yDai in Dai valve and yDai is the not the same? Why?

General Chat Feedback
1

It confuse me a lot. If I understand correctly, yDai in Dai valve gives the APY ~50% and yDai’s APY is only 4.3%. Thus, this mean these yDai are difference.

Why dont we move the yDai to Dai valve? Of course, all others yXXX should move to XXX valve.

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When you deposit DAI into y-pool, you get back yDAI. This action gives you APY for supplying liquidity to the y-pool. That is roughly 4.3% now.

When you deposit your DAI into the DAI vault, your DAI in the vault is used to generate more yield using a yield farming strategy. For now, this strategy is dForce farming, where your DAI is used to generate dDAI, and then the dDAI is staked to earn liquidity mining rewards (in DF), and lastly the mined DF is swapped back for DAI on Uniswap during harvest and put back into the pool. This is where the 60+% APY yield comes from.

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3

I deposited my DAI in DAI vault and got yDAI and APY of 50%. Can that yDAI be deposited into YCRV pool?

4

Thank you for reply. I understood these part.

Just one more thought is why don’t we use Dai valve as yDai. I mean people deposits to Dai valve, which generate yDai. Together with yUSDT, yTUSD, yUSDC from respectively valves, we can have CRV pool.

Or just move Dai from Aave to Dai valve.

5

Hey, is there a way to track how an individual’s APY is doing? :slight_smile:

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Thanks @Snowsledge :slight_smile:

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No when putting your dai in the dai vault you get yydai not ydai that is used in the earn platform, different coins!

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Thanks - i have understood that now. If the name can be renamed it would be great - Dai Yault token is still written as yDAI on the GUI which caused the confusion - if it was yyDAI tor dDAI it would have been clear.

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Yes [quote=“Daft, post:9, topic:2624, full:true”]
Thanks - i have understood that now. If the name can be renamed it would be great - Dai Yault token is still written as yDAI on the GUI which caused the confusion - if it was yyDAI tor dDAI it would have been clear.
[/quote]

Yes, this is being worked on.

11

Have I understood correctly:

  • I can put DAI into the yearn pool for ~5% returns (whatever the value works out to be at the time)
  • Receive yDAI.
  • Take the yDAI over to the yCurve pool and deposit that
  • Take my yCRV back over to the yVault and deposit
  • Earn more yCRV from being in the vault over time
  • Extra yCRV allows me to withdraw extra stablecoins from yCurve pool

Or is the first step redundant, because the yCurve pool converts the DAI into yDAI anyway?

I appreciate any response, total n00b here, but I’m extremely excited about this project, very interesting.

Thanks

Edit; Just read the getting started post and perhaps this isn’t the right board for my question, apologies if I have posted in the wrong area.

12

I’m wondering does anyone check the dForce contracts are audited and reliable?

13

Greetings,

I recently converted DAI to yDAI on yearn.finance.vaults and I see that it’s sitting in yDAI but I am uncertain of 2 things. Is the yDAI now earning interest or is there is an additional step required to lend/provide liquidity? Where can we track the yield of our DAI?

Thanks