A proposal to allow yBOOST holders to vote on how Yearn allocates its Curve vote.
This proposal is currently in the discussion phase.
This proposal will facilitate discussion on potential changes to yvBOOST holder voting, which will continuously provide interest in active ownership and usage of Yearns underlying products. The yvBOOST yVault is a fully automated and compounding version of the yveCRV yVault. We propose allowing yBOOST holders to be able to decide on how Yearn allocates its CRV vote by creating a locked version of yvBOOST, vlyvBOOST, whose voting power increases with lockup terms. Yearn can determine what percentage of its voting power is allocated for vlyvBOOST proposals, so as to maintain alignment of the protocol priorities.
The motivation stems from the current race on Curve Gauge voting, which is largely in the spotlight on account of their “Bribing” system. This allows new protocols to utilize vlCVX to determine how Convex votes on CRV governance proposals and gauge calibrations.
The yvBOOST yVault is a fully automated and compounding version of the yveCRV yVault. When a user deposits CRV into the vault, that CRV is locked on the Curve.fi platform as veCRV and the user is returned a tokenized version of veCRV, known as yveCRV. This vault earns you a continuous share of Curve’s trading fees. Every week, these rewards can be claimed as 3CRV (Curve’s 3pool LP token).
In order to incentivize the growth of the yvBOOST vault and therefore Yearn’s CRV voting power, we propose allowing yBOOST holders to be able to decide on how Yearn allocates its CRV vote. This would create a new use case for yvBOOST. Consequently, this would allow a fresh range of interest in yvBOOST from protocols exploring the CRV gauge route for improvements.
Create a locked version of yBOOST, vlyvBOOST that can be used to determine Yearn’s vote in CRV governance.
vlyvBOOST voting power increases with lockup terms. Yearn can determine what percentage of its voting power is allocated for vlyvBOOST proposals.