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Overview

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 activated tokens.

Base-token

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).

or

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.

'Activated'-tokens

Yearn passes all benefits of its veCRV position on to yCRV users who hold one of its activated-tokens:

Note: a third activated token, vl-yCRV, was planned but not rolled out due to a lack of demand.

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Staked yCRV

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.

LP'd yCRV/CRV

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

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