Strategy and Roadmap Update — Sept 10, 2020
1. Governance Vault
The beta testing of Governance Vault demonstrated positive results. In accordance with our Mission & Values, we want to put the safety of the YFV community’s funds above all else. To that end and due to their complexity, the Governance Vault smart contracts are under review by the Arcadia Group as well as an additional auditor. Going forward, we will always utilize at least 2 auditors for any new smart contract release.
The opening time of the Governance Vault will tentatively be on Tuesday, Sep 15, 2020, 2:00:00 PM (GMT+0)
2. Value Vaults
Our much anticipated Value Vaults are still on track for delivery on 21-September despite our current workload. Early test results show the performance of these vaults, which are utilizing our state-of-the-art yield farming techniques and strategies, to be some of the best-in-class currently.
More technical details will be revealed closer to the launch date in order to protect our strategies from forks and maximize value for YFV stakers.
3. Value Liquid
Value Liquid launch date will occur 3 days later (18 September 2020) than planned due to more extensive testing due to additional features and changes as explained below.
4. Introduction of Value Liquidity Token (VALUE) & Token Economy Changes
Motivation
We have read and thought deeply about all the community feedback and tentative proposals from Discord, Telegram and gov.yfv.finance. We have summarized the most salient points.
- Max token supply
- Emission rate
- Closing unpopular or ineffective pools
- Opening more pools by community vote
- Restructure / introduce new pools with 90/10 Balancer ratio or by community vote
- Moving to Full Value DAO
This post, Pre-Proposal for Reworked Token Economics, laid out exactly 99% of what we have in mind.
Currently there is close to $300M worth of liquidity for YFV present in Balancer for three weeks since the launch of YFValue. Inspired by the successful story of SushiSwap, we have a plan to better utilize this liquidity to benefit the YFV community.
This proposal will be detailed in another separate announcement soon, but here are some important points:
(1) All current Balancer YFV pools will stop issuing YFV at the next epoch (in 1 week).
(2) The stablecoin seed pool inflation rate will be doubled but will end in 3 weeks (technical explanation and reason for the double inflation will be addressed as well)
(3) We will effectively cap the total supply of YFV to around 3.8mil YFV.
(4) Introducing Value Liquidity Token governed through a VALUE DAO contract, so burning and locking rewards will be technically possible at a later stage.
(5) Value Liquidity Token may be swapped to YFV 1:1 through a migration contract.
(6) We suggest a maximum cap of 3M Value Liquidity Token, resulting in a total supply of 6.8M tokens in the YFValue ecosystem (3.8M YFV + 3M VALUE).
(7) Structural changes of current Balancer pools (some will be removed or added; details to come in a separate post).
(8) Current BPT Liquidity Providers will have the ability next week to transfer all their current liquidity tokens to new pools that issue VALUE.
(9) After the launch of Value Liquid exchange, all liquidity from YFV pools will be migrated from Balancer over to Value Liquid exchange automatically.
(10) With the introduction of VALUE, even further migration of liquidity from Uniswap/SushiSwap to Value Liquid is possible through our advanced migration contract.
