To ensure the continued success of yVault participation we propose adding a percentage of the farmed CRV to the vaults voting weight. Doing so also prohibits opportunistic farmers that have no intention of participating in governance from participating in yVault.
At this time, it is unknown what a good percentage would be to balance between voting weight vs 2.5x CRV boost vs ROI. As such, we propose to make this configurable and set an initial weight, based on the vote.
Currently yVault earns 78,792 CRV per day. Our veCRV target for 2.5x boost is ~150k. We suggest starting with a higher percentage to reach this number faster, and subsequently decrease from there.
Specification:
Switch to the proposed strategy and enable the % fee
Poll:
We will also be testing our new off-chain voting, built by https://balancer.finance/ as a signalling system. You can vote below with your governance locked YFI
This seems to be stated like it is an intended / desired outcome. Is there a reason for that?
All the communication I’ve seen from yearn about the vaults thus far has presented it as a wealth management product with no significant mention of a governance role. I was under the impression that farmers of any disposition are the target group as they generate fees for the ecosystem, so I’d like to understand why it is now beneficial to deter some of them from participating.
I think this a great idea, but more importantly, I love the implementation of Balancer’s snapshot system! After seeing it in action for the YAM team, I was actually going to recommend we implement it. Are there any real reasons this can’t replace normal voting on-chain? This seems to me that this is also on-chain, albeit in a different mechanism but maybe someone with more technical knowledge can correct me if I’m wrong.
I think what we’re going for here is more of a long-term vision of yield farming– by being able to have a significant voice in Curve governance, yearn and YFI holders can help ensure that policies enacted on Curve don’t negative impact our ability to yield farm from the vaults. But this would directly conflict with any farmers who literally only want the highest possible yield NOW, versus thinking about overall our best chances at sustainable long-term yield.
Having trouble with the off-chain voting. Using MetaMask for Android. I sign the message, but after selecting the vote button, the vote is not completed.
@banteg Thanks for the update. Have we confirmed everything is working as intended? I am not seeing any change whatsoever in the APY being earned over the last day+ since this transaction was made. I would have expected at least some boost, if not the full 2.5x. APY being earned in the vault since the transaction was made seems to match the minimum APY in the range that Curve provides for 1x (no boost) to 2.5x (full boost).
I think ensuring that the strategy is stable and safe is far more important than a few days of higher APY.
Also, the point of these vaults is not to always have the highest yields available on the blockchain– it’s to have the highest yield possible while minimizing risks. Thus, the thorough checking of the strategies to make sure everything works as it should.
