Coordination at Yearn: Notes From the Frontier - Tracheopteryx

okay so we have um another talk right now i'm really happy to present uh tracheopterix um they're from uh yearn finance and the talk is called coordination of yarn notes from the frontier i'm very excited for this one uh trichapterix are you around i'm here awesome well um very happy to have you here and i'll leave you to it take it away thanks man um i'm happy to be here hope you can all hear me all right so i am tracheopterix um a little bit about me i am a extinct flying dinosaur and i do organizational ops at urine finance so i'm delighted to talk to you about urine and explain a bit about what urine is and my my experience at urine and how we function and i think the the operative word is chaos a urine urine is a emergent multi-headed hydra just appearing between minds on the internet and it really called me in like some type of a magic spell around july you've probably heard some of the history of yearn you know andre cronier the mythical developer who started the whole thing was building uh these little tools to manage his money he created the first wiring protocol that would just move stable coins between money markets like dydx and compound and ave looking for the best prices but then you know you've probably heard the story he didn't want to manage a whole system he knew so much more had to happen so he created the wifey token yfi and he gave it away uh to everybody he gave away 30 000 yf tokens over the period of one week that's worth a billion dollars now it was a billion dollar gift and that that reached out through the astral plane and brought me in i was extinct you know i didn't plan on coming to work for any d5 company i didn't even know about d5 somebody in july messaged me by wifey and so i was like all right let me check this out and what i found was this incredible community you know i i jumped on the forum i started participating and just people coming together to make things so what started as this little platform to you know move tokens between some different you know investment opportunities needed to grow because what what andre realized was that there were so many yield farming opportunities that he couldn't do it all himself and he needed people to do to do that to write that the strategists so you know no one was being paid there was no ico there was no foundation there was no entity there was no company this was just people coming together because this thing was cool and i was one of them and around august i started getting paid a few people got paid and and we just my job's kind of hold the wheels on the bus and um what that looks like is about 100 different telegram groups and uh you know discord and forum and all these different things and we're trying we're making these protocols and we're we're making all these memes so so where to go from here so vaults right why uh urine version two really was when the vaults launched uh that was after the first step and that v1 vaults platform has been forked like uh 20 times or something you know people often talk about the the famous vampire attack of of uniswap to make sushi swap we've been vampire attacked like persistently by about 20 different places for for months it just goes to show the power of that platform the kind of industry standard for for robotic yield farming or or decentralized hedge fund or whatever you want to call us has gone everywhere you know harvest badger wifey uh staked out all these different uh places are using that open source code library and urine gives you know urine makes stuff and gives it away that's one of the incredible things about this this network entity that i'm somehow a part of but you know there were some issues with the with the v1 vaults and there was a major initiative to do v2 volts which just recently launched and the v2 vaults are like a spaceship you know when you create a protocol and you launch it you know it is you know immutable out there in the world and it can't be you know changed you know you can you can tweak some parameters but that spaceship is in space flying you you you've got mission control connected to it but you are not you know rebuilding it like you would a normal you know program or an app and that requires an incredible amount of skill you know the the the team of people that work on on v2 vaults and on strategies is really incredible um we have groups of top strategists and in defy uh helping each other figuring it out figuring out how to how to what strategies can work what are the new opportunities where can things go and you know the entire structure of the vaults platform is designed so that strategists can come in anybody can come in and make a strategy that then will then earn money and i have a lot more memes here than i thought i did so i wanted to get some of these vault slides this is the last one there we go there's a spaceship those are our vaults going into space this is what the uh this is one of the boss's diagrams showing what what vaults v2 is like all the different um this is the simplified version the different parts find this on twitter and one of the key things that we did too with with vaults version two is we changed the fee structure around so in v1 uh strategists made a very small fraction of the performance fee so um all the profit that comes from a strategy uh back then i think it was five percent went to the strategist or less than that but then in v2 we changed it so that uh 20 there's a 20 performance fee and half of that goes to strategists to really try and incentivize um the best minds to be able to come and work at urine or partner with urine to make strategies and then one of the other things that we're kind of known for is mergers we did a bunch of mergers and i think it's important to think about what urine is you know it is not a company um it is not led by you know a a board or a executive team it is a group of people autonomous people doing different things and some leaders among them particularly andre making things happen and when you're a network like that you don't need to do an acquisition you don't need to have a secret board meeting you can just start collaborating with people you can start working together so we we merge with pickle pickle is another you know they're doing automated investment strategies yield farming and amazing developer and team and join forces with them to help help each other be more successful we joined with cream cream's a lending platform merged with cover that provides you know coverage for protocol risk or or other contract failures and with acropolis which is like an institutional investment strategy provider and sushi swap you know the big decentralized amm and now we have this big team uh all these different ecosystem partners working together to help each other make stuff and recently you know you know yearn from the beginning uh we were making a lot of money but we didn't have much money to spend all the money was going to dividends and you know the team was getting paid a very small amount um and that that was fine for quite a long time people that were working here and really didn't care that much about money we just wanted to make amazing things but eventually it started to cause a lot of strain and uh with the the incredible amounts of compensation happening in in d5 we were starting to lose uh people to other teams and so we really realized how critical it was so we just recently did a proposal to increase the magic number of 30 000 in mint some more wifey so that we have money to do things so now we have a treasury of over 200 million dollars in wifey that we can use to retain the team and to hire new people this is kind of a fast talk i just want to talk about a few new future things that are happening we are just launching an affiliate model and so there's so many different people that want to launch strategies they want to they want to use our vaults and interact with our vaults so this is a token wrapper system that's permissionless that people will be able to use to uh you know share fees from the tvl that they bring in and um we're pretty psyched about this as we launched very soon so if anybody's interested you can please reach out another thing that we're working on is is figuring out how to more effectively create decentralized operations right so urine right it doesn't have a leadership team has many leaders but really what what you know this is the coordination piece i came to yerin and i didn't nobody told me what to do nobody gave me a job and that's a common story for yarn you i made the role that i wanted and i just started doing stuff and so many people did that and that has created an incredibly chaotic and amazing place with very little friction very easy to do things but as we've scaled and grown it becomes a little confusing information transparency and organizational structures and communications all these things are stressed a little bit so there's a great opportunity to create new structures new ways for people to to collaborate using self-management models decentralized operations systems which is all being developed now hopefully share some more of this soon and that's really it i'm happy to take questions the last pieces that we're hiring so please reach out to me on twitter thank you well that was really good thank you tracheopteryx and um let's see if we actually have some questions uh let's see are there any um i'm looking to see if there are any what's your twitter where it is read it out loud if you could pronounce it sure it's uh tracheoptrix it's up there on the screen yeah on the screen i'm looking to see if there's any more questions here yeah you're in his hiring he just said that that's another comment not a question another question is acquisitions soon question mark you never know yeah i would say chances are maybe good but who knows you never know okay cool mariano good to see you trichioptrix thank you for the notes from the frontier we appreciate your contribution thank you glad to be here you got it yep thank you sir