Proposal: leverage Yearn resources and influence to begin YFI listing on Compound

Summary:

Leverage the YFI treasury to fund the necessary contract deployments to get YFI listed on Compound, as well as the 100 COMP necessary to create a Compound autonomous proposal.

Additionally, leverage the reach of the Yearn socials to rally community support for the proposal by delegating COMP.

Abstract:

In order to get YFI listed on Compound, the following is required:

  • YFI integrated into Coinbase open price feed (not done, but could be with community support)
  • Deployment of new Compound price feed view contract with YFI support
  • Deployment of cYFI
  • Deployment of cYFI interest rate
  • Purchase of 100 COMP & deployment of autonomous proposal to add cYFI to Compound
  • Take steps necessary to count cYFI in governance

Motivation:

The YFI on-chain market can benefit from Compound support through the ability to use YFI as collateral for taking leveraged longs, securing other positions, and earning interest. It can also be beneficial for long-term price discovery of YFI to allow traders to short it on-chain.

Additionally, the ability to earn interest and COMP on lent YFI could potential further reduce circulating supply and increase scarcity.

Specification:

[WIP – further research required. summary of technical requirements above. ]

For: The community should begin to investigate the steps necessary to get YFI listed on Compound, and commit to funding any expense necessary (estimated ~10,000-15,000 yUSD).

Against: The community should not spend time or resources on a Compound YFI listing.

Leverage Yearn resources to support YFI listing on Compound.
  • For
  • Against

0 voters

2 Likes

I am definitely for this, but don’t know how I can contribute to move this forward.

I think adding YFI as collateral on Compound would be of great benefit to the Yearn community, but I also don’t necessarily like the idea of Yearn spending the $15k on the proposal itself. I have a feeling there are probably plenty of holders in the Yearn community who hold 100 COMP– this seems like a much more efficient use of capital to me.

My only other concern with Yearn moving forward with this is that it would be a considerable undertaking (in terms of time, or at least I’m guessing so). In terms of committing Yearn dev time, I think it’s probably not the best use, but if you or other community members could spearhead the proposal/contracts I think that would be great. That being said, the most pressing factor seems to be getting a price feed for YFI on Coinbase, as discussed here.

I would definitely support any efforts to help further this though and am looking forward to see what others will bring forward—I guess the first step is getting in touch with someone at Coinbase.

8 Likes

If at all, I would make this conditional to the development of time weighted voting power of YFI. Otherwise we make it even easier and cheaper for anyone to influence votes beyond their investment in YFI.

From the standpoint of a convinced YFI holder I don´t even understand this proposal. Why would I put my tokens anywhere else than the staking contract where they belong and have actual use? Let the guys with short term interest do their thing by trading YFI back and forth but we don´t have to facilitate even more of these usecases, do we?

The goal with this proposal is to simply open up more options for the yYFI vault. If Compound is accepting YFI as a collateral option, that then allows us to use Compound to borrow assets against our YFI at potentially lower rates than Aave or CREAM.

Personally, I will keep my YFI staked in governance as well, but if we’re going to have a yYFI Vault then having more legitimate sources of borrowing against it makes sense. And as I’ve mentioned here before, I am very pro-gYFI so you won’t get any argument from me on that point.

5 Likes

Thanks for the input all! @dudesahn I completely agree re. this not being the best use of funds; clearly the ideal scenario is this is fully community lead (perhaps with a just a modest retweet from @yearn.finance if the COMP proposal ever goes live :wink:)

I’m thinking the best route is:

  • encourage community members to request YFI on the coinbase open price feed
  • find a community member willing to temporarily stake 100 COMP
  • find a community member who is willing and able to deploy the necessary contracts

I have a few connections to coinbase through work I can pursue, and am also potentially willing to spearhead the contract component as well, the main issue is I do not have the ability to access 100 COMP any time soon.

Curious to hear if anyone is willing to help out with this, or has resources that may be helpful?

3 Likes

I support this. YFI is building lindy effect, and being onboarded as collateral into major protocols like Maker, Compound, Aave, etc strengthens the credibility and utility of the asset.

Totally agree we can community source 100 COMP to be staked. I think progress can be made in the mean time: https://www.comp.xyz/t/adding-new-markets-to-compound/392

1 Like

@undefinedza

I support this. YFI is building lindy effect, and being onboarded as collateral into major protocols like Maker, Compound, Aave, etc strengthens the credibility and utility of the asset.

Totally agree we can community source 100 COMP to be staked. I think progress can be made in the mean time: https://www.comp.xyz/t/adding-new-markets-to-compound/392

Are there people available to do some of this legwork? I am pretty busy during the week with my day job, so not a lot of time to dedicate to this (which I would love to see happen promptly).

I think making noise publicly about wanting YFI added to Coinbase’s open price feed impl. is a good start, too.

1 Like

A contract that pools people’s COMP, creates an autonomous proposal at 100 COMP, then returns the COMP to the rightful owner (or allows them to claim it) would be fun to write :slight_smile:

2 Likes

I am here to report that step 1 is complete and YFI has been added to the Coinbase Open Price Feed. What do we need to complete Step 2: Deployment of new Compound price feed view contract with YFI support?
https://api.pro.coinbase.com/products/yfi-usd/ticker

I think everything you need is here, we should be able to follow the exact same process as for cUNI.

Exciting that we’re one step closer!

1 Like

I should mention that I do not know how to code so there is only so much I can help with.