What is yCRV
yCRV is Yearn's new and improved veCRV wrapper system designed to tokenize the different benefits of Yearn's veCRV position. This system is composed of a
base-token called yCRV as well as 3 derivative tokens called
yCRV is the base-token, which carries no native rewards, but lets users easily enter into the other 'activated' tokens that do.
New yCRV can be minted in two ways:
- Lock CRV to Yearn's veCRV position (permanent 1-way lock).
- Migrate from legacy tokens yveCRV and yvBOOST.
Both operations mint yCRV to the user at a 1:1 rate. Users migrating from yvBOOST can use the zap at y.finance to efficiently unwrap their tokens to yveCRV and migrates to yCRV in a single step. Of course, users can also choose to purchase yCRV from the new Curve factory pool here.
Yearn passes all benefits of its veCRV position on to yCRV users who hold one of its activated-tokens:
- st-yCRV (Staking Rewards): yVault that receives admin fees and bribes from locked CRV.
- lp-yCRV (Liquidity Pool Rewards): yVault for CRV/yCRV LP tokens, autocompounds emissions and fees.
Note: a third activated token, vl-yCRV, was planned but not rolled out due to a lack of demand.
Staked yCRV is designed to be a 'set and forget' yield-optimized position for yCRV users. The source of yield comes from two primary places:
- Admin Fees: Every week, veCRV holders earn weekly "admin fees" from Curve protocol. Staked yCRV is where 100% of admin fees earned by Yearn's veCRV position are sent and auto-compounded into more yCRV.
- Bribes: For all the yCRV within st-yCRV, 1 veCRV worth of vote power will be used to vote in favor of the Curve gauge which optimizes bribe revenue for st-yCRV users. Bribes (or misc. revenue) collected from these votes will be allocated as supplemental yield to st-yCRV users.
Under the hood, st-yCRV is a Yearn v2 vault, allowing users to sit back, relax and have their underlying token compounded by a strategy that sells 3CRV and some claimed bribes into yCRV.
Liquidity Pool'd yCRV provides liquidity to the new CRV/yCRV pool on Curve, and lp-yCRV holders receive this LP fees and emissions. When you zap to this token, under the hood, you are entering an LP position in the yCRV/CRV pool and depositing the LP tokens into the lp-yCRV yVault.
This is also a Yearn v2 vault with a strategy that deposits all CRV emissions generated back into the pool to grow the position. Like st-yCRV this is designed to be a set and forget token that auto harvests and auto compound rewards.
Yearn will mark 1 veCRV worth of voting power for every 1 yCRV in this position to vote in favor of yCRV Curve gauge - increasing CRV emissions to users.
How yveCRV and yvBOOST functionality was migrated to yCRV
yveCRV and yvBOOST are being deprecated, and there is a migration path available to users. The functionality of both was integrated into st-yCRV so if you are looking for the same benefits check the guide on how to migrate from the legacy tokens using yearn's UI
- yCRV: 0xFCc5c47bE19d06BF83eB04298b026F81069ff65b
- st-yCRV (vault): 0x27B5739e22ad9033bcBf192059122d163b60349D
- lp-yCRV (DEPRECATED): 0xc97232527B62eFb0D8ed38CF3EA103A6CcA4037e
- lp-yCRV v2 (vault): 0x6E9455D109202b426169F0d8f01A3332DAE160f3
- CRV/yCRV Curve Pool: 0x453D92C7d4263201C69aACfaf589Ed14202d83a4
- ZapYCRV.vy : 0x01D7f32B6E463c96c00575fA97B8224326C6A6B9
- yCRV Interface: http://y.finance/