New Yeti Features and Updates
Protocol stats, new borrowing model, and new Terms of Service with updated location policies,
We are happy to announce the launch of the protocol stats page! This heavily requested feature enables users to get detailed information, graphs, and numbers on all collateral assets available to be deposited in the Yeti protocol.
Users will now be able to get a real-time look at YUSD backing and view asset-specific total value deposited, price data, and historical rewards to better understand each and every collateral type in the Yeti protocol.
Direct links leading to the associated Snowtrace contracts and relevant protocol website for each asset will also be available, providing an easy way for users to check out and verify the numbers and contracts for themselves.
This is in line with our mission of creating greater protocol transparency and data availability.
Roadmap Update:
In line with our “Path to the Best Borrowing Protocol” roadmap, the developers have been making progress on the sustainability roadmap.
Major features like: peg-stability module, GLP as collateral, and veYETI collateral gating have been completed and audited.
The new borrowing model audit is slated to finish this week, and the intention is for the new borrowing model and interest rates to go live next week (week of October 24th). Accruing interest will start out low at 0.5%.
New Collaterals
GMX’s GLP is ready to be whitelisted as a collateral, and will be the first collateral to be released once the new borrowing model is out. The new borrowing model is intended to bring YUSD back to peg enabling for new borrowing capacity without causing redemptions.
Collaterals planned for release after GLP are BENQI’s qisAVAX (completed and audited), aBTC.b, and then Stargate USDC and USDT.
Note: The GLP vault is already deployed and ready to be deposited into. The tentative plan is to have an initial collateralization capacity of $500,000 and then gate further GLP deposits requiring veYETI to deposit.
Interest Rate Rebates
Borrowers who opened their trove before the new borrowing model change will be receiving a full rebate on any interest paid in October and a 50% rebate for any interest paid in November.
Borrowers who opened troves before September 1st will be eligible for a 66% rebate for interest paid in November, and a 20% rebate for any interest paid in December.
Borrowers who opened a trove before July 15 will receive a 75% rebate for interest paid in November and 40% rebate for interest paid in December.
These dates apply to the date the trove was originally opened, troves reopened past these time frames as a result of redemptions will be eligible for this additional rebate.
Another medium article regarding the new borrowing model and interest rates will be coming soon, so keep an eye out for that!
New Terms of Service with updated location policies
Unfortunately, due to regulatory uncertainty in the evolving digital asset space, starting on October 27th, U.S. users will no longer have access to staking and borrowing functionality.
U.S. users will still be able to claim any staking they have received, as well as unstake from the website. Staking rewards will continue to be normally distributed.
Additionally, for existing trove owners, trove adjustments and asset withdrawals will still be enabled.
Here is a table that breaks down how functionality will look like for U.S. users post October 27, 2022:
Thanks for reading, as always we will be on Discord to support the community through this change and answer any questions.
