Liquidity · Vaults · YFI
Yearn pioneered the yield-vault model: users deposit assets and Yearn vaults (yVaults) route them into the best available strategies — including Curve LP + Convex farming — auto-harvesting and recompounding rewards.
The original DeFi yield-aggregating vaults.
YFI price
$1972.57
+3.2% 24h
Latest data · 15 min delay
Vault and strategy contracts are complex and have been exploited historically (Feb 2021 V1 DAI vault ~$11M via flash loan; April 2023 legacy yUSDT misconfiguration ~$10M+). A copy-paste/config error persisting for years shows how latent bugs in legacy code can be catastrophic.
Yearn strategies deposit into and depend on underlying protocols such as Curve, Convex, Aave, Compound and Liquity. A failure, exploit, depeg or economic attack on any of those base protocols (e.g. the Curve 3CRV pool manipulation used in 2021) can propagate losses into Yearn vaults.
Some strategies rely on price/exchange-rate assumptions and pool ratios; the 2021 exploit manipulated a Curve pool exchange rate and the 2023 exploit manipulated share-price/pool-ratio calculation, both effectively pricing/oracle-adjacent manipulation vectors.
Protocol direction, gauge weights, strategy approvals and treasury allocation are controlled through veYFI vote-escrow governance; concentration of locked YFI or governance capture could steer risk parameters or strategy whitelisting against depositor interests.
Newer products wrap third-party assets whose stability Yearn does not control — e.g. yBOLD's exposure to Liquity V2 BOLD and its Stability Pools, and yCRV/yETH exposure to CRV and staked-ETH LSTs — so depeg or underperformance of the wrapped collateral flows through to holders.
