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Version: 0.4.2

Deploying a Vault and Strategy V2

Note: The Chief Multisig Officer repo is encouraged to create multiple scripts for governance and dev multisig execution of complex transactions.

Requirements

Make sure you have the brownie environment setup before trying to deploy a vault. Check out the Readme MD for instructions.

The below instructions show some python commands that assume you are using the brownie console or a brownie script setup is in place.

Deploying a new Experimental Vault

  1. Clone this repo and run brownie run scripts/deploy.py --network <network-to-deploy-vault>

  2. Choose the brownie account for deploying your vault. This account needs to have balance to pay for the deploy transaction.

  3. Confirm the script is using the latest version of registry v2.registry.ychad.eth against the planned new release vault to be sure its an updated version. (Can validate on Etherscan for latest address)

  4. Select the version of vault to deploy or press enter to use latest release.

  5. Enter Y when prompt to deploy Proxy Vault

  6. Enter the checksummed address of the ERC20 token the vault will use.

  7. Enter the vault Parameters (Below are some suggested values):

    • Set your address or an address you control as governance.
    • Set Treasury (treasury.ychad.eth) as the rewards address.
    • Set Core Dev multisig (dev.ychad.eth) as guardian.
    • Set Strategist multisig (brain.ychad.eth) as management.
    • Set description and symbol for vault or use suggested as default (can be changed on chain later)

  8. Confirm the Parameters are set correctly and press yand ENTER to deploy vault.

  9. Check new vault has ABI setup on Etherscan (Some vault versions from older releases may have verification issues with Vyper and proxy detection on Etherscan, consider using latest releases >0.3.5 to ensure verification works).

  10. Set up the vault with correct deposit limit:

    vault.setDepositLimit(limit)

  11. Set management fee to 0:

    vault.setManagementFee(0)

  12. (Optional) Set governance to ychad.eth (0xFEB4acf3df3cDEA7399794D0869ef76A6EfAff52) if vault is planned to be endorsed soon:

  • Note you can still make changes to the vault after setting governance up until governance is accepted

    vault.setGovernance(ychad.eth)

Deploying a new Strategy

  1. Discuss your strategy in Discord or Telegram to gain access to the yearn/yearn-strategies repository.
  2. Create a new issue in the strategies' repo using the template Strategy Review. Complete all the fields.
  3. If the strategy is targeting a new protocol/new chain, not currently approved by yearn (used in production), a due diligence and path to production plan documents may also be required for the strategy to be considered for endorsing. PATH TO PROD Examples SNX, VESPER
  4. Coordinate with Core Dev strategist for getting a review on board.
  5. Complete peer review by at least 2 strategists.
  6. Check if want token has a deployed vault already (>=v0.3.0) and coordinate to use that first if possible.
  7. Coordinate with core developer to set proper deposit limit and other settings for new vault. See the table below: Limits per Stage.
  8. Deploy strategy and upload code to Etherscan for verification.
  9. Tag GitHub review issue with deployed version and add mainnet address(es) to the board.

Make the Vault and Strategy work together

  1. Add strategy to vault (for vault code v0.3.3+):

    strategy = ''                     # Your strategy address
debt_ratio = 9800                 # 98%
minDebtPerHarvest = 0             # Lower limit on debt add
maxDebtPerHarvest = 2 ** 256 - 1  # Upper limit on debt add
performance_fee = 1000            # Strategist perf fee: 10%

vault.addStrategy(
  strategy, 
  debt_ratio, 
  minDebtPerHarvest,
  maxDebtPerHarvest,
  performance_fee
)
    • debt_ratio should be 9800 if first strategy on vault.
    • rate_limit is 0 unless there is reason for it to be different.

  2. Set keeper:

    strategy.setKeeper(keep3r_manager)
    • keep3r_manager = 0x736D7e3c5a6CB2CE3B764300140ABF476F6CFCCF

  3. Set rewards:

    strategy.setRewards(address)
    • Read below if you want to use the sharer contract.

