Yield Yak [Announcements]

2023-06-04 16:05:30 Introducing the YAK token section of the Analytics site.

This new section is dedicated to all things YAK, covering:

Token ownership (where every single YAK currently sits)

YAK distribution over time (LP'd, Staked, Spot)

Whale wallet movements

Recent YAK transactions

It’s a great way to check-in on how YAK is being used across the Avalanche ecosystem.

https://www.yieldyak-analytics.com/yaktoken Open / Comment

2023-06-01 12:02:00 Yield Yak x Euro Coin - available on Yak Swap and first yield farm available

Circle - the issuers of USDC - have recently launched EUROC, a fully backed stablecoin pegged to the Euro, and it is now available on Avalanche.

Yield Yak will be fully supporting EUROC's expansion into the Avalanche ecosystem, and it is already tradeable on Yak Swap.

EUROC Yield-Farming Opportunities

The first EUROC auto-compounding yield farm has been added, courtesy of our friends at Glacier Finance:

EUROC - WAVAX : 151% APY

https://yieldyak.com/farms?tab=allFarms&platform=glacier Open / Comment

2023-05-31 11:11:50 May Contributors Report

15% of monthly protocol fees go to Yield Yak Contributors. For the month of May, this amount was 205 AVAX which has now been distributed to community contributors who collected payments as follows:

Axel Crossway (Illustrator) 125 AVAX
Simon (Developer) 25 AVAX
Leonor (Designer) 20 AVAX
Eric Sullivan (Treasury) 15 AVAX
Brando (Guide) 5 AVAX
Asterix (Guide) 5 AVAX
CryptoCam (Guide) 5 AVAX
MauroG (Guide) 5 AVAX

A huge thank you to all our Contributors!

There are many ways to contribute to Yield Yak, need inspiration?

Communications
Spread the word about Yield Yak by creating high-quality content about YY. If you can give relevant examples of comms you have managed, please share and contact @ravageur77

Third-Party Integrations
Help grow our footprint on third-party apps by submitting integration requests if YY-related information is missing on their platforms. If you succeed, please contact @ravageur77

Development
You can browse open issues on our Github, some even have tags like 'good first issue' or ‘help wanted’. If you think of something else you'd like to Contribute we suggest running it by our public Devs channel on Telegram for feedback: https://t.me/yakdevs Open / Comment

2023-05-29 20:37:10 Degis will offer protection for Yield Yak via Protocol Protection

Yield Yak is collaborating with fellow Avalanche native project Degis to integrate Yield Yak into their Protocol Protection product. The aim of the collaboration is to provide better options to protect users protect on-chain from all kinds of potential risks and provide them with a safer Web3 environment.

How does Protocol Protection work?

Protocol Protection offers exhaustive protection for all kinds of on-chain risks. It covers most risks that may appear in the decentralized world, and the innovative mechanism covers some blind spots in the current DeFi insurance market.

To find out more about the ins and outs of protocol protection and the collaboration, head over to the Degis blog:

https://mirror.xyz/0xD52e1ED5D4D6D8C3DEeB00BC5B0A187664B2c243/yADAKARfPb03yx0hkwQdcL5B2RPOtQd164aluSFaWX0 Open / Comment

2023-05-25 13:37:59 yyJOE to JOE 1:1 Redemption Now Available

Yield Yak have deployed the redemption contract to manually unwind your yyJOE into JOE at a 1:1 ratio. This means that you can complete your redemption now in a few simple steps by using Snowtrace.

Before you start, if you were in the yyJOE auto-compounding pool on Yield Yak, you will need to withdraw from that pool.

The following steps outline how to get your yyJOE token balance in wei, approve yyJOE, and redeem yyJOE. You will receive JOE tokens at a 1:1 ratio.

Step 1: Get yyJOE Balance (in Wei)

- Head to: https://snowtrace.io/address/0xe7462905B79370389e8180E300F58f63D35B725F#readContract

- Enter your wallet address under Category #6 (balanceOf) and click ‘Query’ to get your yyJOE balance (in wei). Retain this number which you’ll need.

