Fix YFII vault

This YIP is simple. I would like to suggest this proposal to prioritize YFII vault over everything currently in the works.

I understand the team is trying to make big changes and works to improve the vault, but we are greatly falling behind compared to every other project because we do not have a functioning vault. The machine gun pool is now the 0% APY pool, this needs to change asap.

Thank you.


Google translate, if there are any errors please comment and I will change, thank you :

这个YIP很简单。 我想提出这个建议,使YFII保管库的优先级高于目前正在进行的所有工作。

我了解团队正在努力进行重大更改并努力改善保管库,但是与其他项目相比,我们远远落后于其他项目,因为我们没有保管库可以正常运行。 机枪池现在是0%APY池,这需要尽快更改。

谢谢。

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Agree,that’s important to improve YFII value.

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new Vault is on the way with iToken mechanism. Will move the liquidity from old Vault to the new Vault

You can try it on https://beta.dfi.money

After passing YIP-6, the new Vaults will be officially released

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I don’t see the ability to farm YFII with YFII on there, which is the whole premise of every YFx coin.

Does this mean I need to withdraw my money from the current vault?

No, there is no strategy in YFII. The former strategy is farming GRAP and convert GRAP to YFII as benefits, however the strategy is no longer working when grap’s Pool1 ended

Some new project will support YFII farming, will update the strategy later in the new Vaults

I don’t understand what you’re saying. Are you saying there isn’t, nor will there be, any strategy that incentivizes holding YFII this next week?

Again, is this in this week’s update or not? Because this YIP I’m proposing, is exactly against this. I do not want more strategies for yCRV, DAI, holders, I do not want iToken strategies, I want strategies that incentivize holding YFII, first and foremost. I would love to re-word the YIP to make this clearer, if it means the YIP gets proposed for voting as soon as possible.

I realize what I said may sound like it goes against the development currently in the works, but I’m not. I am only against the order in which things are being worked on. Please answer my questions to clear out any doubts in case I misunderstood anything.

YFII is a governance coin, and as such anyone has the right to suggest their opinion be heard and judged by the rest of the community. I understand you may disagree with what I’m saying, but this is a valid proposal for the best of the community, and suppressing it effectively goes against everything YFII stands for.

He’s saying the new iToken mechanism will make current YFII vault obsolete. No point on spending time fixing something that will be outdated shortly

And will the new itoken mechanism reward YFII holders … ?

非常同意。

我来从另一个角度阐述一下这个问题。

最近两周 Vault 可用的池子只剩一个ycrv,并且还是去挖的 pool1 而不是真正的机枪。机枪池已经名不副实,TVL直线下滑,从几千万美金,到现在700万。反观隔壁 harvest 才上线几天,策略更新非常快,而且喊着YFII当初的口号:哪里收益高就去挖哪里。

当然可以理解,当下社区都在忙于新的 iToken 的提案,忙着做新的UI和新的策略,这些在长期看来上都是非常有价值的。

但是我认为去中心化治理的产品,和做普通的产品一样,更需要一个合适的节奏,不能总是想憋个大招。憋大招的后果就是给投资者们留下了很不好的印象,好像社区只会喊单,搞一些花哨的提案只为提升币价。丢了品牌和信任是最不值得的。

可以理解可能有些新策略,那些有创意的想法,需要基于新的 iToken 去实现。作为开发者,肯定更喜欢重构一切,在新的框架下做东西总是最舒服的。

但是请站在用户角度思考一下:用户需要的不是一个最完美的东西,iToken 晚一个月两个月都没关系可以等,旧的UI再丑再难用可以忍,当前没有效率最优的机枪策略也能忍,但是我放在里面的钱不能完全没有收益啊。哪怕有些临时的策略,APY 不高的,至少让我觉得机枪池时刻在运转状态,而不是直接停摆。

总结一下我的观点:请把保障核心功能放到最高优先级,保持小步迭代,切忌憋大招。

2 Likes

I believe it’s implied. But if the only reward turns out to be YFII @ $50K… are you happy?

非常感谢。 我相信DeFi是由势头驱动的,尽管我同意到目前为止提出的所有YIP,但是如果我们失去保持YFII在当前价值的理由,那么与iToken或其他提议的YIP相比,它对未来价值的影响更大。

由于我无法与中国社区进行更多交流。

我已提出Github请求,尽快将该YIP推送(https://github.com/yfii/YIPS/pull/7/files?short_path=11a7300 ),因为我认为YFII持有人的有效保险库将 成为短期内推动价格上涨的催化剂,或至少保持与YFI,YFV相当的价格…

如果翻译不正确或者您有任何更改建议我会很高兴地添加它们,但是如果您或任何人都可以与接受YIP的负责人(https://github.com/jin10086 )联系,请尽快批准。 可能,那将是完美的。


Thank you a lot. I believe DeFi is driven by momentum, and while I agree with all the YIP proposed so far, if we lose reasons to keep YFII valuable in the present, it will affect the future value more than the benefit of iToken or other YIPs proposed.

Please communicate more with the chinese community as I am not able to do so.

I have made a Github request to push this YIP as soon as possible (https://github.com/yfii/YIPS/pull/7/files?short_path=11a7300) , because I believe a working vault for YFII holders is going to be the catalyst to drive the price up in the short term, or at least keep it at a price comparable to YFI, YFV …

If the translation is not correct or if you have changes to suggest I would gladly add them, but if you or anyone can contact the person in charge of accepting YIPs (https://github.com/jin10086) to approve it as soon as possible, it would be perfect.

