DeepCryptoDive
Recently, Yearn Finance launched its v2 Vaults. These have improved debt management, more efficient unwinding, and can handle multiple strategies at once. They also allow for rather gas-efficient depositing and withdrawal of assets.
It would be very nice if we could enter these Vaults, from within Enzyme.
Especially those with underlying assets that are already supported by Enzyme.
e.g.
USDC - https://etherscan.io/address/0x5f18C75AbDAe578b483E5F43f12a39cF75b973a9
DAI - https://etherscan.io/address/0x19D3364A399d251E894aC732651be8B0E4e85001
WBTC - https://etherscan.io/address/0xcB550A6D4C8e3517A939BC79d0c7093eb7cF56B5
WETH - https://etherscan.io/address/0xa9fE4601811213c340e850ea305481afF02f5b28
YFI - https://etherscan.io/address/0xBA2E7Fed597fd0E3e70f5130BcDbbFE06bB94fe1
Note that a user can withdraw his liquidity from these vaults at any time.
Technically:
Entering a vault involves calling
deposit(_amount, recipient)
, which transfers the underlying asset into the vault and returns a vault token to the depositor. These vault tokens (yvTokens) accrue in value over time, and can be redemeed at any time into the underlying asset. The price of the yvTokens is stored on-chain in the contract itself (
pricePerShare
). My understanding is that this mitigates oracle attacks, and should make integration quite straightforward.
Note: There are also v2 vaults with more 'exotic' underlying assets (e.g. Curve LP tokens) which I left out here since these might be difficult to implement on the short-term. But interesting on that front: crvSAAVE, crvAAVE, crvSETH, crvSTETH.
tl;dr These vaults offer very nice ROIs in a set-and-forget setting. I believe they could be a very valuable addition to the toolkit of Enzyme fund managers.
Info for Yearn is somewhat scattered, but some good references:
February 1, 2021