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YIP-37: Participate in CRV governance and 2.5x CRV reward boost

MetadataDetails
YIP37
OutcomePassed
Authorsandrecronje, banteg
Created2020-08-17
Forum discussionView discussion
Snapshot voteNot recovered
Vote resultNo Snapshot vote recovered.
SourceSource

Summary​

Use early LP rewards to enable YFI holders to participate in Curve DAO governance and vote-lock them for 4 years to boost yVault CRV generation by up to 2.5x.

Abstract​

All vested CRV tokens earned by StrategyYfii will be vote-locked to give YFI holders voting rights in Curve DAO and to boost the rewards earned by yCRV pool.

Motivation​

yVault currently holds 609,688 CRV with 1 year linear vesting. Starting August 28th, 2020, we can leverage these rewards to increase CRV generation and greatly incentivize capital inflow into Yearn.

Specification​

Overview​

Funnel all the vested CRV into 4 year vote lock and enable delegated voting with it with YFI.

Rationale​

Forum poll snapshot:

  • 80% Participate in CRV governance and 2.5x boost
  • 12% Distribute to YFI treasury and holders
  • 8% Distribute to yVault LPs

Technical Specification​

  • Total early LP CRV rewards collected: 609688.7992009243
    • 0x8816B2Fb982281c36E6c535B9e56B7a4417e68cF = 1606.9780365084564
    • 0xBE197E668D13746BB92E675dEa2868FF14dA0b73 = 39433.37196717059
    • 0x2De055fec2b826ed4A7478CeDDBefF82C1EdFA70 = 568648.4491972453
  • Vesting: from 2020-08-13 to 2021-08-13
  • Unlocked per day: 1670 CRV