Boosties
The first dedicated liquid locker and staking platform for Yearn, built using Yearn V3
Boosties
Boosties is a liquid locker and staking platform that allows users to efficiently benefit from Yearn’s dYFI emissions on their vault tokens. Boosties is built using Yearn V3 strategies to synergize with the Yearn ecosystem.
dYFI is a token introduced as part of Yearn’s veYFI tokenomics program. It is an ERC-20 token that allows its holder to buy back YFI at a discount (currently ~84.65%). dYFI is distributed to users who stake their Yearn vault positions.
banteg, the infamous bunny talisman of Yearn, originally coined the term boosties
Problem
Yearn requires users to provide both veYFI (vote escrowed YFI) and vault tokens in proportion to earn maximum boosted dYFI yield on their positions. Users that do not balance their positions suffer from earning suboptimal dYFI emissions.
Solution
Boosties allows users to take full advantage of Yearn’s dYFI emissions through a protocol owned veYFI boost. This is done without requiring individuals to hold both veYFI and gauge tokens.
Launch Parameters
Guarded launch
Guarded launches are a risk management approach for deploying new DeFi products that intentionally limit the functionality of a system using configurable rules and thresholds. This allows users to interact with the product in a limited, low-stakes environment initially. As confidence in the system grows over time, governance processes can relax the risk controls to allow the system to scale up safely.
Boosties is initially launching with a TVL cap of $50K per vault, which will be increased over time.
Fees
A 15% performance fee is charged on harvests:
- 5% to the protocol treasury
- 5% to coveYFI stakers
- 5% to buy YFI and perma-lock it as coveYFI
Additionally, a 5% performance fee is charged on early exit (YFI) and boost forfeit (dYFI) rewards for the protocol treasury.
Gauntlet has developed a model to optimize Cove’s fee structure, so these values will change in the future as the model output is incorporated into the protocol. The maximum treasury fee is capped at 20%.