yFactory revision - Corn and Dudesahn

[omgcorn]

Scope

With this proposal, we aim to clarify the place of V2 and global legacy factory vaults within the Yearn fee/revenue structure and outline a path to continue their growth and maintenance as a part of Yearn's ecosystem across multiple chains.

We were able to make all relevant deadlines for Aerodrome on Base in August, putting Yearn in a good position for any future Base ecosystem airdrops.

• yFactory team will manage the following permissionless vault factories and their associated contracts (global, vaults, strategies, periphery)
  • Curve Global
  • Balancer Global
  • Velodrome Global
  • Aerodrome Global
• Features, bug fixes, and product lifecycle
  • Monitor daily and adjust as needed credit available, debt allocation for vaults with multiple strategies (curve/convex), and harvest trigger settings
  • Deploy new template strategies as needed for breaking changes in interfaces, update sidechain strategies with MEV-resistant swap option like ySwaps, etc.
  • Aim for factory vaults to be immutable(ish) over time (burned or perhaps token-holder-only governance)
  • Work closely with Web team to add token symbols, descriptions for new vaults and hide/remove old ones as vaults are sunset for various reasons.
• Continue support of routing legacy Curve => factory vaults
• Proactively create strategic proposals for partnerships and grants to attract POL and TVL in general
• Work with partners to add factory vaults as collateral
  • Lending markets and CDPs
  • Oracle development, collateral recommendations, DD, etc.
• Support one-off LP vault creation and integration for chains without need for factories (Primarily Curve and Balancer/Beethoven)

Plan

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

• Integrations

  • Collaborate with Abra to add Curve and Balancer factory and non-factory (sidechain) vaults as collateral
  • Factory Velodrome vaults added as collateral on Optimism lenders (Abra, QiDao, Iron Bank, Sonne) where possible
    • Planned following oracle development (under review)
    • Support an Abra launch on Optimism as needed (discussions ongoing)
  • Optimism
    • Complete integration for Ethos Reserve to build on Vaults. Started with single deposit vaults, but LP vaults will come. The proposal was successful: https://snapshot.org/#/oatheco.eth/proposal/0x843a062b8eef690a0a191cc28b9dbcb82bd923269aa8e9c0ab469a88e3022aa8

• Code

  • Velodrome and Aerodrome
    • Any maintenance needed on deployed factories/strategies, including smart contract and UI bugs.
  • Curve and Balancer
    • Any maintenance needed on deployed factories/strategies, including smart contract and UI bugs.
    • Optimism vaults to support MIM pool
    • Curve/Balancer vaults to help support v3 launch on Polygon

Deadline

2023-10-31

People

Corn, Dudesahn will both work together to produce all code and proactively collaborate with partners to add assets as collateral and deposit POL into factory vaults.

Money

Two backdated payments, one forward looking.

August - 5k DAI, 2 YFI
September - 5k DAI, 2 YFI
October - 5k DAI, 2 YFI

Total 15k DAI, 6 YFI

Amount

15k DAI, 6 YFI

Wallet address

0x4444AAAACDBa5580282365e25b16309Bd770ce4a

Reporting

Monthly

[omgcorn]

UPDATE 11-10-23: This is a one-off budget request. Future development work aimed at near-full automation of factory maintenance (curve/convex debt allocation, credit limit, minDelay) will require another month of development. In addition, deploying new vaults on Base to support Aerodrome and the deployment of the pessimistic oracle will be rolled into a personal budget request from Dudesahn.

Aside from these net-new development costs, ongoing maintenance activities for deploying additional pools, loading rewards, providing end user and customer support will be $5,000 per month or less. This cost will be in Dudesahn’s November BR as well.