LibraryCredit and stable value2020Design paperCorpus record
Yearn v2: vaults that allocate deposits to strategies
Yearn. Yearn.
Yearn publishes vaults: a deposit token is issued against assets that strategies allocate, and the vault's share price moves with those strategies.
A reading of the project's public design document. Not a copy, not a benchmark, and not an offer.
Yearn publishes vaults: a deposit token is issued against assets that strategies allocate, and the vault's share price moves with those strategies.
- Evidence
- Primary paper
- Re-measured
- No
- Assumptions
- 3
- Records linked
- 2
01 Claim ledger
What the paper is allowed to say
Each row is a sentence already in the study. The status is the same on every row: a model claim, not a live measurement.
Claim 01 · Paper model
The defect
A vault token is a claim on a strategy book. It is not the deposit asset, and the strategy can lose.
Claim 02 · Paper model
The proposal
Yearn publishes vaults: a deposit token is issued against assets that strategies allocate, and the vault's share price moves with those strategies.
Claim 03 · Paper model
The mechanism
The vault accountant, in the docs, decides how profit and loss update the share price. That update rule is the design.
Claim 04 · Paper model
The bound
No yield is stated here.
02 Three cuts
Observation, model, falsifier
A desk does not stop at the summary. Each claim is cut three ways, using only this study's own assumptions and checks. Nothing here is a new figure.
01 The defect
Observation
What the study says
A vault token is a claim on a strategy book. It is not the deposit asset, and the strategy can lose.
Falsifier
What would retire it
What asset do depositors actually hold a claim on?
02 The proposal
Observation
What the study says
Yearn publishes vaults: a deposit token is issued against assets that strategies allocate, and the vault's share price moves with those strategies.
Falsifier
What would retire it
How does a loss change the share price?
03 The mechanism
Observation
What the study says
The vault accountant, in the docs, decides how profit and loss update the share price. That update rule is the design.
Falsifier
What would retire it
How does a loss change the share price?
04 The bound
Observation
What the study says
No yield is stated here.
Model
What has to hold
No price, supply, yield, or adoption figure is added by this desk.
Falsifier
What would retire it
Who can add or change a strategy?
03 Sequence
One action, as an operating tape
- 01The vault accountant, in the docs, decides how profit and loss update the share price. That update rule is the design.
- 02Strategies are separate contracts with their own permissions. A vault that can add a strategy has delegated capital to that permission.
- 03A reported APY on a website is not the vault contract.
04 Load-bearing
The argument, and where a pitch drops it
What the name has to mean
The cut
Yearn publishes vaults: a deposit token is issued against assets that strategies allocate, and the vault's share price moves with those strategies.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
This is not ERC-4626 by itself, though a vault may implement that interface. The strategy set is the extra object.
What actually moves
The cut
Strategies are separate contracts with their own permissions. A vault that can add a strategy has delegated capital to that permission.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
This is not ERC-4626 by itself, though a vault may implement that interface. The strategy set is the extra object.
What a later deployment may change
The cut
A reported APY on a website is not the vault contract.
Why it carries weight
If this cut is skipped, the paper's name is being used without the mechanism that makes the name mean anything.
Where it is dropped
This is not ERC-4626 by itself, though a vault may implement that interface. The strategy set is the extra object.
05 Register
What has to be true
Model · Not re-measured
You are reading Yearn's vault docs. A frontend number is not the accountant.
Model · Not re-measured
The document is the one at the source URL. A marketing page with the same brand is not this text.
Model · Not re-measured
No price, supply, yield, or adoption figure is added by this desk.
06 Divergence
What happened after the paper
This is not ERC-4626 by itself, though a vault may implement that interface. The strategy set is the extra object.
A later client, parameter set, or reward formula is a different object. Cite this paper for the mechanism. Cite a primary release for the network. This desk has not re-run the proof.
07 Pre-mortem
What to check before you use the idea
- 0 of 3 marked on this browser. A mark is a reading note, not a pass, a rating, or a recommendation.
08 Anatomy
The paper, in the order a builder needs
The problem it names
A vault token is a claim on a strategy book. It is not the deposit asset, and the strategy can lose.
What the design proposes
- The vault accountant, in the docs, decides how profit and loss update the share price. That update rule is the design.
- Strategies are separate contracts with their own permissions. A vault that can add a strategy has delegated capital to that permission.
- A reported APY on a website is not the vault contract.
How the mechanism is specified
- The vault accountant, in the docs, decides how profit and loss update the share price. That update rule is the design.
- Strategies are separate contracts with their own permissions. A vault that can add a strategy has delegated capital to that permission.
- A reported APY on a website is not the vault contract.
What this page does not treat as proven
Why the desk still reads it
Yearn publishes vaults: a deposit token is issued against assets that strategies allocate, and the vault's share price moves with those strategies.
09 Lexicon
Terms, opened into the record
10 Repository
Every linked record on this page
Underlined words open a page that already exists: a concept, a protocol profile, a failure record, or another paper. If a word is not underlined, this desk does not have a record for it.
This is Blockchain Lab's reading of a public design paper. It is not the paper, not a copy of it, and not an offer of tokens, equity, custody or a partnership. Later network behaviour can diverge from the text. Nothing here is investment, legal or technical advice.
Research status: Design paper. Last reviewed: 1 October 2026. This is a reading of a public paper, not investment, legal or security advice.