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Introducing Yearn’s new bribe platform for Curve gauge voting | by Farrahmay | Yearn | Nov, 2022

Introducing Yearn’s new bribe platform for Curve gauge voting | by Farrahmay | Yearn | Nov, 2022

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yBribe is a platform where sound sealed Curve (veCRV) holders can receive compensation from buyers interested in adding CRV emissions to the Curve pool meter.

In DeFi, voting incentives are commonly referred to as “bribes”. yBribe enables veCRV holders to extract the value of their voting power, whether they are protocols, DAOs or individual users. yBribe launched in November of this year and we have seen strong early adoption with over $500,000 in bribes in the first round.

As a voter, using yBribe costs nothing. Donors pay a 1% maintenance fee – the lowest of the platforms in the ecosystem — which applies to the publication of a bribe.

Details of this article:
* key functions
* yBribe benefits
* how to get started
* a brief history
*faq

yBribe connects users who want to buy votes with those who want to sell them.

Curve conducts weekly measurement polls that determine the allocation of CRV rewards to different pools. By buying votes, DAOs, protocols, and users can influence the direction of these rewards and increase the return on pools that are useful to them. You can do this by using the “Bribe a Gauge” feature on yBribe.com. Once the bribe is sent, voters will see the annual interest rate expected to rise on the meter.

The actual annual interest rate is listed for the current and future periods

veCRV holders can sell their meter vote weekly to the highest bidder by voting for the donated meter with the highest annual interest rate. All the information users need to get profit-maximizing votes can be found at yBribe.com.

Donors can more effectively target the entire veCRV market

Bribes can concern larger market segments

veCRV holders can vote for the incentivized pool of their choice using Curve’s meter weight voting and receive rewards. There is a 10-day cooling-off period for adjusting the weight of the curve. Your previous vote is valid until it is changed, but it will cause your balance to decay.

The new blacklist feature separates yBribe from voters who already have their own donation markets (eg Convex/Votium). Donors can now touch the entire veCRV market by sharing bribes between platforms, and users will earn more when double-dipping is prevented.

Unlike other platforms, there are no whitelists and you don’t need to ask for permission to add your tokens as a bribe. yBribe only charges 1% compared to 4% charged by others.

Key benefits

yBribe is completely untrusted, unauthorized and non-captivating

  • The new user interface makes it clear to the veCRV user which possibilities are the best.
  • Convex votes have been left out of the system to make bribes more effective.
  • Completely reliable design and 100% chain.
  • The codebase is fully audited.

Demand a bribe

Sell ​​your vote to the highest bidder by voting on the bribe meter. yBribe lists estimates for the current and upcoming season.

You can choose the measure to vote by looking at the annual interest rates listed. The current period refers to the current period during which rewards are totaled (this week). The waiting period refers to the next week.

Each meter has an APR indicated –

  • Current APR: APR users can redeem this week (if they haven’t already)
  • Awaiting APR: The APR they can redeem next week (in this case the week starts on Thursday)

Once you’ve identified the metric you want to vote on, go to Curve to vote by clicking “Vote for Guage“.

demanding a bribe

Once you’ve voted, you can claim all applicable prizes at the start of the next period.

Example: Bunny is a veCRV holder. Bunny goes to yBribe.com (which gets all the data straight into the chain) to figure out which metric is best to vote for.

As shown above, we can see the MIM gauge to be the best for the upcoming season. Bunny goes to vote for the MIM meter and then at the beginning of the next episode they can claim their bribe.

The total amount of bribe they collect is dynamically calculated based on how much vote weight Bunny gave relative to the global vote weight in the MIM meter.

Offer a bribe

Offer a bribe to add CRV emissions to your favorite Curve pool.

yBribe now allows users to assign rewards to addresses other than the one used to vote. It also fixes a bug that, under certain circumstances, allowed the initial bribe to be cleared before the start of the voting period.

application period

Application periods run from Thursday to Thursday, and the scrolling clock on the main page shows the remaining time of the current period.

Make sure you claim all redeemable prizes before the end of the current season and/or submit your vote for the next season. Be sure to claim all rewards before you vote again using the same meter, or you won’t be able to receive rewards until the following week.

yBribe is an evolution of the BribeV2 contract

The original Curve meter voting bribery contract, BribeV2, was released as a trusted mechanism for entities (usually protocols) to incentivize veCRV voters to vote for the meter of their choice with the intention of increasing its emissions. Gifts would simply deposit tokens into BribeV2, and the contract would read the Curve’s Gauge Controller to calculate token allocations for each voter based on how they affect the gauge weights.

After more than a year of use, the Yearn team discovered an exploit in BribeV2. Although Yearn did not write or implement the original BribeV2 agreement, we were big users of it and therefore decided to act quickly and implement a revised agreement to continue operations.

Yearn’s yBribe retains all the best features of BribeV2 – including its completely permissionless and on-chain design. yBribe also fixes several bugs and has added several new features that make it more efficient and improve the user experience.

  • How does this work under the hood? yBribe “holds” bribe rewards and performs the calculations and distribution of these rewards. The interaction performed by the user is demanding or offering a bribe. Voting takes place directly from the Curve contract.
  • Can I change my tip to another token? No
  • What is the main page countdown? It tells how long users have to redeem their rewards/bribes from the current season and get their vote included in the next season. Midnight to Thursday (00:00 Thursday) is every week when a new round starts.
  • Can we claim L2? No
  • Wen vICX? Coming soon 😉
  • Will there be a donation system for yCRV or veYFI? yBribe is a public system that anyone can use and we are not going to make a donation system just for yCRV or veYFI.
  • What is the 1% fee used for? Support continuous development and new features.
  • What happens to the premiums I had in my old contract? Users who still have bribes in the legacy contract can still claim.
  • Do I need veCRV to use yBribe? Yeah! Participating in the management of Curve DAO requires that the account has a balance of voiceless CRV (veCRV). veCRV is a non-standard ERC20 implementation and is not portable. The only way to get a veCRV is to lock the CRV. The maximum lock-in period is four years. One CRV locked in for four years provides an initial balance of one veCRV. These commissions arise from the 0.04% interchange fees that Curve charges for each trade. 50% of these payments go to users who add to the liquidity pool and 50% go to users who have veCRV.
  • Where do CRV codes come from? When you provide liquidity to a pool, you are rewarded with a CRV token. This is an administrative token that encourages participation in the community. In DeFi, governance tokens are an accepted method of decentralization. They distribute credentials to users and everyone is worth one vote when a decision is made in the board.

wavy, garywackett, Draper

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