Proposal to add Chainlink (LINK) as the first asset used as collateral for the upcoming delegated yVaults release in yearn.finance v2.
Chainlink is among the highest valued and most liquid ERC-20 tokens. There are a significant amount of tokens and thus liquidity idle, which could be deposited for delegated yVaults. LINK’s high market capitalization makes it well suited to be the first delegated yVault asset as it will likely contribute to the most fees that will be eventually accrued to YFI holders.
Chainlink also has one of the strongest communities in crypto and successful initial trials of delegated yVaults will likely encourage larger token holders to join the ecosystem adding to even more fees for YFI holders.
Delegated yVaults use Chainlink oracles as a key component of the system making the token a critical part of the product. LINK token holders would likely support using this product because of its use of Chainlink oracles and therefore adding LINK will be mutually beneficial for both LINK and YFI holders.
For: Add Chainlink (LINK) as the first asset.
Against: Don’t add LINK.
EDIT: Had to close the poll and create a new one with ETH as an option. See final poll in posts down below.
Chainlink has an extremely strong presence on Crypto Twitter and 4chan. These would be excellent users to first onboard onto yEarn as their community is so strong and outspoken. I am in support of LINK being the first asset.
Makes a ton of sense that the community pushing smartcontract adoption the hardest outside of Ethereans themselves would have their token the first to be supported by ySwap.
Behind only Ethereans, Linkies use DeFi applications more than any other community I know of. Look at the success of Aave and early LINK deposits there.
In short, there is a huge demand in the Chainlink community to use LINK within DeFi and ability to deposit to ySwap would be obviously advantageous to many.
Since Chainlink staking is not a thing yet, yLink would be the premier LINK farm. Staking LINK is also more of an institutional activity that wont be accessible to all(initially) and maybe there will be a synergy with Linkpool.io utilizing liquidity from LINK deposits into ySwap later on.
In my DMs right now people are asking when they will be able to deposit their LINK into ySwap.
CLG should chime in soon and much of what I am saying he has said before many times in different forums.
Looking for a longer explanation since saying Chainlink is controversial and not saying much more seems a bit soft especially with so much FUD floating around with Zeus Capital fresh in peoples minds. Appreciate you taking the time to explain yourself.
Edit: Issue with the poll above re-submitted to include ETH
Stating that adding LINK is controversial is an uninformed argument since the delegated yVault uses Chainlink oracles as a core component of the product. A few people mentioned adding more assets, and that will definitely be in the future; however, it is likely there will be only one initial coin so I propose LINK.
LINK seems like a clear choice initial collateral for yearn.finance v2 to me. The Chainlink community heavily uses protocols powered by Chainlinked like Synthetix, Aave, and yearn. LINK collateral will significantly increase the total value locked (TVL) in yValuts, compared to other token communities who aren’t as tuned into DeFi, and lead to higher fees generated for YFI token holders.
Chainlink is the industry standard oracle network (https://chainlinkecosystem.com/ecosystem) and powers much of DeFi already. Being that YFI is essentially an index and a bet on the power of DeFi composability, the growth of either protocol results in growth in the other. We can already see this with yearn’s usage of Aave’s credit delegation, which inherently relies upon Chainlink due to Aave’s usage of the Chainlink network. LINK collateral will drive the most growth.
This is not true, DyoR properly chainlink is blockchain agnostic, such that its use doesn’t ends with just blockchain applications only but in hne real world, they have less time debunking or engaging in unnecessary discuss or FUD started by zeus and nexo
I vote LINK for social engineering and memetic reasons. In general, the Linkmarines are very strong supporters of DeFi, and many are actively engaged in a using a wide variety of DeFi products and services. Having LINK as the first yVault asset will generate a huge amount of deposits and support for the platform.
LINK marines are for the most part already comfortable holding LINK in DeFi platforms like Aave to generate interest and take stablecoin loans to participate in DeFi. I’m not sure the same can be said for ETH supporters. You can be sure that LINK marines will NOT sell LINK for ETH to deposit in yEarn.
I think it makes sense to add wETH and wBTC as the second and third yVault assets when that time comes. Choosing LINK as the FIRST yVault asset would have a much stronger impact on the community.
Also, I want so see the results of YIP 10 and YIP 12 before going on chain with YIP 17.
Yes, please hold off all new on-chain voting for now. YIP 10 is on track to be accepted and implemented very soon. I also removed “YIP 17” from the title for now, the number is added when the proposal is promoted to YIP and the on-chain voting goes live.