🆕 It's Time To Build

Greetings from Crypto Kirby aka Mr. Learn Yearn.

Welcome to $YFI.

I must start this letter with a stern but necessary warning. While this may feel like a game to you now, I assure you that this is not a game. Events may and likely will transpire in the near future that could send your net worth in Zapper all of the way to zero. There are no respawns, no bailouts, no authority to fix the mistake. It feels like a game, but this is real life.

In the very possible event you lose everything and / or the financially valueless $YFI token becomes financially valueless, would you be okay? Would your family be okay?

Even considering the possibility of this very awful outcome goes against every part of our human nature. The dopamine rush of seeing the price spike, bitcoin getting yFlipped, the bullish twitter feed all bring one thing more powerful than the increase in net worth… validation. You feel like a fucking genius when you’re right and everyone else was wrong.

I feel it now.

Validation will blind you from the truth. It will stop you from seeing it. It will stop you from remembering it even exists.

The truth is this:

While promising, YEARN, YFI and DeFi as a whole remain hyper volatile experiments. If returns are compounding then so is risk; systemic, protocol, legal, software, everywhere.

I’ll repeat myself… if your crypto evaporated right now would you be okay? Would your family be okay? What would it mean for your future?

This is a game, but your life is not one.

Don’t become a tiger king. Financial ruin is not fucking cool.

It's Time To Build!

I do not represent $YFI in an official capacity, while also representing $YFI in an official capacity.

And what I mean by that is, I am acting as a private crypto citizen freely on my own accord. I am not in regular contact with anyone building for YEARN and Andre has stopped responding after my incessant requests to send him some Gucci sliders. No one is telling me what to write or how to write it. These are my opinions.

However, I own $YFI and the YEARN protocol is wholly owned by the token $YFI. In that sense, it does make me an official representative. The same goes for you whether you farmed $YFI from the beginning or fomo’d in and bought the top. We’re all part of this together.

You Need To Be Involved

Whether you are a true believer who wants to see YEARN eat CeFi, a degenerate speculator hunting for the 10x or some cross between the two, you need to be involved.

Your involvement is the only way the price of $YFI goes up, something everyone can agree on.

YFI is not like getting on a luxury cruise through the calm waters of the carribean drinking mai thais in the sun.

YFI is like volunteering for a spot on an expedition like the great European explorers or the first men in space. The danger, risk and rewards are all known before stepping on. Andre Cronje is our Ferdinand Magellan, but instead of circumnavigating the physical we will be the first to rebuild the financial.

If you are new here or just getting active, then I must implore the following:

Join the Yearn Governance Forum and let everyone know you want to transition to a foundational model.


The speed at which administration and operational decisions are being made is throttled (slowed down) by governance.

This puts YEARN at a significant disadvantage versus competitors.

We must switch to a foundational model allowing the multi-sig wallet to make financial and operational decisions at-will for the next six months.

Personally I am in favor of making Andre King, Substreight the hand, and myself Lord Varys... but the multi-sig will do.

These individuals have put their blood, sweat and souls taking YEARN from zero to one. We must trust them. We must let the builders continue to build.

Failure to do so will be disastrous for YEARN and the value of $YFI.

How to get involved:

Join the YEARN Governance Forum and voice your opinion.

When the proposal gets enough votes, it will be turned into a YIP and goes to a vote.

I will of course keep you updated when the time comes to vote and humbly request your help retweeting and sharing the news to everyone you know who holds $YFI.

For the good of the protocol and the value of our bags, we must make this happen.

Product > Press

Stripe’s first press release was February 24, 2016. It was their only one for the year.

In 2017, they posted two; one on launching in Hong Kong and partnering with Alipay and WeChatpay, the other a new product Stripe Elements.

After its last funding round in April, the company is now valued at $36 billion. As covid has accelerated online spending were Stripe to go public today that number would be much much higher.

They didn’t get there by accident.

They got there by building.

Building is what brought me to YFI.

I didn’t farm any YFI. I didn’t even know how to farm YFI. I remember trying to hook up to Weeb’s YieldFarmingInfo while reading the tweets about 10000% APY and thinking this is the biggest fucking scam I have ever seen.

Then I read Andre’s post yearn.finance v2.

The world’s narrative is about the valueless YFI token going up 10x and everyone getting hilariously rich all over again.

But it wasn’t mentioned.

The only thing he talked about was building, a new version and new products. It was about pushing forward.

I knew it was time to get involved.

