Proposal: Rebrand $yCRV as $yUSD

Simple Summary

$yCRV is confusing.

$yUSD will be recognized as a YEARN product.

Motivation

We’ll quote @yfi_whale here:

Currently, in the crypto space, stablecoins are used for transfers, margining, borrow/lending. They are used across DeFi and CeFi (exchanges and OTC). Anything USDT can do, yUSDT can do better. Why not trade FTX perps with yUSDT margin? Already FTX takes cUSDT as collateral. Why even have a BTC-USDT pair on Binance when you could have BTC-yUSDT? All that USDT OTC flow from China could be yUSDT. Lastly, why even borrow or lend DAI when you can borrow or lend yDAI (just think about that one). The implications are huge.

By rebranding $yCRV as $yUSD allows YEARN to create the de-facto interest earning stablecoin 2.0.

$yCRV is confusing especially given the popularity of the $CRV token.

Specification

Update the $yUSD name on YEARN, Etherscan, Coingecko, etc.

Spread the gospel online.

Note:

I think YEARN is already doing this (twitter), but wanted to bring it up in the forum as well.

29 Likes

I agree completely. The naming convention has already caused lots of confusion, as seen with the recent CRV launch.

2 Likes

Great idea. Fully support this!

I support this idea.

1 Like

yUSD is simpler and more accurate than yCRV. The master stablecoin

1 Like

Oh my…

Few understand.

7 Likes

Awesome idea. Would love to see this.

yUSD = YCRV + CRV Farming

I like it. :cherries:

As a new user into this eco system, OP is correct… this was confusing to navigate… using yUSD would make more sense…

1 Like

Well, UMA mints yUSD and I hold it, so this proposal is going to be hella confusing for me and anyone else who already holds yUSD.

1 Like

To be clear your talking about the yycrv vault token, yes? Pretty sure its called yycrv. I think all vault tokens should be renamed to vdai or vcrv to make it easier to understand. Earn is using ydai already so the vaults should be called vdai.

3 Likes

Replying to myself here, it seems that there is discussion within UMA about prefixing a “u” to their tokens, which would mean their yUSD would become uYUSD.

1 Like

good idea, really like this idea

Fantastic idea, 100% support it

Just to add to this, from the last posts on the yearn twitter.

yUSD could be the tokenized asset name for the yCRV yVault.

which means.

yUSD is now yVault (yCRV + CRV Strategy) making it a new meta USD asset that nobody has done before.

1 Like

INCLUDE THIS IN THE YIP:

Summary: Use product prefix for all tokens instead of just “Y”.

yUSDC = vaultUSDC
yDAI = vaultDAI

Motivation:

First this makes the vault easier to explain.

When you deposit DAI, you receive back vaultDAI that earns interest.

Second it brands each YEARN product.

There are many other protocols like “mUSD” “aLINK” and this can be confusing.

vaultDAI can only be one thing.

We would also like to see this done for the new insurance product.

yiUSDT = yinUSDT

6 Likes

oh my…
this is a great idea.

In words of @Substreight, I’d say “I am for this.”

1 Like

If you go a step further:

Let’s say you have 10,000 $vaultUSDC, but you don’t want to withdrawal and pay the 0.5% fee.

Would another protocol want to let you do something with your $vaultUSDC?

Hmmm…

By branding each YEARN product (we want logos too), you are effectively fostering the creation of a community driven ecosystem around each product.

MASSIVE IMPACT + POTENTIAL.

It starts today with branding.

#JFC #OHMY #FEWUNDERSTAND #JUSTYEARNIT

4 Likes

Love the idea - i got confused between yDAI from the DAI vault and yDAI that can be put in yCRV pool.

With being newer to Yearn, this would make much more sense to me.

1 $YFI Stack here
CrayCrayCrypto

2 Likes