In accordance with YIP-77, Yearn will be launching a new staking system for yCRV this week at https://ycrv.yearn.fi/.
What you need to know
Yearn Boosted Staker for yCRV will be deployed this Thursday, June 6th at 00:00 UTC.
For those who wish to migrate, the optimal migration period lasts for one full week beginning this Thursday, June 6th at 00:00 UTC, and ending Wednesday, June 13th at 23:59 UTC.
The following two options are available for earning yield in the new system.
Stay in st-yCRV to auto-compound YBS yield back into more yCRV. No action required.
Stake into the new Yearn Boosted Staker (YBS) to earn yield as stablecoins (yield-bearing crvUSD).
The choice of which option to use is entirely up to each user's preference. Read on below for helpful information on both.
Option 1: Farm via st-yCRV vault
Like any Yearn vault, this option is straight-forward and entirely passive. Simply deposit into the vault, and allow the strategy to earn and compound yield for you.
Behind the scenes, this vault/strategy is farming the same YBS staker that direct-stakers are farming.
This option is best for users who:
Want to grow their yCRV position
Are gas cost sensitive (Yearn subsidizes gas to perform farming and compounding activities)
Option 2: Farm YBS directly
The new YearnBoostedStaker (YBS) staking system is designed to incentivize long-term stakers by granting them higher rewards. More information about the innovative mechanics can be found in the docs.
This option is best for users who:
Want to earn rewards in stablecoins
Don't mind extra gas costs associated with staking and claiming
Expect to be long-term ecosystem participants (allowing them to beat the prevailing market reward rate)
Rewards are issued as yield-bearing Yearn vault wrapped stablecoins, yvcrvUSD-2.
Users can claim rewards at any time. Claims are never lost if no claim is made.
For security purposes, the rewards contract is designed to ignore staked amounts in their first week. I.e. Amounts that that have not yet reached a level of 1x boost.
As a result, after launch, no users will have the minimum 1x boost required for rewards claim eligibility until June 20th.
The rewards that have been accumulating for 2 weeks will become claimable at that time to users who migrated during migration week (before Thursday June 13th at 00:00 UTC).
Note: Users who migrated after the migration period will miss out on this week of double rewards.
YBS Example
Alice, Bob and Charlie each have 10,000 yCRV
Week 0: Migration Week (No Rewards)
June 6th: Migration week begins
June 7th: Alice withdraws her 10,000 yCRV from st-yCRV and stakes it in the new YBS contract, and starts with a 0x boost.
June 10th: Bob withdraws his 10,000 yCRV from st-yCRV and stakes it in the new YBS contract, and starts with a 0x boost.
Week 1: Double Rewards Week
June 13th: A new week begins - Alice and Bob's yCRV moves up to 1x boost
June 14th: Charlie buys 10,000 yCRV and stakes it in the new YBS contract, and starts with a 0x boost.
Week 2: Standard Rewards Week
June 20th: A new week begins and the double rewards (let's assume 2,000 yvcrvUSD) from the previous week are now claimable - Alice and Bob now have a 1.5x boost, Charlie has a 1x boost.
June 21st: Alice and Bob each claim 1,000 yvcrvUSD rewards (from their 10,000 staked yCRV at 1x boost during the previous week) but Charlie has nothing to claim as his stake has not yet experienced the minimum 1x boost needed to earn rewards.
Week 3: Standard Rewards Week
June 27th: A new week begins and the standard rewards (1,000 yvcrvUSD) from the previous week are now claimable - Alice and Bob now have a 2x boost, Charlie has a 1.5x boost
June 27th: Alice and Bob both claim 375 yvcrvUSD rewards (from their 10,000 staked yCRV at 1.5x boost during the previous week) and Charlie claims 250 yvcrvUSD rewards (as he was on 1x boost in the previous week)
