$yCRV is confusing.
$yUSD will be recognized as a YEARN product.
We’ll quote @yfi_whale here:
Currently, in the crypto space, stablecoins are used for transfers, margining, borrow/lending. They are used across DeFi and CeFi (exchanges and OTC). Anything USDT can do, yUSDT can do better. Why not trade FTX perps with yUSDT margin? Already FTX takes cUSDT as collateral. Why even have a BTC-USDT pair on Binance when you could have BTC-yUSDT? All that USDT OTC flow from China could be yUSDT. Lastly, why even borrow or lend DAI when you can borrow or lend yDAI (just think about that one). The implications are huge.
By rebranding $yCRV as $yUSD allows YEARN to create the de-facto interest earning stablecoin 2.0.
$yCRV is confusing especially given the popularity of the $CRV token.
Update the $yUSD name on YEARN, Etherscan, Coingecko, etc.
Spread the gospel online.
I think YEARN is already doing this (twitter), but wanted to bring it up in the forum as well.
I agree completely. The naming convention has already caused lots of confusion, as seen with the recent CRV launch.
Great idea. Fully support this!
yUSD is simpler and more accurate than yCRV. The master stablecoin
Awesome idea. Would love to see this.
yUSD = YCRV + CRV Farming
As a new user into this eco system, OP is correct… this was confusing to navigate… using yUSD would make more sense…
Well, UMA mints yUSD and I hold it, so this proposal is going to be hella confusing for me and anyone else who already holds yUSD.
To be clear your talking about the yycrv vault token, yes? Pretty sure its called yycrv. I think all vault tokens should be renamed to vdai or vcrv to make it easier to understand. Earn is using ydai already so the vaults should be called vdai.
Replying to myself here, it seems that there is discussion within UMA about prefixing a “u” to their tokens, which would mean their yUSD would become uYUSD.
good idea, really like this idea
Fantastic idea, 100% support it
Just to add to this, from the last posts on the yearn twitter.
yUSD could be the tokenized asset name for the yCRV yVault.
yUSD is now yVault (yCRV + CRV Strategy) making it a new meta USD asset that nobody has done before.
INCLUDE THIS IN THE YIP:
Summary: Use product prefix for all tokens instead of just “Y”.
yUSDC = vaultUSDC
yDAI = vaultDAI
First this makes the vault easier to explain.
When you deposit DAI, you receive back vaultDAI that earns interest.
Second it brands each YEARN product.
There are many other protocols like “mUSD” “aLINK” and this can be confusing.
vaultDAI can only be one thing.
We would also like to see this done for the new insurance product.
yiUSDT = yinUSDT
this is a great idea.
In words of @Substreight, I’d say “I am for this.”
If you go a step further:
Let’s say you have 10,000 $vaultUSDC, but you don’t want to withdrawal and pay the 0.5% fee.
Would another protocol want to let you do something with your $vaultUSDC?
By branding each YEARN product (we want logos too), you are effectively fostering the creation of a community driven ecosystem around each product.
MASSIVE IMPACT + POTENTIAL.
It starts today with branding.
#JFC #OHMY #FEWUNDERSTAND #JUSTYEARNIT
Love the idea - i got confused between yDAI from the DAI vault and yDAI that can be put in yCRV pool.
With being newer to Yearn, this would make much more sense to me.
1 $YFI Stack here