【YIP#9】DFI Vault增加有损挖矿和VC策略

关于有损挖矿策略

目前DFI Vault的挖矿策略是100%的无损策略，以保证客户的本金安全。 但是随着流动性挖矿的热度消退，无损策略的APY也急剧下降。从100%+降到10%+，甚至个位数。相比之下，有损的挖矿策略APY还保持在相对高位。 考虑到客户投资多元化的需求，在此建议DFI Vault逐步增加有损挖矿策略，有效提升DFI的TVL规模和收入水平。

当然，有损挖矿的策略的风险不一，DFI还是要尽量采取潜在损耗低，回报较高的策略上。

比如：

大币种的LP, 比如BTC/ETH，来挖UNI 理论上无损/较低损耗的池子，比如Dodo/Cofix等主打无损概念的swap 近似无损的稳定币池子，比如s.finance的iToken流动性池 其他策略，包含但不限于线下生息资产，比如Persistence的订单融资基金池 同时，为了限制风险，建议限制池子的规模（最多10M$，每人最多50K$）

最后澄清一下DFI Vault的角色。无论是无损还是有损挖矿，DFI Vault可以尽量帮助客户排除系统性的风险（比如智能合约的安全漏洞，项目是否有卷款跑路的可能），但不会排除市场和业务风险（比如BTC和ETH的相对价格发生剧烈变动，或者理论上无损的swap实际上出现损耗）。市场和业务风险，对应的是投资回报APY。高风险，高回报，这个是每个投资人都应该清楚的道理。DFI Vault只是个工具。

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关于VC策略

背景：

VC策略最早是YFI的社区提出的（原文 https://www.learnyearn.finance/start-here/yfi-maple-leaf-capital 1) 。简单来说就是允许YFI的社区可以在早期接触到好的DeFi项目，投资进去产生收益。 项目一般也愿意为KOL保留投资额度，作为市场资源的互换。 所以是双赢。 这个策略跟挖矿策略不同之处在于是用资金直接购买token，潜在收益更高，但风险也更大。 可能因为这个原因，此提案并没有在YFI社区得到执行。

但是如果可以有效的控制风险，并在YFII社区推行这个策略， 那无疑会增加YFII的价值。YFII变成了一张门票，拥有门票就可以获得早期介入优质项目的机会。 之前Golff，MEFI和Sakeswap几个项目跟YFII社区的合作，就是这种策略的雏形。

执行策略：

为了降低风险，前期不采取直接投资的方式，而采取资源互换的方式。 合作方式有三种：

1） 质押YFII，获得项目方token ，例如MEFI/GOLFF。项目方token直接派发给YFII持币者，而不是自动卖出。 2）质押YFII/ETH等LP，获得项目方token，例如用Sakeswap。 3）项目方直接空投到YFII的Pool 4（治理池）

作为交换，YFII社区可以安排项目AMA，比如每个周二的社区例会，可以拿出20分钟给项目做路演。

执行方案

提案通过后，社区推选成立决策小组（前期5-6人）。有兴趣合作的外部项目的谈判由决策小组主导，合作方案确定后公告社区，并接受社区反馈，调优后执行。

Vault Strategy with Potential IL (Impermanent Loss) Risk

As of now, DFI Vault doesn't have any strategy that has potential impermanent loss risk (let's call it IL Strategy), to make sure client's principle is 100% safe (let's call it Safe Strategy). But as the Safe Strategies' APY is dropping like a stone from 100%+ to less than 10%, the IL strategies' APY remains relatively high (20% and above). Considering the diversified investment demand of each client, this proposal suggests to add the IL Strategy into DFI Vault, which will subsequently increase DFI Vault's TVL size and income as well.

Some examples of IL Strategies:

• UNISWAP LP of BTC/ETH/USDT/DAI
• SWAP without IL (In theory only. There will be some minor IL) like Cofix/DODO/Bancor
• Stable Coin SWAP like Curve/Swerve/S.Finance and upcoming ones
• Offline Yield Generating Assets (NFT involved) such as Persistence invoice financing

To minimize risks, IL strategy can start with a limited size with per-head cap, if necessary.

Further clarification of DFI Vault's role - DFI Vault is helping clients to minimize smart contracts risks as much as possible to make sure their principle won't be HACKED or CHEATED due to some flawed code in the smart contract. However, DFI Vault can't and shouldn't be responsible for business risks such as IL, which is caused by price fluctuation of underlying tokens like BTC. Business risks comes with rewards and it's each investor's decision and responsibility to take the business risks, and get rewarded accordingly. DFI Vault is not part of the decision process and thus, will not held accountable should any loss happened.

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VC Strategy

VC Strategy was first brought up by YFI community ( https://www.learnyearn.finance/start-here/yfi-maple-leaf-capital). It intends to leverage YFI community to get preferred terms to invest into good projects in early stage. It’s a win-win strategy as most projects are more than willing to give allocations to KOLs with communities as a marketing strategy. VC strategy is different from Vault strategy in that it volves more risks (since the project may fail) and expect much higher return (a few x in weeks, rather than 100% APY). For unknown reasons, this strategy is not executed in YFI community.

YFII community, however, has done some interesting experiments which resembles the VC strategy. For example, projects like Golff, Sakeswap, Mefi, allow YFII holders to stake YFII (or YFII/ETH LP) to mine project tokens (in other words, get tokens for free). This effectively turn YFII token into a VIP pass, where pass holders are rewards constantly by various external projects for getting their attention.

This proposal is to further expand the above-said experiences and make it a formal VC Strategy to bring a constant stream of rewards for YFII holders.

There are 3 ways of doing this:

1. Stake YFII and get project’s token. Token is distributed directly to YFII holders’ wallet.
2. Stake YFII/ETH LP (or other YFII LP) to get project’s token.
3. Project airdrop tokens directly to Pool 5. YFII DAO participants will be equally benefited.

In return, YFII community will promote the projects in their regular weekly AMA session, wechat/tg/twitter groups to help project get attention to speed up the cold-start.

A committee will be formed (with 5-6 people) to screen projects and decide which project to work with. The committee will be proposed and voted by YFII community once this proposal is passed.