AIP-64 Acquire YFI for participation in the veYFI gauge voting system
Status: AIP-64 is up for a snapshot vote until September 23, 2022 at 00:02 UTC
This proposal will utilize treasury owned ETH, cvxCRV, and stables to accumulate $500k in Yearn Finance’s governance token, YFI, so the protocol can participate in the veYFI gauge voting system. Yearn’s gauge system is not live yet, but is expected to be operational soon. Yearn Finance is a major partner of Alchemix and is expected to grow with Alchemix as new strategies continue to be added in the near future. Yearn will soon distribute profits to LP depositors, with bonuses to those who lock YFI for veYFI, with up to 10x boosted rewards. AIP-64 will position Alchemix strongly to benefit from this profit distribution with increased protocol revenue and/or boosted yields on vaults. This strategic move will also earn Alchemix significant voting power with Yearn. Be sure to read the full proposal for a very detailed breakdown on how this affects the protocol!
Since the last update…
AIP-63 passed a snapshot vote, approving the launch of a USDC IDLE Clearpool Senior Tranche Alchemix Strategy. This will only be implemented if an audit and internal review are deemed necessary and are passing. This approval also authorizes $2.5k worth of ALCX as a grant for IDLE to develop the yield adapter. Since the passing of this vote, Wintermute experienced a security breach; the core team is monitoring the situation and will provide updates as necessary. If IDLE elects to continue with the adapter, a subsequent vote could be initiated.