Step 2: Approve yyJOE

- Switch to the Write tab and connect your wallet using the “Connect to Web3” button

- In Category #1, fill out both fields:

Spender: 0xF137c69c12e48c9e556dc56cAaefa387BbBeEfa7

Amount:

- Click on ‘Write’ to initiate transaction.

Step 3: Redeem yyJOE for JOE:

- Head to: https://snowtrace.io/address/0xF137c69c12e48c9e556dc56cAaefa387BbBeEfa7#writeContract

- Connect your wallet again

-Go to Category #2: “Redeem” and for Amount: enter your balance in wei from Step 1

- Click on Write and this transaction will redeem your yyJOE for JOE at a 1:1 ratio.

You have now redeemed your yyJOE for JOE!

Deciding what to do with your fresh JOE?

For all JOE enjoyers, remember that Yield Yak’s sJOE farm auto-compounds USDC rewards for more JOE, with no deposit or withdrawal fees. Open / Comment

2023-05-20 11:59:18 Proposal to unwind yyJOE for JOE at 1:1 ratio

Off the back of a Community discussion following the news from Trader Joe that veJOE is being sunset, a proposal has been made to unwind Yield Yak's veJOE derivative and allow users to claim $JOE for yyJOE at a 1:1 ratio.

Unwinding provides the best forward-looking solution for yyJOE and YAK holders by minimizing resources spent pivoting to a new yyJOE product as well as allowing the Treasury to benefit as yyJOE’s largest holder.

YAK holds governance over all Yield Yak products including yyJOE, and YAK holders will vote tomorrow on the proposal. All forms of $YAK (spot, staked, LPd') can participate.

For more context on the proposal as well as the full argument for unwinding, see the full proposal on Snapshot:

https://snapshot.org/#/yakherd.eth/proposal/0x466876cfd65d33759ac86e879f4271d8c9915b6bf18952abab5e91ca586b5d5f Open / Comment

2023-05-11 15:04:14 New Proposal Live for Voting: Mult-Chain Bridging Solution for YAK using LayerZero technology

A new proposal is live for Snapshot voting to transition YAK into an OFT (Omnichain Fungible Token) to facilitate YAK's future cross-chain expansion.

Given current plans for YAK staking will be silo'd by chain (to earn that chain's share of platform fees), we expect YAK to be moving back and forth regularly to balance APRs, so a secure and low-fee solution is important.

LayerZero's OFT solution provides several benefits, notably:

Reduced security risk by avoiding creating wrapped versions of the YAK token on each network

Ability to charge 0 fees (besides gas costs) for moving the token across networks

Battle-tested with many reputable projects already using this solution

Users do not need to take any action (no migration)

Should this proposal pass, Yak Contributors will commence technical process of moving YAK to an OFT.

Both Staked and Auto-Compounding YAK positions are eligible for voting:

https://snapshot.org/#/yakherd.eth/proposal/0x0ae4bf0de6b71a472eb77db9dbff06febf8f9f6405673fe4637e95ec65cd82c9 Open / Comment

2023-05-01 19:48:19 April Contributors Report

15% of monthly protocol fees go to Yield Yak Contributors. For the month of April, this amount was 400 AVAX which has now been distributed to community contributors who collected payments as follows:

- Axel Crossway (Illustrator) 90 AVAX
- Brando (Guide + Bots) 55 AVAX*
- Eric Sullivan (Treasury) 55 AVAX*
- Ravageur (Marketing) 55 AVAX*
- Simon (Developer) 54 AVAX
- Leonor (Designer) 25 AVAX
- Asterix (Guide) 10 AVAX
- CryptoCam (Guide) 10 AVAX
- MauroG (Guide) 10 AVAX
- Cryptob0m (Guide) 10 AVAX
- Yak Intern (Twitter Content) 10 AVAX
- Caesar Julius (Twitter Content) 10 AVAX
- Specialk2000 (3rd Party Integration) 5 AVAX

*Includes larger allocation to cover expenses for individual attending Avalanche Summit

A huge thank you to all our Contributors!

