product built to loop correlated assets. On Flex:

1. You can adjust your interest rate once per week for free

2. There is liquidation protection. Your position is only brought back to health

3. Up to zero spread on loops. Positions are always liquid through Redemptions, we don't need a cash buffer

Never get stuck with negative carry again. Know any great instantly redeemable assets? Put them in the comments or dm me. Requests always open

[Zero Cool @ZeroCool_AI]

https://t.co/olXMCMe5LP

[yearn @yearnfi]

Earn auto-compounded BOLD and boosted CRV rewards, plus airdrops from 15+ Liquity forks. What more could you want?

[Liquity @LiquityProtocol]

The @yearnfi BOLD-USDC LP vault is now live 🔵

@CurveFinance BOLD-USDC LPs can now earn optimized yield 💸 👀

Yearn's booster vault handles the work
→ Auto-routes between Yearn's & @ConvexFinance veCRV boosts
→ Optimizes for the highest yield

https://t.co/nrpjGMpgpf

[Winny @0xWINNYx]

One thing I’ve noticed about this cycle is that everyone wants yield but very few people want to become yield farmers.

Which honestly makes sense.

Most people don’t want to wake up every day comparing rates across 15 protocols, moving funds around, worrying about smart contract risk & asking themselves if an extra 2% APY is worth the headache.

They just want the yield.

That’s why I still find Yearn interesting.

While total DeFi TVL dropped ~7% this week, Yearn’s TVL actually increased.

Not by much admittedly.

But in a market where capital is leaving the table, seeing assets remain relatively sticky arguably says something about user behavior.

Because if we zoom out:-

What @yearnfi really sells isn’t yield.

Yield is the product.

Convenience is the business.

To understand this you have to understand something simple:

There are generally two ways to earn yield in DeFi.

◈ Manually
◈ Automatically

Manual means you’re the strategist.

➜ You monitor rates.
➜ You move funds.
➜ You compound rewards.
➜ You chase opportunities.

Automatic means someone or something does all that for you.

Yearn’s vaults essentially exist for the second category.

Deposit asset in.

Vault figures out the rest.

Sounds simple but the interesting part is that simplicity is usually built on top of a ridiculous amount of complexity.

The best technology often hides complexity instead of showing it off.

Same thing here.

Most users don’t care which liquidity pool generated the yield.

They care that the yield showed up.

Which is probably why products like Yearn have managed to survive multiple market cycles whilst hundreds of “next generation DeFi protocols” disappeared.

Because eventually people stop asking:

“What’s the highest APY?”

And start asking:

“What’s the easiest way to get reasonable yield without thinking too much?”

That’s a very different question.

And honestly?

I think the protocols that answer that question well over the next few years will quietly outperform expectations.

[Flex @flexmeow]

some people would rather keep this quiet

but yvUSD looping on Flex is still offering frontier APYs

fixed rates, infinite term, instant liquidity

available liquidity:
- ~380k USDC for >23% APY
- ~800k USDC for >15% APY

🏜️🏜️🏜️

[yearn @yearnfi]

👀

[Steer Protocol | 🐂 @steerprotocol]

Tired of betting “ETH up” or “ETH down”?

LPs need vaults designed to earn from market activity itself - volatility, fees, spreads, and options premiums.

More structured. More automated. Less dependent on direction.

Something new is coming from Steer Protocol.

[yAudit @yAuditDAO]

yAudit has a secret weapon. 🤫

Earlier this year, we developed yAgent, our in-house AI auditor. We've run it on every review since March, and it's really changed the way we work and raised the bar on our security reviews.

Our researchers can go deeper on the code, move faster, and explore more ideas as they go. yAgent handles the groundwork so the team can spend its time on the hard problems.

The tool was built on top of the award winning vulnerabilitiy detection engine developed by @zerocool_ai. We added our own workflows, knowledge bases, and custom skills to replicate the expertise and approaches we've developed over the years through auditing DeFi's biggest protocols like Yearn, Euler, and many more.

We'll be sharing more details soon, including case studies, experiences, and tips for those trying to implement AI into their security process.

[yearn @yearnfi]

https://t.co/9bpO6BG7n7

[Michael Egorov @newmichwill]

👀

[yearn @yearnfi]

Check out our other threads covering key technical choices https://t.co/V4WeS31o31

[yearn @yearnfi]

Yearn has been onchain since 2020.

In that time we’ve made deliberate choices to keep the protocol safe, simple, and fully transparent.

Now we're sharing these key choices in a series of threads.

Catch them all here

[yearn @yearnfi]

Just using a multisig is NOT enough. How a multisig is configured can be the difference between getting rekt or not.

Yearn has spent a lot of time thinking about this very real risk. Today, we share 3 crucial steps for good multisig strategy
🧵

[yearn @yearnfi]

Just 3 simple steps can avoid loads of pain from a bad multisig setup. But this is just one aspect of securing DeFi, more to come.

Don't get rekt anon!

[yearn @yearnfi]

Check out our other threads covering key technical choices https://t.co/V4WeS31o31

[yearn @yearnfi]

Yearn has been onchain since 2020.

In that time we’ve made deliberate choices to keep the protocol safe, simple, and fully transparent.

Now we're sharing these key choices in a series of threads.

Catch them all here

[yearn @yearnfi]

It's 10 PM, do you know where your money is?

DeFi should be transparent and verifiable, but few users check where their money is.

Do you know where YOUR funds actually are?

Let's see the answer for Yearn vaults
🧵

[yearn @yearnfi]

Keep in mind that 1 share of vbUSDC != 1 USDC. The PPS for the vbUSDC vault on Katana is above 1. So 3.091M vbUSDC shares = 3.15M with PPS of 1.02.

[yearn @yearnfi]

Check out our other threads covering key technical choices https://t.co/V4WeS31o31

[yearn @yearnfi]

Yearn has been onchain since 2020.

In that time we’ve made deliberate choices to keep the protocol safe, simple, and fully transparent.

Now we're sharing these key choices in a series of threads.

Catch them all here

[yearn @yearnfi]

Yearn does not use upgradeable proxies. Why not?

Upgradeable code is a major attack vector. Upgrades simplify life for devs, but we chose the hard life to prioritize user security.

How to check if a protocol uses upgradeable proxies 👇
1/

[yearn @yearnfi]

Next time you are depositing funds somewhere, remember the risk of proxies.

If the code controlling your funds can change, do you sleep well at night, anon?

[yearn @yearnfi]

https://t.co/oiNYIdNvaJ

[yearn @yearnfi]

It's 10 PM, do you know where your money is?

DeFi should be transparent and verifiable, but few users check where their money is.

Do you know where YOUR funds actually are?

Let's see the answer for Yearn vaults
🧵

[yearn @yearnfi]

Yearn has been onchain since 2020.

In that time we’ve made deliberate choices to keep the protocol safe, simple, and fully transparent.

Now we're sharing these key choices in a series of threads.

Catch them all here

[yearn @yearnfi]

https://t.co/a6tUgmKlkg

[yearn @yearnfi]

How does Yearn review new yield sources?

Every new external dependency needs close examination to keep user funds safe
🧵