Staked Yearn CRV Vault Staking

yCRV is Yearn's veCRV liquid locker. 1 yCRV represents 1 veCRV max-locked to Yearn. It is minted 1:1 from CRV and cannot be unwrapped back into CRV.

st-yCRV, now called yvyCRV, is Yearn's auto-compounding yCRV vault (a Yearn V3 vault). Yearn's docs note that both names refer to the same product.

Each week Yearn's veCRV position earns revenue from Curve protocol fees and optimized vote incentives. That revenue is converted to crvUSD and distributed to yCRV stakers.

Once a week, the vault claims its boosted share of crvUSD, swaps it for more yCRV and deposits it back. The vault then holds more yCRV, so the price of st-yCRV rises against yCRV. A 10% performance fee goes to the Yearn treasury.

• 1. Get yCRV: mint it 1:1 from CRV at ycrv.yearn.fi, or buy it on a DEX.
• 2. Deposit: approve the vault and deposit yCRV. You receive yvyCRV vault tokens as a deposit receipt.
• 3. Withdraw: withdraw from the vault at any time to get yCRV back.

The vault has no lock-up. To exit to CRV, you have to swap yCRV on a decentralized exchange, because yCRV cannot be redeemed for the locked CRV.

• Peg risk: yCRV is not redeemable for CRV and can trade below 1:1.
• Yield stack risk: the vault is exposed to more than one DeFi protocol, including Curve.
• Governance risk: Yearn's governance role is a 6-of-9 multisig with no timelock, and the multisig casts all Curve DAO votes.
• Smart contract risk: ChainSecurity, yAudit and StateMind have audited Yearn V3 core contracts (Yearn security). The contracts are offered as-is.