Difference between revisions of "Yield Protocol"
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=== Bugs/Exploits === | === Bugs/Exploits === | ||
*From Blockthreat (25-5-2023): | |||
"Yield Protocol disabled the protocol following a responsible disclosure of a [https://substack.com/redirect/004cb92d-7543-4cb8-9cc7-03fbf701fdf1?j=eyJ1IjoiMXNzNzg3In0.09k4n6aMQLrdW3rAhTc3E19AhSzUgdOW0Cyqz34CB8s vulnerability] in their strategy [[Smart Contract (SC)|contracts]]." | |||
*[https://newsletter.blockthreat.io/p/blockthreat-week-32-2022?utm_source=substack&utm_medium=email From] Blockthreat: | |||
''"Yield Protocol patched a funds theft [https://medium.com/yield-protocol/post-mortem-of-incident-on-august-5th-2022-7bb70dbb9ada vulnerability] in a new YieldSpace pool."'' | |||
== Governance == | == Governance == | ||
* From it's [https://medium.com/yield-protocol/introducing-ydai-43a727b96fc7 announcement] of yDai (6-8-2020): | * From it's [https://medium.com/yield-protocol/introducing-ydai-43a727b96fc7 announcement] of yDai (6-8-2020): | ||
''"The Yield Protocol v1 solves [[governance]] by not having any governance at all. We believe in [[decentralization]], censorship-resistance, and security. The easiest way to stay true to those principles for v1 is to make a protocol that is simple, robust, and removes us from the equation. As soon as the contracts are deployed, they will run autonomously, with no administrator privileges for anyone.'' | ''"The Yield Protocol v1 solves [[governance]] by not having any governance at all. We believe in [[decentralization]], censorship-resistance, and security. The easiest way to stay true to those principles for v1 is to make a protocol that is simple, robust, and removes us from the equation. As soon as the [[contracts]] are deployed, they will run autonomously, with no administrator privileges for anyone.'' | ||
''However, the protocol is affected by [[Maker]] governance. The collateralization ratio on Yield vaults, as well as the yDai borrowing and lending rates after maturity, are determined by Maker’s parameters, and can be changed by their governance system. Additionally, when checking the value of [[ETH]] collateral in Yield vaults, Yield uses Maker’s ETH [[oracle]].'' | ''However, the protocol is affected by [[Maker]] governance. The collateralization ratio on Yield vaults, as well as the yDai borrowing and lending rates after maturity, are determined by Maker’s parameters, and can be changed by their governance system. Additionally, when checking the value of [[ETH]] collateral in Yield vaults, Yield uses Maker’s ETH [[oracle]].'' | ||
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=== Token Details === | === Token Details === | ||
* From it's [https://medium.com/yield-protocol/introducing-ydai-43a727b96fc7 announcement] of yDai (6-8-2020): | * From it's [https://medium.com/yield-protocol/introducing-ydai-43a727b96fc7 announcement] of yDai (6-8-2020): | ||
"''The goal of the Yield Protocol is to bring fixed-term, fixed-rate lending and interest rate markets to [[decentralized finance]] using a new kind of token we call “yTokens.”"'' | "''The goal of the Yield Protocol is to bring fixed-term, fixed-rate lending and interest rate markets to [[decentralized finance]] using a new kind of [[token]] we call “yTokens.”"'' | ||
=== Stablecoin === | === Stablecoin === | ||
| Line 49: | Line 56: | ||
=== Interoperability === | === Interoperability === | ||
=== Other Details === | === Other Details === | ||
== Oracle Method == | |||
== Oracle Method | |||
== Their Other Projects == | == Their Other Projects == | ||
== Roadmap == | == Roadmap == | ||
* Can be found [Insert link here]. | * Can be found [Insert [[LINK|link]] here]. | ||
== Usage == | == Usage == | ||
| Line 63: | Line 68: | ||
=== Pros === | === Pros === | ||
=== Cons === | === Cons === | ||
== Team, Funding, | == Team, Funding, Partners == | ||
=== Team === | === Team === | ||
* Full team can be found [here]. | * Full team can be found [here]. | ||
Latest revision as of 08:31, 31 May 2023
Basics
- Announced on: 6-8-2020
- Mainnet release: is live with beta launch (19-10-2020). Version 2 of their beta launched on 28-10-2021.
- Based in:
- From DeFi Prime (1-11-2020):
"Yield Protocol relies on Maker’s infrastructure to bring fixed-rate, fixed-term lending to DeFi."
History
Audits & Exploits
- Bug bounty program can be found here (20-10-2020) with a max payout of $25.000.
Bugs/Exploits
- From Blockthreat (25-5-2023):
"Yield Protocol disabled the protocol following a responsible disclosure of a vulnerability in their strategy contracts."
- From Blockthreat:
"Yield Protocol patched a funds theft vulnerability in a new YieldSpace pool."
Governance
- From it's announcement of yDai (6-8-2020):
"The Yield Protocol v1 solves governance by not having any governance at all. We believe in decentralization, censorship-resistance, and security. The easiest way to stay true to those principles for v1 is to make a protocol that is simple, robust, and removes us from the equation. As soon as the contracts are deployed, they will run autonomously, with no administrator privileges for anyone.
However, the protocol is affected by Maker governance. The collateralization ratio on Yield vaults, as well as the yDai borrowing and lending rates after maturity, are determined by Maker’s parameters, and can be changed by their governance system. Additionally, when checking the value of ETH collateral in Yield vaults, Yield uses Maker’s ETH oracle.
Furthermore, if Maker governance triggers emergency shutdown of the Maker protocol, yDai borrowers and lenders would be affected. The Yield Protocol aims to handle this case as gracefully as possible, initiating its own shutdown procedure in response to a Maker shutdown."
Token
Launch
Token allocation
Utility
Token Details
- From it's announcement of yDai (6-8-2020):
"The goal of the Yield Protocol is to bring fixed-term, fixed-rate lending and interest rate markets to decentralized finance using a new kind of token we call “yTokens.”"
Stablecoin
Tech
- Whitepaper can be found here (4-2020).
- Code can be viewed [insert here].
- Built on: MakerDAO
How it works
Fees
Upgrades
"V2 is an adaptable platform with the possibility to include any ERC-20 as collateral or borrowable asset. To start, Yield Protocol V2 enables fixed-rate borrowing and lending of Dai and USDC with ETH and WBTC collateral. Gas is also heavily optimized to save on txn costs."
Mining
Staking
Liquidity Mining
Different Implementations
Interoperability
Other Details
Oracle Method
Their Other Projects
Roadmap
- Can be found [Insert link here].
Usage
Projects that use or built on it
Competition
Coin Distribution
Pros and Cons
Pros
Cons
Team, Funding, Partners
Team
- Full team can be found [here].
- Allan Niemerg; founder
