Today in DeFi - PASTA Falls, YFI Vaults, CRV COMPensation

PASTA Falls

Popular Italian cuisine farm Spaghetti.Money has experienced a fall from grace as its harvest crop PASTA has fallen 84% in 24hrs. For farmers, this means significantly lower yields, as well as Impermanent Loss for those supplying liquidity to the PASTA/yyCRV pool.

Similar to YFI clones, YAM clones also face the threat of a farming death spiral. Without a fundamental reason to hold the harvest crop, it faces constant sell pressure, causing severe price drops.

YFI Vaults

Future Fund @FUTURE_FUND_

$YFI yVault explained. Part 1: Deposit your $YFI into the yVault on @iearnfinance Remember: we are more powerful TOGETHER. We need everyone to deposit their $YFI into the vault.

A new vault has been unveiled on Yearn.finance. This time, it is for YFI itself. Explanation is sparse, as usual, but it seems that this new vault deposits YFI into CREAM.Finance, a Compound fork which supports YFI itself. This vault then harvests yield from CREAM.

CRV COMPensation

Julien Bouteloup @bneiluj

Governance war on fire! Someone bought $CRV on the market pushing the price up, locked $CRV into Curve DAO and used dao.curve.fi/gaugeweight to weight-vote for compound pool to make rewards on steroids 307% Gov is POWER 🔥 tip: someone from @compoundfinance or a nice $COMP VC 😏

Julien Bouteloup @bneiluj

You guys want a tip? Tonight there will be a market pressure to buy $CRV. Just saying. It's simple math. https://t.co/Do38ZIjxST

What value do Governance tokens have? CRV showed us yesterday as a CRV whale shifted the weights of CRV distribution in their favor. They shifted weight away from other pools such as sBTC, and massively increased the weight of the Compound pool. Now, Compound LPs on CRV earn much more CRV than other pools.