Yield Protocol

 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."

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

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.”"

Tech

• Whitepaper can be found here (4-2020).
• Code can be viewed [insert here].
• Built on: MakerDAO

Upgrades

• V2 went live in Beta (28-10-2021):

"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."

Roadmap

• Can be found [Insert link here].

Team, Funding, Partners

Team

• Full team can be found [here].
• Allan Niemerg; founder