Roadmap Update: VALUE Contract & Governance Vault
1. VALUE Contract
VIP 5 voting concluded with 99.87% agreement on the restructuring plan and max total emission of new VALUE at 2.37M.
The VALUE Contract has been deployed and verified:
https://etherscan.io/token/0x49e833337ece7afe375e44f4e3e8481029218e5c
The contract is a modified version of the SUSHI contract that is already under review by Quantstamp and Peckshield. Nevertheless, we will still contact security firms to audit it as soon as possible. A diff-check will be provided shortly prior to the audit.
From this vote, the total supply of all VALUE, after full YFV -> VALUE conversion, will be approximately 6.37M.
The swap portal for YFV -> VALUE will be updated soon. Stay tuned.
2. Governance Vault
Early Release
On the previous announcement, we gave a tentative date of launching the Governance Vault on Tuesday, 15-September. We completed the code last Thursday, 10-September, and it has been committed to the GitHub repository.
We have already contacted multiple security firms (Arcadia, Pessimistic, PeckShield, Certik and Quantstamp) to audit our smart contracts so that we could release the governance vault on time in accordance with our roadmap later this month.
Originally, we announced that we had planned to release our smart contracts at the conclusion of these audits; however, we hear many passionate voices in the community asking us to release our flagship product as soon as possible.
We understand that this comes primarily from the fact that many other projects have already released vaults or other mechanisms to drive value to governance coin holders. Often, these projects release their smart contracts without any formal audits in place, or “invite” auditors to look at their contracts for free. At YFV, we do not believe in this model; auditors provide a valuable service to our community and deserve compensation.
We know that the vast majority of the community are not security experts or Solidity developers, and consequently there is often an undue advantage to those who have the skillset, knowledge and fortitude to use products that have not been formally audited.
However, thinking on this further, we believe this advantage is mitigated by the strength and helpfulness of the community (many of whom are developers themselves). As such, we want to provide an opportunity to the greater YFV community to make decisions within your own risk parameters, put further trust in the team, and test out the beta product prior to the official audit report.
Governance Vault Launch
We are happy to announce the launch of our flagship innovation, the Governance Vault, which can be thought of as a super-charged product for yield farming that combines and connects many aspects of the YFV ecosystem. The Governance Vault will provide the following benefits:
(1) Voting power
(2) vUSD + vETH
(3) VALUE from emissions
- VALUE similar to staking pool v1 (earning will begin when VALUE goes live on September 17, 17:30:00 (GMT+0) )
(4) VALUE from Gov Vault strategies
- The Gov Vault will utilize deposited YFV for farming/lending strategies.
- Profits will be used to buy VALUE and distributed to Gov Vault stakers.
(5) VALUE from Value Vault profits
- After Value Vault release, 6.8% of profits from Value Vault strategies will be used to buy VALUE and distributed to Gov Vault stakers.
In summary, the Gov Vault enables governance stakers to effectively compound their VALUE from three different sources in addition to earning vUSD and vETH. We are happy to announce the culmination of much of our work over the past couple weeks and look forward to your participation.
YFV Governance Vault has been setup: https://etherscan.io/address/0x07eb8cb8aedb581a2d73cc29f6c7860226808ca2#code
Note: Vaults are funds that identify the best strategies to produce profits. Displayed APYs are short-term and will vary over time. Before participating in the Gov Vault or future Value Vaults, we recommend that community members further acquaint themselves with how yield farming vaults function.
