YFValue (YFV)

YFValue

Type	Yield Protocol
Total supply	21,000,000
Website	https://yfv.finance/?a=2CMyNZwjJTMQBScmFq5ho6dwN3tQ

 Basics

• Founded in: 16-8-2020
• Mainnet release:
• Based in:
• A fork of yearn finance
• YFValue protocol is intended to deliver the true value of yield farming finance accessible to all users irrespective of their investment size.

Token

Launch

• In less than ten days, the protocol saw more than $120 million staked in it.

Utility

• From this article (3-9-2020):

"YFV is the governance token of YF Value protocol. This means holders of the YFV token can use it to determinate and update the functionality of YFV protocol and change or update the rate of distribution of YFV tokens. Those that stake in YFV pools has the right to vote on-chain for the distribution rate. At the end of each week, the total votes will be automatically counted and the distribution rate of YFV will be automatically changed."

• From the announcement of Value Liquid (5-9-2020):

"At beta launch on 15-September, the swap fee will be fixed at 0.3%. Liquidity providers will receive 0.25%, while the other 0.05% will be used to buy back YFV to be distributed to stakers in the YFV Governance Vault. Further releases will allow stakers in the YFV Governance Vault the flexibility to vote on the buy back rates."

Tech

• Whitepaper can be found [insert here].
• Code can be viewed here (5-9-2020).
• Built on: Ethereum

How it works

• From Cryptonomist (24-8-2020):

"This platform is a DeFi aggregator, it foresees the creation of several pools. For each pool, it is possible to participate and receive the YFV governance token in return. For example, there is Pool 0 where it is possible to deposit USDT, USDC, TUSD and DAI and it pays 3% of the total YFV that is 21 million, so about 630 thousand, or there are other pools that have a 98/2 ratio that can give even 10% of the YFV."

Their Other Projects

Value Liquid

• From the announcement (5-9-2020):

"Value Liquid is a fork of Balancer with a Uniswap-like frontend, enhanced with several new features. Users who create and deposit into liquidity pools on Value Liquid will receive a pool ownership token named VLT (Value Liquid Token), similar to Balancer’s BPT and Uniswap’s UNI for their liquidity providers. At beta launch on 15-September, the swap fee will be fixed at 0.3%. Liquidity providers will receive 0.25%, while the other 0.05% will be used to buy back YFV to be distributed to stakers in the YFV Governance Vault. Further releases will allow stakers in the YFV Governance Vault the flexibility to vote on the buy back rates. Partners of the YFV protocol will have the ability to add their own token distributions to Value Liquid through a staking proxy contract. This means LPs for the Value Liquid Pool will automatically get their favorite farming tokens automatically, thus saving gas and increasing security."

Governance

• From CMC (24-8-2020):

The team has “decided to transfer ownership of these keys to a multisig wallet for flexibility in future governance decisions.”

• From this article (3-9-2020):

"YFV had previously also confirmed and addressed community members’ concerns that there was a minting key oversight and exploit related to vUSD and vETH which would allow funds to be locked. What YFV did to remedy this was that they kept the minting keys until they were able to recover the funds that some users may have lost by farming in Pool 0. After that, the team transferred the governance keys of vETH and vUSD from YFV protocol to several members of the community to hold in safe custody. The community members selected were: Reuben Yap (COO of Zcoin), DeFi Dude, Matthew Neimerg (CEO of Cardinal Cryptography), TQT, Ian Ocasio and myself."

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].
• The team is working with Arcadia Group to audit the code (24-8-2020). Update (3-9-2020): report is finished. No high or critical severity issues were found. 
• Scored a 8% on DeFi Safety (9-2020); " If all the contract addresses were public, the score would be 35%, taking into account the audits.There are three audits for YFV. All appear to have taken place after deployment. There is no indication of implementing recommendations and one audit had an item that should have been addressed. For this reason a score between 70% and 20%, in this case 50%.

However many of the smart contract addresses are unknown, so we don't know what code is executing with respect to the audits. Therefor the score is 0."

Bugs

• From CMC (24-8-2020):

"It appears that the funds are at risk of being locked out by a single contract owner. A user brought up the issue on Twitter and outlined some of the challenges.

Besides mining the YFV token, farmers are also mining 2 additional tokens introduced by YFV: vETH token and vUSD token. Both of these 2 tokens have a minters set that is only modifiable by the owner. What would happen if the owner removed pool contracts from the minters set?

While discussing the technicalities, the user concluded that “this means $170 million worth of funds is now at the risk of being locked by a single EOA.

In a detailed post by the team of YFValue, the issue was further confirmed and addressed. The ownership of the keys in question will be kept by the team until such time that they manage to recover the funds that users may have lost by continuing to farm in the Pool 0. Following this, the team has “decided to transfer ownership of these keys to a multisig wallet for flexibility in future governance decisions.”

• From Cryptonomist (24-8-2020):

"There is Pool 0 where it is possible to deposit USDT, USDC, TUSD and DAI and it pays 3% of the total YFV that is 21 million, so about 630 thousand, or there are other pools that have a 98/2 ratio that can give even 10% of the YFV. It was precisely Pool 0 that had a configuration problem because the developers were wrong to confirm a transaction to remove control of the pool, so the team could still control the pool and the rewards that could be blocked at any time. Despite this problem, which led to the creation of Pool v2 and the burning of the team’s tokens, some users continued to use this pool. And this is where the team had to make the drastic decision to destroy the minter key and then lock the pool’s funds.

But the problems did not end there, because due to an exploit it would still be possible to recover the minter key and allow the team to recover the users’ funds that were locked. So, the team decided to split these keys into a multi-signature in order to share the risk and to have at least the majority of signatures to access these keys and perform the token recovery transaction."

Competition

• yEarn. From Cryptonomist (24-8-2020):

"It is similar to yearn finance, but introduces a system of governance, to make autonomous yield farming, adding tokens and burning the supply if needed." 

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].