Personal Budget Request: dudesahn

[dudesahn]

Scope

Contemplated scope of work includes the following duties with respect to existing Yearn V2 factory vault deployments across multiple chains and builds off of previous work here.

• Monitor the following factory contracts for parameter adjustments as needed (for example, Convex has updated their PoolManager 3 times in the past few months).
  • Curve Global
  • Balancer Global
  • Velodrome Global
  • Aerodrome Global
• Features, bug fixes, and product lifecycle
  • Monitor daily and adjust as needed
    • Credit available (trigger one-off harvests for loose want in vault via forceHarvestTriggerOnce)
    • Debt allocation for vaults with multiple strategies via updateStrategyDebtRatio (curve/convex)
    • Harvest trigger settings (setHarvestTriggerParams, setCreditThreshold, setMinReportDelay, etc.)
    • Watch for newly-deployed vaults (queue yChad to acceptGovernance)
  • Deploy updated template strategies as needed
    • Recent months have seen updates required for both Frax and Convex factory strategies based on protocol interface updates
    • MEV-resistant swap option like ySwaps for Velodrome and/or Aerodrome strategies should SeaSolver/CoWSwap expand to these chains
    • Manually deploy and queue attachment of Frax Convex strategies for any vaults that have a Frax gauge added after vault deployment
  • Aim for factory vaults to be immutable(ish) over time (burned or perhaps veYFI governance)
    • This is TBD; ideally Yearn would just burn gov, but the amount of times Yearn have had to update strategies due to factors outside its control suggests veYFI gov as a better option. This would require more substanial work but could be a good first test for migrating all gov on-chain.
  • 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
  • $27m still being routed from legacy to factory
  • Primarily watch for stuck harvests (setDoHealthCheck(False) for too much profit)
• Proactively create strategic proposals for partnerships and grants to attract POL and TVL (in collaboration with other Yearn community members)
  • See this proposal with Stargate, and this one with Ethos Reserve
• Work with partners to add factory vaults as collateral
  • Lending markets and CDPs
  • Oracle development, collateral recommendations, DD, etc.
    • Pessimistic Oracle released last month; ready for use by protocols
• Support one-off LP vault deployment and integration for chains without need for factories (Primarily Curve and Balancer/Beethoven)
• Continue weekly distribution of Yearn's yvOP grant for Optimism vaults
  • notifyRewardAmount on relevant staking contracts

Unless otherwise specified, all deliverables will be provided using commercially reasonable judgment and techniques where practical but without any warranties or guarantees whatsoever. Any deliverable with a specified method or contract is limited in scope to that method or contract.

Plan

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

• Ongoing maintenance needed on deployed factories/strategies as described above, including smart contract and (reporting) UI bugs.
• Programmatically optimize allocations between via Curve and Convex strategies
  • Calculations done using existing veCRV balances, voter TVL, and fees for Yearn and Convex voters
    • V1 of this script completed and in use
• Curve/Balancer vaults to help support v3 launch on Polygon, potentially on Optimism as well to take advantage of Yearn's yvOP stash
  • keepBAL could be used to further bootstrap dormant yBAL
• Continue to distribute Yearn's Optimism yvOP grant to vaults on Optimism
  • For Velodrome LP vaults, currently aiming for ~1.5x return (after fees) compared to staking in gauge alone
    • Adjusting emissions weekly based on base yield, fees, and changes in TVL
    • Velodrome has ~$135m in TVL across all of their pools at time of writing. We will have ~$15m once Stargate deposits, and provide 1.5x higher yield. Plenty of room to grow there.
• Continue to pursue factory vaults as collateral with lending/CDP protocols, with a special focus on Base and Optimism

Deadline

2024-02-01

People

dudesahn's single-member LLC

Money

5K DAI per month. Retroactive for Nov. Forward-looking, Dec-Jan.

Amount

15,000 DAI

Wallet address

0x4444AAAACDBa5580282365e25b16309Bd770ce4a

Reporting

Monthly