The $YFI token has appreciated many times over since then, yet nothing has changed. YFI is about building YEARN and making DeFi simple and accessible for everyone.

These new developments have me more bullish than ever.

yYFI Vault

The yield farming experiment has changed with pools supporting riskier assets like $YFI, $LINK and $SNX instead of just stablecoins. When YAM launched the governance contract went from holding over 50% of all $YFI to less than 20%. This creates a scenario where a hacker could drain a pool and completely take over the $YFI / yearn protocol. Whereas funds can always be replaced, minting more $YFI is not so simple. Thus using $YFI to farm is a massive systemic risk.

I am not sure when this problem was recognized. I know we tweeted about it. If YEARN was an ordinary DeFi company they probably would have posted a press-release imploring people on what to do. But this is $YFI. You are always free to make choices on your own accord.

However… YEARN will always be the easiest way to beat the market and that’s exactly what’s happening here.

Enter the $YFI Vault as explained by Future_Fund.

1.) Deposit your $YFI into the yVault at yearn.finance.

2.) $YFI is pooled, buying power increases and circulating supply decreases.

3.) The yVault will farm the most optimal strategy (currently $CREAM tokens).

4.) The Vault will market buy $YFI and distribute it to members of the vault.


Remember the asset you deposit into the vault is the asset you receive.

Outside of purchasing, this is the only way to earn more $YFI.

It went live on August 19 and current stats are as follows:

  • 4,889 $YFI or 16.3% of total supply

  • $78,208,000 in TVL!

  • $,$$$s in $YFI bought off the market

The float for $YFI is already so small, so I expect this program to put enormous pressure on the price.

Essentially the $YFI vault is like an automatic share buyback / repurchase program.

Apple, the most valuable company in the world, has used an aggressive share buyback program for many years.

The only difference here is instead of the shares going back to the company (there is no company), they are distributed to depositors in the yVault.

The $YFI vault provides an opportunity for holders to earn a return on their $YFI without having to create a strategy on their own.

This does not eliminate risk, but it does pool it and make it more manageable. The risk of a hacker draining a pool and taking over the protocol remains. But $YFI holders no longer have to consider the opportunity costs of selecting or switching investments. Andre is also much more capable at evaluating risk than the rest of us. Plus most were farming, dumping and buying more $YFI. This does it for you with pooled resources.

At this time you cannot vote in governance and receive rewards while being in the yVault. I imagine this is something being considered and we will likely see a proposal of some kind in the forum soon.

I would like the yVault and governance to merge. Everyone deposits into the yVault and votes with $yYFI. Rewards currently set to be distributed in $yCRV should be used to buy more $YFI and then distributed to those staking in the yVault. Buy back all of the $YFI and distribute all of the $YFI to $YFI holders.

Zapper.Fi Integration

If $YFI and Zapper.Fi were ordinary DeFi companies there would have been a press release saying they were partnering up, another when the work actually started, another when the work was almost done, and then another when it was finally available.

Instead we got a tweet and a how-to-video.

I don’t think people realize how big this integration and partnership really is.

First, unless a black swan happens (possible) - more people and money are going to enter the space.

When ZH tweets about you, you know it's real.

Zapper.Fi is going to capture a ton of these new users as what I like to call the layer 1 Robinhood.

If you’re unfamiliar, Robinhood is the easiest way to trade stocks and some cryptocurrency. It’s free to use and the clean UI makes it very popular among millennials. During the pandemic they’ve seen their accounts grow by the millions and traffic is up more than 2.5x.

If you can use Robinhood, you can use Zapper. They’ve got it like that.

What will happen over the upcoming days, weeks and months is Zapper will onboard a ton of new users.

Just login to their discord to see how busy they are. It's insane.

Where will the money go?

Directly into the YEARN ecosystem!

The way to view this is Zapper is the front-end for YEARN.

We don’t even need to upgrade the website and make it easier to use or provide better tracking.

Why use the website when you can use Zapper?

This allows YEARN to exclusively focus on building the best DeFi products.

We are still so early in this game we cannot get away from that. That is what we are best at. Building DeFi products.

It would be a deadly mistake to lose focus and build things like fiat onramps to Yearn. Not to mention the issues of legality that arise in such matters.

Why build something when you can already use what’s there and way better than what we can come up with on our own?

I cannot get over how big this is.

It is a partnership for the ages that everyone who doesn’t inject DeFi into their veins and mix it with their cereal in the morning is missing.

We get to do what we’re best at. They get to do what they’re best at.

The users win because they get the best yields possible.

