YIP-33: Add LINK to yVaults
| Metadata | Details |
|---|---|
| YIP | 33 |
| Outcome | Passed |
| Authors | franklin501 |
| Created | 2020-08-02 |
| Forum discussion | View discussion |
| Snapshot vote | Not recovered |
| Vote result | No Snapshot vote recovered. |
| Source | Source |
Simple Summary
Add Chainlink (LINK) as the first volatile asset to be used as collateral in delegated yVaults.
Abstract
Add Chainlink (LINK) as the first volatile asset to be used as collateral in delegated yVaults.
Motivation
Delegated yVaults have initially launched with only USDC as collateral. Additional assets are necessary in order to generate more revenue for the protocol and grow the ecosystem. This proposal nominates LINK as the first volatile asset to be used as collateral. LINK was the top choice in a preliminary poll and is a good first candidate for trials before other volatile assets are added.
FOR: Add LINK as the first volatile asset to be used in delegated yVaults.
AGAINST: Don't add LINK.
Overview
Adding LINK as a collateral option to delegated yVaults will enable LINK holders to deposit tokens to the vault, which will increase the total value locked (TVL) and generate more fees for the protocol.
Rationale
Chainlink is among the highest valued and most liquid ERC-20 tokens. There is a significant number of tokens and thus liquidity idle, which could be deposited for delegated yVaults. LINK’s high market capitalization makes it well suited to be the first delegated yVault volatile asset as it will likely contribute to the most fees that will be accrued the protocol.
Chainlink also has one of the strongest communities in crypto and successful initial trials of delegated yVaults will likely encourage larger token holders to join the ecosystem adding even more fees. Large deposits of LINK as collateral will significantly increase total value locked (TVL) in yVaults, compared to other token communities that are not as immersed in DeFi.
Metadata
| Name | Value |
|---|---|
| Proposed by | 0x071243c8f33A3e7c15499a8E51fF852DbaF05854 |
| Total for votes | 3069.4359 (99.46%) |
| Total against votes | 16.3954 (0.53%) |
| Quorum | 31.68% ✔ |
| Start block | 10582615 |
| End block | 10599895 |