There are many ways to contribute to Yield Yak, need inspiration?

Communications
Spread the word about Yield Yak by creating high-quality content about YY. If you can give relevant examples of comms you have managed, please share and contact @ravageur77

Third-Party Integrations
Help grow our footprint on third-party apps by submitting integration requests if YY-related information is missing on their platforms. If you succeed, please contact @ravageur77

Development
You can browse open issues on our Github, some even have tags like 'good first issue' or ‘help wanted’. If you think of something else you'd like to Contribute we suggest running it by our public Devs channel on Telegram for feedback: https://t.me/yakdevs Open / Comment

2023-04-30 19:46:24 Three new Glacier Finance farms added for auto-compounding.

♢ $wETH.e - $USDT.e

$GMX - $USDC

$AVAX - $USDT.e

These strategies auto-compound GLCR rewards to grow your position.

Expect APYs to change Thursdays. This is when GLCR emissions for their liquidity pools are determined based on the percentage of votes each pool receives from veGLCR voters. Open / Comment

2023-04-28 13:55:10 Treasury Update

Since inception, Yield Yak operates a transparent Treasury overseen by a mix of community members and Core Contributors. The Treasury handles a delicate balance of priorities in a dynamic ecosystem, which include:

Investing in future growth, this includes both mundane operational expenses as well as investing in marketing and people

Managing Treasury Funds to ensure runway to operate in poor market conditions, whilst retaining upside to be able to accelerate growth in better market conditions.

Investing in Ecosystem projects & partnerships that can provide synergies

Providing liquidity for its tokens (YAK, yyAVAX, yyJOE, yyPTP) with Protocol-Owned Liquidity

Below is the latest Treasury Update which includes its recent activities and current areas of focus.

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GENERAL

- Facilitated refunds from Platypus Exploit in the user's deposited currency (as opposed to a mix of assets). Treasury bore the costs of slippage and peg discrepencies. It also airdropped 1 yyAVAX to each impacted user as a goodwill gesture.

- Continue to holds majority of AVAX reserves in yyAVAX to support the LSD and accrue yield on its spot AVAX.

- Treasury multi-sig setup on Arbitrum and some Treasury assets are gradually being bridged in preparation for cross-chain expansion

- Accumulating ETH for YAK - ETH Protocol Owned Liquidity and need for ETH as liquidity incentives

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POL

- Gradually migrating POL for YAK from Pangolin to Glacier where it's earning higher rewards and can contribute to protocol fees by being deposited in YY's auto-compounding farm.

- Winding down a YAK / USDC LP on Pangolin which is being supplemented by the Glacier YAK - AVAX liquidity. Original reasoning for YAK / USDC was to generate more trading fees which is no longer a priority with the USDC deemed more valuable for other activities.

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MARKETING & GROWTH

- Supplying weekly bribes on Glacier for YAK - AVAX (and potentially yyAVAX - AVAX in the future). Bribes are decided on a weekly basis based on both the percentage Treasury reclaims from its veGLCR voting position and the general effectiveness of the spend.

- Updating YAK incentives program streaming rate for DeltaPrime. DeltaPrime currently supplies >$10M in TVL to the GLP Strategy via their leveraged GLP, thus current yearly vesting rate is 115 YAK. The incentives program to date is viewed as a success and expanding it to all protocols who integrated YRT tokens is being considered.

- Sponsored Avalanche Summit. Costs for this include sponsorship of a node in the Main area, merchandise that will be given away (Yak Hats )

- Made seed investment ($5K) in Glacier for locked veGLCR which can be used to vote for YAK - AVAX. This has been successful in both supporting Glacier's launch and delivering value to YAK LPs.
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Feedback on these updates and input on what you would like to see from the Treasury in the future is always welcomed. Treasury wallets are in our Documentation and can always be monitored on sites like Debank. Open / Comment