YFII Update 003

1.YIP-3 has been approved, and it will be executed since the next strategy. 10% of YFII Vault’s profit is used for supporting the continuous development of the project, and the specific distribution is as follows:

  • 5% as a developer fund and daily development needs (non-real-time distribution, governance resolution distribution method)
  • 1% harvest subsidy (distributed to users who pay for gas in real-time)
  • 1% NXM insurance (non-real-time issuance, governance resolution issuance method)
  • 3% profit repurchase YFII and burn it

1.1 The first tx of 3% profit YFII burning has been executed.
TX: https://etherscan.io/tx/0xb51b90497a1841e3dd542832a5bb52daeed3b44591ac1eead5971d1c04c4479a

2.YFII Vault will launch a series of new strategies together with the new UI. You may have seen it on our index page when you are reading this update.

2.1 Theoretically, you don’t need to withdraw and re-deposit when YFII changes the strategy in the future. The contract will automatically switch the best strategy.
But this time, you may need to withdraw your funds in the old UI when possible and re-deposit in the new UI as the contract has upgraded with the above-mentioned profit plan.

3.The new strategy may target a series of YFII-like and YAM-like projects, the APR may be as high as 1000% (unstable).

4.We now have 112 volunteers, 35 of them are working on developing new strategies and auditing the security of smart contracts, 21 are working on front-end development, and 56 are working in operation & marketing.

5.The core devs are busy with a new strategy on YFII Vault with 100 percent innovation. They may launch a new component in Vault: the current vault will settle the earnings in real-time (actually in short intervals as the YFII is repurchase from the market, it need to accumulate enough “crops” to cover the gas), this brings a predicament that the vault cannot farm the newest projects at the earliest time as the new projects often have poor liquidity in the first 12/24 hours.
Nonetheless, farming at the earliest time (「头矿」 in Chinese) is often very profitable while the downside is only the gas fee if the contract is safe (We have many brilliant volunteers to help you check it). Thus, the vault may launch a strategy for farming the new projects (of course, auditing first), and it may have some lock-up time for the principal. Meanwhile, as it is an innovative strategy, it may need you to stake like 1YFII for a certain vault limit :slight_smile:

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That’s great! In YFII we trust :yum:

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