  4. Run tests against "live" vault and strategy in mainnet-fork:

    • Harvest.

    • Profitable harvest.

    • Revoke strategy and check that funds return to the vault.

    • Increase/decrease debt + harvest, and check that the strategy is working well.

    • Migration.

    • Check that tokens in the strategy cannot be sweeped by dust collection.

    • Example: Hegic strat repo.

Test harvesting manually

If you need a UI to test, you can coordinate with the strategists.

  1. Deposit some want tokens into the vault.

  2. Do first harvest and make sure it worked correctly.

    strategy.harvest()

  3. Monitor harvest and tend triggers for first few days. Call harvest/tend manually.

Scaling up / Moving to Endorse

In addition to the 2 strategists, a Core Developer has to review the strategy before going into production.

  1. Increase deposit limit according to the table below

  2. Set management fee to production level:

    vault.setManagementFee(200)

  3. Set parameters for vault correctly before endorse:

    • Set Governance to (ychad.eth)
    • Set Treasury (treasury.ychad.eth) as the rewards address.
    • Set Core Dev multisig (dev.ychad.eth) as guardian.
    • Set Strategist multisig (brain.ychad.eth) as management.
    • Set description and symbol for vault or use suggested as default (can be changed on chain later)

  4. Yearn governance now must accept governance and endorse the vault:

strategy.acceptGovernance()
registry.endorseVault(vault)

Endorsing a vault from a previous release

  1. Check for latest release number in the registry contract

  2. Check the apiVersion of the vault you want to endorse to identify target release

  3. Calculate the releaseDelta from your target release. (see registry endorseVault param details) E.g: latestRelease = 0.3.3 and numReleases = 5. New vault apiVersion is 0.3.2 releaseDelta = numReleases - 1 - releaseTarget

  4. Confirm using registry.releases(uint256) that your targetRelease has the same apiVersion as your vault.

    releaseTarget = 3 # e.g vault api version 0.3.2
releaseDelta = registry.numReleases() - 1 - releaseTarget # (5-1-3) = 1
strategy.acceptGovernance() # from ychad.eth
registry.endorseVault(vault, releaseDelta) # from ychad.eth.

Setting up Keep3r

  1. Adjust trigger variables until they are correct:

    strategy.setProfitFactor()
strategy.setDebtThreshold()
strategy.setMaxReportDelay()

  2. Set strategy's Keep3r role to v2-keeper-contract

    strategy.setKeeper(0x736D7e3c5a6CB2CE3B764300140ABF476F6CFCCF)

  3. Create an add-strategy PR in Keep3r repo (TBD)

References

Limits per Stage

These are the standard deposit limits per stage. They can be adjusted on a case by case basis.

StageLimit
Experimental$500K
Production$10M

Sharer contract

"Sharer" is a contract for distributing/splitting strategist rewards. For boarding school graduates suggested split is 34% to strategist multisig and 66% to strategist – Sharer Contract.

  • Setup rewards for your strategy by calling sharer.addContributors.
  • Include devs if you forked someone else's strategy.
  • Be sure to reward people who helped you.
  • You can find the sharer here: 0x2c641e14afecb16b4aa6601a40ee60c3cc792f7d

Addresses

IdentityENSAddress
V2 Registryv2.registry.ychad.eth0x50c1a2eA0a861A967D9d0FFE2AE4012c2E053804
Yearn multisig (daddy)ychad.eth0xFEB4acf3df3cDEA7399794D0869ef76A6EfAff52
Strategist multisigbrain.ychad.eth0x16388463d60FFE0661Cf7F1f31a7D658aC790ff7
Core Dev multisigdev.ychad.eth0x846e211e8ba920B353FB717631C015cf04061Cc9
Treasurytreasury.ychad.eth0xfeb4acf3df3cdea7399794d0869ef76a6efaff52