Add yETH2 (V2 Yearn ETH Vault) as a collateral asset

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.

can we add all new v2 vaults (YFI, ETH, USDC, DAI, WBTC, 1INCH) and use standard chainlink oracle for pricing?

2 Likes

I already proposed this here.

but whatever gets the job done. This has my tiny vote.

BTW… the vault token is known as yvWETH not yETH2, not sure where you’re sourcing these names.

Thanks. Yes, I explained the names in the post:

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 .

My bad…

But I prefer to use the actual token names (or at least Public Name Tags), as people will clearly know what they have, or can check in Etherscan. No point in starting to misrepresent the token names. People will ask what is yETH2 and since there is this it will just promote unneeded questions.

But this nit picking.