Yield Yak [Announcements]

2023-03-27 17:59:09 Platypus Main Pool Exploit - Refunds Update

TL;DR

Funds are secure and under multi-sig, but we’ve experienced delays in the distribution process. We still expect they’ll be ready soon.

More info

YY has gathered funds from all three refund sources, which users can view and track in the DAO’s Operations Multi-Sig Address. These account for ~52% of the value of deposits.

You can view these funds here for assurance: https://debank.com/profile/0xEA3e895b0696e161C68486Ee2F85e6Cc6ef962d0

Contributors have been working on the distribution and we had originally expected they would be ready last week. Unfortunately, delays tied to calculations and finalising the best way to return funds (taking into account the mix of stablecoins which don’t overlap with user deposits), have been taking longer than expected.

We sincerely apologise for the delay and understand the importance and trust users place in Yield Yak to handle matters like this in a timely manner.

An announcement will be made when refunds are available. Open / Comment

2023-03-25 20:43:59 New Governance Proposal live for voting: Supporting Glacier Finance

Glacier Finance are a new decentralised exchange launching soon which adopts a ve3,3 model using bribes to direct GLCR (their native token) emissions to Liquidity Pools.

An ongoing community discussion surrounding Yield Yak x Glacier, and a governance vote is now live for YAK stakers on whether to dedicate $5K USDC from YY’s Treasury to accumulate GLCR tokens to increase its governance over GLRC emissions.

To take part in the discussion head to our Governance Forum on Discord, or to the Telegram Working Group: https://t.me/yieldyakworkinggroup

To vote on Snapshot: https://vote.yieldyak.com/#/proposal/0x25712546dd00e00267abf6dd670579d4543eccf65e7086c19831ed11111b1e4c Open / Comment

2023-03-08 02:09:11 Trader Joe sJOE rebate applied to all Yield Yak sJOE depositors

Today, Trader Joe announced a rebate to all sJOE depositors of the 1% deposit fee. Full details can be found here:

https://twitter.com/traderjoe_xyz/status/1633217330598535168?s=46&t=ZxUClWtlx0A2PDez_6J4yw

For all Yield Yak sJOE depositors, no action is required. Your rebate has already been claimed and reinvested back into the pool. You should notice your total number of JOE increase by ~1% (slightly less as what you’ve earned as yield since depositing isn’t eligible).

Thanks to our friends at Trader Joe for making this process extremely smooth . Open / Comment

2023-03-03 21:48:36 New pool alert: Baymax’s boosted BLP pool is now live for auto-compounding

Baymax are an Avalanche Perpetual & Spot Exchange which uses BLP as their LP token. BLP holders earns protocol fees plus esBAY, whilst taking on the exposure of platform traders.

Yield Yak’s Boosted Strategy
Similar to YY’s GMX GLP Strategy, the YY BLP pool perpetually stakes esBAY rewards.

Additionally, the Baymax team have awarded 500K esBAY tokens to Yield Yak’s BLP strategy in order to increase rewards for all Yield Yak BLP depositors .

Useful Links:

Yield Yak’s BLP Pool: https://yieldyak.com/farms/detail/0xfA081CBecd37321cCf76F78Cb5aadD228BC27F67

Baymax Finance App: https://www.baymax.fi/#/

DYOR
Baymax is a new project on Avalanche. As with all new protocols, we recommend users to do their own research and invest with caution. Open / Comment

2023-03-02 17:01:46 February Contributor Report

The monthly contributor report is back (Yak OGs will remember). 15% of protocol fees go to Yield Yak Contributors.

For the month of February, community contributors collected payments as follows:

- @Num1smatis 95 AVAX (Development)
- @minimalissimo (Guide) 7 AVAX
- @camaran22 (Guide) 7 AVAX
- @MauroG_8 (Guide) 7 AVAX
- @cypt0bom (Guide) 7 AVAX
- @vgcreate (Guide + Bots) 10 AVAX
- Yak Intern (Content) 10 AVAX
- @paddygo (Treasury) 15 AVAX
- @EuroMoreno (Illustrator) 90 AVAX
- Leonor (Design) 60 AVAX
- Harry.AVAX (Content) 15 AVAX

There are many ways to contribute to YY and be involved. 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 Open / Comment

2023-02-21 15:53:10 Avalanche Rush rewards for GLP have now been updated to the highest milestone rewards rate.

127.5 $AVAX per day (~$2.5K) are being streamed to GLP strategy depositors, a 3x increase on previous Rush rewards.

At midnight UTC tonight, GLP rewards distribution gets updated and we will see APYs decreased based on the fees collected in the past 7 days. Currently, our GLP Rewards Forecaster projects a base APR of 18%. Note that this doesn't include Rush Rewards or our esGMX boost. https://yy-analytics.github.io/glp-rewards-forecaster/

If you're using our partners at DeltaPrime to leverage your GLP position, we advise checking in on your position tonight/tomorrow. DeltaPrime expects that some users may need to manage their positions depending on the borrowing rates as the GLP APYs decrease.

