Yearn's Midlife Crisis
Editor's Note: This article comes fromChain News ChainNews (ID: chainnewscom)Editor's Note: This article comes from
Chain News ChainNews (ID: chainnewscom)
Chain News ChainNews (ID: chainnewscom)
, Author: Lin Ming, published with authorization.
The recent repurchase of the yearn team has injected a boost into the market, and V2 has given the market hope again, but the yearn in October is no longer the yearn in August. At that time, the king of aggregate wealth management was in the limelight, and the rapid innovation swept the DeFi circle. , but looking back two months later, I have entered a mid-life crisis.
Let's put faith on both sides and interests in the middle, and analyze the core of yearn—financial management strategy.
The core of aggregate financial management is only one thing, that is the strategy. Whether the strategy is optimal determines the income, and the income determines the size of the mining pool. So what is the core Vault strategy in yearn? In fact, there are only two types, mining crv or mining df, how high is the profit?
It can be seen that the core strategy of yearn only relies on the two projects of CRV and DF, and the yields are all lower than 10%. So what is the fee of yearn? It is divided into two parts, 5% of the principal and 5% of the income. It is understandable to divide the income into 5% as the gas fee. We can eliminate it as a reasonable cost. The 5% of the principal Calculated in terms of gold, if the deposit period is one month, then it takes 6% of the year to pay the fee. If you deposit eth and alink, then it takes about 10 years for alink to pay the starting fee, and eth also needs The starting fee can only be paid in about 8 months, and there is no advantage at all. The highest-yielding dai, after deducting the handling fee, is better than directly depositing it in comp or aave. V1 is useless.
Then let's take a look at the v2 strategy. There are two questions here. What is the core of V2? How long is V2? How high is the income?
The core of V2 is YETH. Yearn has two core assets, yeth and yusd. The ambition of yusd is to serve as a substitute for usd stable currency with the highest financial income. The ambition of yeth is a substitute for yeth. Currently, the amount of yusd is About 190 million, the amount of yeth is 98,000. Yeth peaked at 320,000, revenue declined, and many funds were lost.
How long is V2 open? The original official estimate for yeth is late September, but due to security issues, it has been optimized again and again. The current time given is 1-3 weeks, which is mid-October, but the specific time is still not guaranteed.
How high is the V2 benefit? The path of V2 was originally yearn-mkr-curve-yearn, but the income of curve dropped sharply. Dai has a pledge rate control. Even if it is deposited, it is difficult to achieve a 10% return. For the requirements of hedging assets, under the current rate of return of uni at about 20%, the optimistic estimate of the return of yeth is about 10%.
It can be seen that if the mining yield of curve and uni cannot increase, it will be difficult for yearn to have a competitive advantage.