It seems they are now using snapshot.page for proposals, so hopefully we can all get our votes and proposals in, as long as they are serious.

https://snapshot.page/#/dfi/proposal/QmXdzmssZKd3vQAHwLt9Fxm35Upw728A2zqeHscyyHwyTZ

Here is the proposal mentioned here. Votes open in 3 hours

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@zee steamer just replied you correctly, he is proposing for a method that will give incentive to the holders of yfii, the new proposal of yfii called iToken will give more incentive to hold yfii and in turn benefit all holders of yfii, please note the previous vault of yfii was mainly farming using the grap model but grap model have now rounded off, hence a need for an incentive by steamer.eth to bring up the iToken which will not only migrate the old vault of yfii which have since stop farming the grap model. the new iToken proposal will help to farm and give more better incentive to yfii holders, please you need to understand that sometime translation of view point might be lost in the process of communication, at the end we all want yfii to be great. i belive you want same for yfii as well

yes, the model proposed in iToken is for the holders of yfii in the community, the yfii holders come first, above any other community.
even if the vault is fixed, please what will the vault be farming, as steamer.eth told you earlier the previous vault was mainly using the grap strategy and grap has come to an end in there pool where yfii was active.
hence it important yfii have it own, and that is what steamer.eth proposed through iToken which primary function is a good strategy for yfii holder to have more incentive to hold yfii and earn reward in yfii. please @zee go an read a little of iToken or wait for the information to be well uploaded this week as all team is working to make things work.

you have 1 primary concern which is to reward holder of yfii and this will impact price on the positive side, which is good. and the primary function of iToken coming up in few days time is to reward the holders of yfii using different strategy as you get full update, in coming days

even if you say fix the vault and it fixed the incentive is nothing to write home about so why fix what will not yield much(literally) per say, please if you however insist the vault be fixed to keep farming using the old of grap which was there before now, then rally the community around and we stop work to fix what will still not be beneficial on a long run. kindly wait for the team to work on the iToken strategy as the only reason for bring the iToken proposal was to help make holding yfii more profitable to hold . thank you

I understand how iTokens work. A user deposits USDT in the vault, and they will start receiving iUSD for farming it.

People can either convert iUSD to USDT or stake it to farm YFII.

This is similar to the YFI model with yCRV.

Explain to me if the YFII vault is not working, how will it generate yYFII tokens, if at all?

This is quoted from the long message from @cyhhao which very nicely words what I meant.

Even if there are some temporary strategies, the APY is not high, at least it makes me feel that the machine gun pool is always in operation instead of shutting down.

To sum up my point of view: Please put the protection of core functions at the highest priority, keep small steps and iterate, and don’t hold back big moves.

I am not against iToken or the other changes, and their importance for the future of YFII. But completely killing the YFII vault until changes are implemented just does not create any need for users to keep it. I am really baffled that none of you think about this, be rational!!

Imagine you are the owner of 100k USDT. You are staking with YFII, you get 1 YFII per day, or 3k iToken, or whatever coin it is. You will want to use it to farm YFII to maximize profit, which boils down the same thing.

So now, let’s imagine that you don’t sell to support the coin. The problem is, from thousands of farmers, eventually somebody else will. There is no reason to buy YFII because the coin has no profit bearing value, sell pressure is coming from these farmers, YFII slowly plummets.

Our 100k farmer is stuck with the decision, to either hold his YFII, which is a plummeting coin, as there is absolutely no reason for anyone to buy it. Or cash out his winnings, which is obviously the most profitable solution. And guess what, this action further drives down the price of YFII.

You and all the developers need to take a deep breath and start to think of PRACTICAL solutions to solve this problem. The people SELLING YFII ARE THE FARMERS, THERE IS LITERALLY NO ONE ELSE THAT CAN.

What you need is an INCENTIVE, to create buy pressure. Like cyyhao said, while I do care about the APY of the YFII vault, 2% APY is a million times better than 0%. This is definitely open for being improved on, until you guys hopefully realize, is literally the only thing ever mentioned that will drive the value up.

STOP focusing about the needs for farmers, they are their own “machine gun pool”. Once the farmers suck out the YFII and dump it, they will withdraw their USDT and leave to buy Sushi. I do not want to depend on the farmers, I want to depend on people who have spent their own money to risk and buy YFII.

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In fact, even now, the YFII deposited within the vault is sent to provide liquidity on balancer. These BAL rewards you are distributing on FARMERS, have SOLELY BEEN MADE BY YFII HOLDERS.

It completely breaks my heart, that instead of instantly cashing out the BAL REWARDS AND TURNING THEM TO THE YFII VAULT, you are proposing the ridiculous YIP, with 3 options from which I agree with none.

EDIT : Ironically, just as I checked it out right now, “Distribute to yCRV voters” has greatly overpowered the 1st option which was winning yesterday. This goes to tell your community is extremely smart and looks out for its benefit. Sending the money to yCRV voters AT LEAST softens the blow to YFII holders, and instead of rewarding farmers, rewards actual YFII holders. You really need to listen more to the sound of your community, they are beautiful.

I swear, from the looks of how this project is handling its only people, I will sell all my holdings at the soonest pump, and bid all of you good luck.

good point, it important position you raised

I agree with you that the vault is a key product and its functions should be prioritized. However, the problem now is that it’s not possible or could be very difficult to develop a strategy to farm with YFII tokens (so as to fix the broken vaults). It’s not that the dev don’t want it to be fixed. There’s no farm field right now in this market that satifies the following criteria:

  1. The contract is safe (audited by sec companies or the community)
  2. No risk for the principal
  3. Has good yields
  4. Supports YFII as seed
    If you can write such strategies please submit PRs to the vault’s repo, or pls help find someone who can do it.