$YFI holders win because TVL goes up, fees go up and rewards go up.

I could see a future where the YEARN website disappears entirely sans the governance portal and forum.

YEARN is just this headless code running in the cloud, owned by no one and interacted with by millions.


  • Yearn directly working with Zapper will bring money + users into the ecosystem

  • Yearn does not need a front-end to onboard users if we work with partners like Zapper

Using Zapper and other products as the front-end for YEARN allows the code to go completely HEADLESS.

We are patenting the term Headless DeFi also known as HD-Fi.

HD-Fi simply means headless decentralized - finance.

It's just decentralized code running in the clouds that powers finance on the blockchain.

While there is not a direct correlation (aka torrents are illegal), the pirate bay has shown you can't stop code.

The TVL Snowball

At this time Andre develops and deploys strategies for each Vault, but that is not the long-term vision.

Remember Andre does not own or control the YEARN ecosystem in any way, it belongs to $YFI.

As such, strategies can be submitted by anyone.

If the strategy you submit is accepted, then rewards will be split between governance yield farmers (vault depositors), governance ($YFI holders), and the strategy creator.

The first strategy from the community is now set to launch!

It would appear that we’re going to have a $wETH vault, very very soon :)

As soon as the new vault is released (remember product > press), more money will flow into the YEARN ecosystem.

But the TVL snowball just begins...

This is only the first community submitted strategy.

After the DeFi world at large sees what it does (thanks to amplification via twitter), how it performs and the rewards for the creator, many more will follow.

It keeps snowballing from there: More Vaults → More TVL → More Fees --> More Rewards

But it has to start somewhere and it starts with wETH. This could quickly become the second or third largest vault which would add tens of million in TVL for YEARN. Even by moderate estimates that is practically guaranteed.

If you had access to millions in capital, could you create a scalable strategy with 150% APY? Would you?

I guess you've probably never even considered it!

Throughout history this is common.

On May 6, 1954, Roger Bannister did the impossible running a mile in 3:59.4. Before then the four minute mile was thought to be so ridiculous it was not even worth trying. But only two months after Bannister’s feat, John Landy accomplished the same narrowly losing to Bannister passing as glanced over his left shoulder. History is full of examples like this from the backflip on a motocross bike to Tony Hawk and the 900, to the direct listing and skipping the IPO.

We can draw a direct correlation here.

Never before in history has anyone, regardless of their upbringing, education, experience, gender, credentials, hair, height, weight, whatever -- been able to access millions of dollars in capital and deploy their own developed financial strategies.

As history has shown, once a trail is blazed… it snowballs.

This snowball ends in one thing, greater TVL for YEARN.

DeFi’s Zero to One

I’ll end with this from Peter Thiel.

“ZERO TO ONE EVERY MOMENT IN BUSINESS happens only once. The next Bill Gates will not build an operating system. The next Larry Page or Sergey Brin won’t make a search engine. And the next Mark Zuckerberg won’t create a social network. If you are copying these guys, you aren’t learning from them.”

YFI is DeFi’s Zero to One.

$YFI will only happen once and cannot be replicated. It was the first DeFi protocol to freely release a valueless governance token. No investors. No advisors. No team. No ceo. Centralized finance did not understand and was too late. $YFI is the fairest distribution of all time. Not perfect, but fairest.

Each new protocol may add a variation or spin, but people know the game and how the game is played. To be clear, they are games. Dangerous, degenerate, whatever - it’s not for me to say whether these are good or bad.

YFI is not a game.

Today is the one month anniversary since the famous tweet.

Today YEARN announced the total value locked is $1,000,031,344.

A figure reached in a month.

The treasury balance used funding operations stands at $459,009.13. After it reaches $500,000, reward distributions can resume for YFI holders.

The treasury was started 8 days and 3 hours ago.

YFI not a game.

One month to reach a billion dollars locked and over half a million dollars in profit.

No CEO. No funding. No office. No workers. No LLC. No registration. Just lines of code in the cloud... headless DeFi (aka H-DeFi aka HD-Fi)

History will show there is no comparison to what YFI has done and will do.

History is not ready for when we begin to scale.

The next Bill Gates, Larry Page, Sergey Brin, or Mark Zuckerberg didn’t copy an existing product.

His name is Andre Cronje and he created YEARN, a protocol that will permanently alter the world of finance.

Join us.

Buy, hold and never sell.

Be active in governance and push the protocol forward.

Defend the yFlippening and prepare for the battle ahead.

Yours truly,