This tutorial covers how to earn the YFI token, a new governance token of yearn.finance (aka iearn.finance). Consider using this tutorial as a visual guide that is complementary to a very well written Twitter thread by Darren Lau (https://twitter.com/Darrenlautf/status/1285228046232940545) on the 4 different ways to earn YFI by staking at https://ygov.finance/stake. Interestingly, there was no pre-sale of YFI to investors because the founder Andre Cronje is one of the most respected builders in DeFi. He is a master of designing DeFi incentives and so this new effort to decentralize control of yearn.finance has led to the creation of YFI.
The underlying utility of yearn.finance has been to maximize earnings from stablecoins being lent across Compound, dYdX, Aave, and many more. Yearn.finance is most popular for having powered the Curve Finance Y Pool at curve.fi/iearn, which has often led among all of Curve’s pools in trading volume and total deposits.
In this video, here’s what I cover:
1️⃣ What is the YFI token and how to forecast YFI returns before staking any funds
2️⃣ Staking Option 1: How to become a Curve Y Pool LP and stake the yCrv LP token with ygov.finance
3️⃣ How to navigate the staking tools, claim rewards, and exit staking on ygov.finance
4️⃣ Staking Option 2: How to earn YFI by staking BPT as an LP from the 98% DAI / 2% YFI Balancer pool
5️⃣ Staking Option 3: How to earn YFI by staking BPT as an LP from the 98% yCrv / 2% YFI Balancer pool
6️⃣ Staking Option 4: How to earn YFI by voting + staking BPT as an LP from the 98% yCrv / 2% YFI Balancer pool
7️⃣ Recap of Risks
🛠️ One of the best threads written on how to earn YFI to follow along with this video: https://twitter.com/Darrenlautf/status/1285228046232940545
🛠️ The Curve Y Pool where I first deposited stablecoins and staked my yCrv LP token (Deposit and Stake): https://www.curve.fi/iearn/deposit
🛠️ The alternative easier way to Zap into the Curve Y Pool and stake my yCrv LP token with Zapper.fi: https://www.zapper.fi/invest
🛠️ If you still need help depositing into the Curve Y Pool, watch my original tutorial on the Curve Y Pool here: https://youtu.be/fGxTwm-rf1s
🛠️ The homebase for checking my YFI rewards and managing all YFI staking and voting: https://ygov.finance/
🛠️ To find the Balancer Pool (Pool #2) with 98% DAI / 2% YFI, go to: https://pools.balancer.exchange/#/pool/0x60626db611a9957C1ae4Ac5b7eDE69e24A3B76c5
🛠️ To find the Governance Balancer Pool (Pool #3) with 98% yCrv / 2% YFI, go to: https://pools.balancer.exchange/#/pool/0x95C4B6C7CfF608c0CA048df8b81a484aA377172B
🛠️ Where to read about ygov.finance proposals listed under Vote: https://gov.yearn.finance/
🛠️ To try and forecast your returns from the 3 YFI pools, go to: https://yieldfarming.info/
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Disclaimer & Risks: None of the DeFi teams mentioned in this video paid me to produce this video. This is not financial advice and you should approach all DeFi applications, wallets, protocols, and tools with caution. Please be aware there is always risk in using DeFi, including technical risks (ie smart contracts hacks), financial risks (ie liquidity crises), and potentially admin risk (admin key compromise, governance vulnerabilities). Also there is risk whenever using leverage (if it’s ever used), and there’s risk of the dollar-peg failing in any stablecoin. Please be mindful of the risks I recap related to yield bouncers like yearn.finance, especially the fact I’m “stacking exposure to smart contract risk” by using a mechanism that moves my money to different lending pools depending on on the highest interest rate.
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