Being Farmed vs Farming Others

17 hours ago, YFI added a new yVault for yCRV with 193% APR, which is achieved by farming YFII via Pool 1 in an institutional way. (https://twitter.com/oli_vdb/status/1289441538703945730)

In order to achieve the 193% APR, yVault will dump YFII on the market consistently. That’s why YFII price dropped from 700$ to 400$+ from 1 Aug early morning, when Andre announced this new yVault, to now (17 hours after the announcement). And more dumping will happen as more yCRV is pumped into YFII Pool 1 by yVault.

In summary, YFII is farmed by YFI. And the end users who are benefited are not even aware of YFII - yVault automatically dumped YFII token on the market.

Don’t get me wrong - there is nothing to blame YFI. Even if they are not doing this institutional farming, someone else will do. As this goes on, YFII value will be diminished.

So what’s the counter attack strategy to bring value back to YFII?

The answer is simple. I have two suggestions.

  1. To match. It means to farm others (including YFI when emissions resume) just like yVault (or even better if possible). By doing this, we make sure YFI and YFII are on the same page without systematic disadvantages.

  2. To innovate. It means to bring new value to YFII aside from farming others. We can learn from other successful DeFi projects like SNX (both YFI and YFII leveraged SNX codes anyway). We can discuss in more details later.

For now, the proposal is to implement a yVault equivalent and farm other protocols out there asap.

--------- Below is the Chinese translation -----------------------

17个小时前,YFI提出了yVault可以接受的新资产yCRV,APR是193%。 这么高的收益率是来源于通过YFII 的Pool 1来farm YFII. 具体解释可以看https://twitter.com/oli_vdb/status/1288970901237661700

显然,为了达到193%的收益率,yVault需要在市场上持续不断的卖出YFII。这也是为什么YFII的价格在过去的17个小时从700美金降到了400多美金。更重要的是,获利的用户根本不知道YFII的存在,也没有任何参加YFII治理的意愿。

不要误解我的意思,我并不是要责怪Andre这么做。就算他不这么做,其他人也会。毕竟智能合约是开放的。但是这个事情如果持续下去,YFII的价值会持续减少。 这是YFII的战略劣势。

解决的方案是什么呢?

答案也很简单。 我在此提出两个建议:

1) 追赶。既然YFI有yVault,那么YFII也可以尽快推出yVault的功能去farm其他的protocol,包括马上要开始的YFI。来而不往,非礼也。

2)超越。YFII是否有更多价值,除了farming之外?这里可以学习其他的成功DeFi项目,比如SNX。 这个话题比较长,另外讨论。

对目前而言,提案就是尽快实现yVault的功能,并定向优化farm YFI(比如可以双挖),并持续发掘其他farming机会

19 Likes

Sounds like a good plan. Im for this.

5 Likes

It only seems fair to farm other coins under yfii vault or some kind of similar techniques to increase yfii’s apy’s. YFFI is on the market and then once YFI starts coming back again. It might just create a good decentralized economic model between the three sister networks and should be high priority due to limited supply of other farms.

6 Likes

please save our bags
:exploding_head:
PSOB
will vote in favour of the solution

Y系列游戏的本质是资本游戏。谁的池子大,谁就说了算。

yVault的本质是集资打仗,谁火就farm谁。

另外,我会英语,但是我觉得中国人的项目就应该中文优先。

3 Likes

我的想法是这样

先上第一个yVault,可以挖YFII 以及 YFI系列的任何代币(后面的看哪个收益率高挖哪个)

大概流程是这样:

用户存入ycrv 到 代理池,获得我们自己的ytoken,这个ytoken可以去挖我们的yfii
然后池子里的ycrv可以到别的同系列里面去挖 yfi系列,会定时claim,卖成dai 分给所有yfii的持有者

5 Likes

。。。这真的没必要, 想要扩大共识,双语并行是肯定的。

1 Like

不要放过任何一个lego的机会, yfi,yffi. 来而不往,非礼也。

不要dai的奖励,只要yfii的奖励,dai再买入yfii分给持有者

6 Likes

百分百支持这个策略,希望可以发起投票推进下去,FYII YES!

1 Like

yVault具体的机制我还不是很明白,觉得模型设计应该考虑如何能够促进YFII的供应小于需求的机制目前已经有减半的设计,但是大矿工抛YFII的时候是否可以有一个价格平抑的池子或者机器人可以回购这部分抛压,然后再缓慢释放给市场?减少向下的波动性,促进向上的波动性。

1 Like

I also vote for having a yVault that is capable of farming other tokens for higher yields. This brings more reasons to holding onto YFII-tokens instead of dumping them on the market.

It would be beneficial for all of us to remain bilingual.

1 Like

可以考虑 yVault机制,去 farm 其他项目,同时将利润回购YFII作为利息分配给Vault持有人

3 Likes

i agree. lets do this. how do we vote? we should implement this as soon as possible

1 Like

We must innovate and make it better like we always do!

Support the proposal is to **implement a yVault equivalent and farm other protocols out there asap!

1 Like

YFII应该领先一步发挥社区力量和开发者优势,率先一步采用yvaults的方式扩大YCRV受益,和其他山寨项目拉开差距,具体支持如下两条

1、将池子里YCRV通过vaults搜集后发去其他YFI项目挖矿产生收益,目前可以是YFFI或者以后恢复挖的YFI,池子里的YCRV同时享有YFII挖矿收益,这样YFII就成了当下唯一一个可以综合多个YF项目收益的YF分叉

2、YCRV的收益统一采用YFII分配,就算挖到其他YF项目的代币也是兑换成YFII分配,稳住YFII的市场价格。

以上两个机制实施后,YFII的收益机制就可以暂时领先,目前YFII马上面临减半,可以说是十万火急必须马上实时这个策略,否则将进入恶性循环死亡螺旋,如果减半后收益大幅缩水,池子里的YCRV将全部被其他YF项目虹吸走,那就凉凉了。

当然,后期也不排除其他YF项目也采用类似机制,以Yvault方式将YCRV激活后实现二次fram收益,届时大家将站在同一纬度上比拼社区力量,社区力量越大,Yault规模越大,就能够在所有YF项目有更大的优势存活下来,这也符合defi的本质,社区力量取胜,而社区力量恰恰是中国社区的优势,我是一个YFII的持币人,看好社区发展,希望核心开发者在减半之前尽快上线YFII的yvaults,不让迅速崛起的YFII社区之火熄灭。

8 Likes

完全支持你的提倡!!! 你在微信里也提出了吗?

可以看做一个理财产品,打入yCRV后,yVault会帮你完成后续所有的操作去进行最高收益farming,提取时将yCRV利息支付给你。一提一取只需要2笔gas费

1 Like