YFII Update 002

1.YFII Improvement Proposals (YIPs) is live. The YIP 1 will come soon. Remember to vote for it:)

1.1 After the vote, you could claim yCRV rewards in Pool 3 (Governance V2) if you staked there before.

2.YFII’s yVault will be released in this week. With a simple click to deposit the fund, yVault will help you execute the best farming strategy with the highest APR & security. Also, for small farmers, it will largely reduce the cost of gas fees.

2.1 You may need to stake like 1 YFII to start to use yVault. For the new addresses, it will have an allowance of like 10,000 DAI with no stake requirements for YFII.

2.2 The farming reward may be distributed in the form of YFII (bought from the market)

3.After the token distribution phase, YFII.Finance will become a huge DeFi earning aggregator. The token will be more like a ticket to this game.

3.1 There may be a bot service (for arbitrage in the DeFi ecosystem), that is, YFII may be used as the access token of the bot contracts. Now many bots are paid services, YFII may directly put this into the value of YFII tickets.

3.1.1 The first idea of the bot service is flashloan arbitrage. If you have any ideas, feel free to propose here.

4.YFII is open to any form of partnership outside the yEarn ecosystem, such as Compound, AAVE, Bancor v2, and other platforms.

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Like this ! :laughing:

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this is great!
thank you for your action in the protocol

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This was exactly the kind of update I have been waiting for!! My confidence in the yfii dev team and community continues to grow. I am excited to follow the progress made on these action items.

I will be ready to vote on the upcoming YIP’s.

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me too brother! was getting blue balls here with all these coins in maaa haaanndd

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This is very exciting. YFII will have a bright future if the team keeps on innovating.

这非常令人兴奋。如果团队不断创新,YFII将会拥有光明的未来。

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I think this is a great Idea. Can you go into a little detail for clarity explaining flashloan arbitrage? its a little over my head lol

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essentially, Lets take smart contract A. Smart contract A is very smart and is watching all the decentralized exchanges on ethereum. Smart contract A see’s that there’s somebody selling USD for 90 cents and they want to buy up all of that USD. Unfortuantely smart contract A doesnt have any money, so they go to smart contract B and say(in a provable way) “Hey if you give me that ethereum, and then i buy that USD here, i can then go sell the USD over there for 1 dollar and then give you back your money”. That proof, that the payment is paid back in full is basically baked into the legitimacy of the loan in the first place, so if at any point along the chain of transactions something does fail for some reason, the entire flashloan is reversed. If you’d like more info I can go a little in more depth but some of it is still over my head. Part of the entire deal is that it relies upon the fact that sometimes transactions aren’t confirmed for multiple blocks, but then are confirmed later on.(I THINK)

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Thanks for the clarity this makes so much sense. I really appreciate the time to explain

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大家都快来头脑风暴,以便加快我们的进程。

that’s Awesome! I just spend time to transfer money to balancer to get my YFII. it is the time to make it clear for community to transfer directly their wallet to the vault.

good job

this is great!
thank you for your action in the protocol