Enjoy the Rush Yaks. Open / Comment

2023-02-17 22:23:42 Update regarding Platypus Pools

Whilst Platypus continue to do their utmost to recover funds and make users whole, an update on the latest with regards to yesterday's Platypus USP exploit and how it impacts Yield Yak’s Pools:

Some exploited funds have been recovered

Some good news on the recovery front: $2.4M USDC has been recovered and secured:
https://twitter.com/BlockSecTeam/status/1626626794966368258?s=20

Main Pool assets (USDT USDT.e USDC USDC.e DAI.e USP BUSD)

Your Yield Yak deposit history is intact and receipt tokens are in your wallet. We do not know how much they will be redeemable for until a restitution plan from Platypus is released. In case your pools are not appearing under My Pools, you can check DeBank or the explorer for your YRT (Yak Recept Token) to confirm your tokens.

Watch out for Scammers
Remember that no one from Yield Yak will ever DM you, and scammers unfortunately continue to try to opportunistically take advantage of unfortunate situations like these. Open / Comment

2023-02-17 01:09:59 Deposits on all Platypus related pools have been disabled until more information is available on reported USP exploit. It appears that the exploit is restricted to USP and Platypus Main Pool assets.

If you are unable to withdraw from a Platypus ‘Main Pool’ asset - withdrawals appear to have been temporarily suspended: https://twitter.com/demirelo/status/1626331617865175040?s=20

Other Platypus pools you should be able to see from ‘My Pools’ as per usual.

Please head to any of our community channels if you have any questions and we’ll do our best to assist and will share any further information as we have it. Open / Comment

2023-02-13 19:14:28 Introducing the GMX GLP router, now live on Yak Swap

GLP becomes a swapable asset on Avalanche

Routes trades in and out of GLP via most under- or over-balanced assets if slippage is less than fees

Users can save days, even weeks worth of yield

How does it work?

Dynamic fees are applied on minting and redemption of GLP based on the coverage ratio of assets in the GLP pool. Under-covered tokens have lower fees than over-covered assets and vice versa.

This creates an opportunity to route trades to the lowest-fee route, provided slippage to enter that asset doesn’t outweigh the fee.

It can save users as much as 0.5% on their swap, equating to days, even weeks worth of yield, due to fee discrepancies.

Win/Win for Users and GMX

This allows the GLP router to be a win/win scenario

Yak Swap users save on fees

GMX benefits from a faster rebalancing of the GLP pool towards its desired composition

Yak Swap takes Zero Fees

What does Yak Swap charge for this novel product?

Nothing. Yak Swap charges zero fees .

Yield Yak are excited to be contributors to the burgeoning GMX ecosystem. To any protocols using GLP that wish to integrate Yak Swap: it’s free to use and easy to integrate.

http://yieldyak.com/swap Open / Comment

2023-02-13 16:00:16 Prepare yourself for an epic week for Yield Yak's GLP

Liquidity providers for GMX via its GLP token are primed for a huge week, especially those taking advantage of Avalanche Rush.

New Rewards Level Unlocked

The $100K Rewards Level for achieving the $5M Milestone has been unlocked. New rewards rates are being distributed now.

New TVL Milestones at $7.5M and $10M were recently revealed which unlock $200K and $300K reward rate levels. With TVL already sitting at $6.8M and growing, the next level of Rush rewards is already within reach .

GLP's Biggest EVER Week of Fees starts Wednesday

Due to big positions closing on GMX recently, GMX is having its highest week of fees in the protocol's history. https://twitter.com/DefiLlama/status/1624435334724435972?s=20&t=Y4NTmtRSi1CDP9cq6A7tzQ

What does this mean for GLP? 70% of those accumulated fees will be distributed from Wednesday to GLP, with the forecast for GLP APRs hovering around 100% currently (!). There has never been a better time to toe-dip into GLP.

DeltaPrime and yyGLP

Our friends at DeltaPrime integrated GLP as both a collateral asset, and Yield Yak’s GLP strategy as an eligible farm. How to take advantage?

You can leverage up to 5x on GLP, significantly increasing your GLP returns.

Deposit Collateral

Borrow AVAX or USDC

Swap AVAX or USDC into GLP

Deposit GLP into the DeltaPrime whitelisted YY GLP farm.

Also, DeltaPrime’s Liquidity Pools for AVAX and USDC (the assets which you can borrow against) are seeing some juicy single-sided returns, with USDC earning 12%+ APR currently.

Yak Incentives for DeltaPrime

Yak Stakers recently unanimously voted in support of a program to further align DeltaPrime and Yield Yak, so that DeltaPrime shares in Yield Yak’s success if they achieve certain TVL and APR milestones. We continue to be committed to supporting new innovative DeFi protocols in the Avalanche ecosystem, as ever . Open / Comment