ITSA DeFi Insight — The Vaults at Yearn

What is Yearn Finance?

Figure 1: Avalanche platform overview (source: https://defillama.com/protocol/yearn-finance)

Yearn.Finance: yVaults

Figure 2: Staking of JOE for xJOE (source: https://yearn.finance/#/vaults)

yVault Strategy Case Studies: GUSD

  1. To earn fees, LUSD is deposited into a Curve pool that includes the stablecoins LUSD, DAI, USDC, and USDT.
  2. To earn the CRV token, the LP token generated by the stablecoin pool is staked in Curve.
  3. 90% of the CRV tokens earned are exchanged for DAI.
  4. To generate extra fees, DAI is placed back into the original LUSD, DAI, USDC, and USDT stablecoin pool.
  1. ETH is deposited to MakerDAO as collateral.
  2. DAI is borrowed from MakerDAO using the deposited ETH as collateral.
  3. The borrowed DAI is deposited to the yDAI vault.
  4. The yDAI vault deposits DAI to Curve in order to earn fees.
  5. The LP token generated from the DAI pool is staked in Curve to earn the CRV token.
  6. The CRV tokens are sold for ETH.
  7. ETH is deposited back to MakerDAO as collateral.

The classification of YFI according to the ITC

Figure 3: The JOE Tokenbase entry (Source: https://itin.itsa.global/SJDHH2DJ8)
Figure 4: List of Yearn tokens (source: https://api.itsa.global/view-list?list_id=24)

The International Token Standardization Association (ITSA) e.V.

  • The International Token Identification Number (ITIN) is a 9-digit alphanumeric technical identifier for both fungible and non-fungible DLT-based tokens. Thanks to its underlying Uniform Token Locator (UTL), ITIN presents a unique and fork-resilient identification of tokens. The ITIN also allows for the connecting and matching of other media and data to the token, such as legal contracts or price data, and increases safety and operational transparency when handling these tokens.
  • The International Token Classification (ITC) is a multi-dimensional, expandable framework for the classification of tokens. Current dimensions include technological, economic, legal, and regulatory dimensions with multiple sub-dimensions. By mid-2021, there will be at least two new dimensions added, including a tax dimension. So far, our classification framework has been applied to 99% of the token market according to market capitalization of classified tokens.
  • ITSA’s Tokenbase currently holds data on over 4000 tokens. Tokenbase is a holistic database for the analysis of tokens and combines our identification and classification data with market and blockchain data from external providers. Third-party data of several partners is already integrated, and API access is also in development.

Remarks

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The International Token Standardization Association (ITSA) is a not for profit organization working on holistic market standards for the global token economy.

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International Token Standardization Association

International Token Standardization Association

The International Token Standardization Association (ITSA) is a not for profit organization working on holistic market standards for the global token economy.

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