yLockers Budget Request 2

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Scope

yLockers team will own and manage ...

• yLocker products (e.g. yCRV, yBAL, yLQTY)
  • Timely voting, yield optimization, and distribution processes on behalf of the treasury and ST users (including bribes, and misc partnerships).
  • Deploy and maintain the novel vote-locked (vl-yCRV) with fully on-chain vote delegation to users. Brainstorm and potentially implement ways to make vl-yCRV more attractive to protocols (veYFI rebates, bonus admin fees, etc.).
  • Develop B2B relationships (e.g. Reserve, Paladin, Curve, StakeDAO, Temple, etc), finding synergies, advancing product development, and increasing demand for yLocker products.
  • Provide product and UX improvements: E.g. Zaps, Docs, etc
  • Further automate common tasks (e.g. locks, yield collection, voting)
  • Expand offerings (yPENDLE, yVELO/yAERO, Superbooster)
• Yearn's veToken position (veCRV, veBAL, veVELO)
  • Manage protocol governance voting, in accordance with yearn's best interests and guidance from protocol risk teams
  • Develop and deploy new architecture capable of cross-chain "boost"
  • Manage treasury liquidity and gauge voting positions
  • As we expand to other chains, identify potential additions (Solidly forks, etc.)
• yBribe
  • Evaluate expansion to additional protocols (e.g. veBAL)
  • Features, bug fixes, and product lifecycle
  • B2B Partnerships

Plan

Last quarter's goals largely focused on smart contract development and deployment. This quarter, we expect our attention to shift slightly toward the business side to optimize the system and revenue. There are several key areas that we can become far more competitive.

The following deliverables will be met as part of this plan.

• yCRV gauge vote optimization
  • Build and maintain an improved gauge voting script which accounts for all bribe markets and edge-cases.
  • With the introduction of vl-yCRV, the way we send votes changes. Gauge vote optimizations must output in proper format.
• vl-yCRV product research and design
  • Collect feedback from partners about how to make VL design more attractive
  • Analyze data for how to convert VL into a revenue-generating product while also adding incentives to make it more attractive
• 🤖 Automation
  • Deploy and configure yBAL automation contracts and infrastructure to support bribe claiming, calculations, and routing
  • Implement robust vl-yCRV voting automation (important that AutoVoter.sol does not to miss voting days)
• yBAL Strategic Accumulation
  • Explore and run cost anaylysis options for accumulating Yearn's veBAL position (keepBAL, veYFI, etc)
• veVELO/veAERO
  • Coordinate keepVELO campaign for August in preparation for Aerodrome launch and veAERO airdrop to veVELO lockers.
• 🚀 Boost!
  • Configure Balancer multichain boosts and delegation
  • Improve returns on Yearn's LP boost
    • Currently Yearn has a strong LP boost that is under-promoted. Build tools to provide more data to LP farmers to come to Yearn.
  • Curve still hasn't delivered cross chain boosts for Yearn. But because this represents so much value to us, we neeed to spend time researching and supporting that effort to make sure it gets done.
• Research options for making locker tokens cross-chain.
  • Demand via leverage and delta-neutral strategy use cases can be made more affordable by making yCRV available on on L2s.
• Upgraded Curve and Balancer Zaps to suppport native ETH as an input token

Deadline

2023-11-01

People

yLockers Core team

Money

• This budget request covers the 3 months of August, September, and October 2023.
• The amounts below are the per month compensation request.
• An additional budget request will be submitted later for future months.
• The ask is in exchange for:
  • completing deliverables above
  • team expenses for archive node access
• The ask does not include:
  • compensation for non-core contributors (when needed, a separate BR will be submitted ad-hoc)

Topic	DAI	YFI
Contributors	20,000/mo	2/mo
Nodes	600/mo	0

Revenue Sharing

revenue sharing is based on the sum of treasury revenue except for fees taken on lp/st vault harvest (e.g. bribes and admin fees).

• yCRV: 1x 🔵 (~$7k/mo)
• yBAL: 5x 🔵 (<$100/mo)
• yLQTY: 5x 🔵 (<$100/mo)

Amount

61,800 DAI + 6 YFI

Wallet address

eth:0xAAAA00079535300dDba84A89eb92434250f83ea7

Reporting

Monthly