Summary
A proposal to add the return asset for Yearn.finance’s ETH Vault V2, yETH2
.
For
If “For” passes, yETH2 gets added
Against
If “Do nothing” or “Against”, yETH2 does not get added
Motivation
yETH
is already a supported asset on CREAM, which is the return asset of the V1 Yearn ETH Vault. However, in recent weeks Yearn has launched a V2 ETH Vault. The return asset for this vault should be supported on CREAM, as well. $44 million is currently locked in V2, while only $18 million is locked in V1 (and draining quickly in migration to V2). CREAM should keep up with this migration and add yETH2
.
Background
Yearn is a strategy-optimized protocol that pools users’ funds together in vaults to use as liquidity across various DeFi products in order to gain the highest level of secure yields possible. The have 1 vault per asset (such as a yDAI Vault, yETH Vault, yUSDC Vault, etc). Recently, they’ve begun upgrading their vault architecture and as a result, have created new yAssets (such as yDAI2, yETH2, yUSDC2, etc).
Specification
The yETH2
token address is: 0xa9fe4601811213c340e850ea305481aff02f5b28
Note: the asset is technically yVaulted Wrapped ETH V2, which is symbolized on-chain as yvWETH
(see Etherscan). However, the V1 asset ticker symbol is currently displayed on CREAM as yETH
. For ease of readability and consistency, it would be good to display the V2 asset as yETH2
.