Introducing V2 Vault Upgrades!🏦🆙
Great news #CrystalCrew! We’re going to be making some changes to our Vaults that will improve their compounding functions 🔄. In other words, they will be more efficient! This is great news 🤑! A very common problem for Vaults is that they get gassy, especially Vaults that make use of the PolyCat auto-compounding function (more on the differences later in the article). As more Vaults are added, the gas adds up — and of course, no one wants that!
That is why we decided to make some changes to better support a large repertoire of vaults. What this means for our lovely users is that we can efficiently provide you hundreds of Vault pairs to earn high vibe APYs, while keeping gas costs low! 💎💰
We won’t be deprecating the old vaults, so you can leave your funds there, but we highly recommend you move to the new vaults. See below for what needs to be done to migrate from the old to the new, and then read about what makes this such a scalable solution!
How to Migrate to New Vaults?
It’s honestly extremely simple, there will be separate page with the V1 vaults, just withdraw and deposit in the new vaults once they are live. It’s that simple! Your vault will continue to earn, so long as the farm being vaulted is still active, but again, it’s recommended that users make use of the new strategies.
Without getting too boring and technical, we’ll explain how the old vaults compound and compare it with the new Vaults! In the old setup, whenever a user interacts with a Vault, either by depositing or withdrawing, the Vault calls the auto-compounding function. What this means is that the user has to pay the gas fees to compound all Vaults, even if there’s miniscule amounts of rewards in them. A huge waste of gas, someone call Greta! From a scalability perspective, this also means that the more vaults we add, the gassier everything becomes because we’d be working in even more compounding transactions into one. This is also not sustainable as we’d have to have multiple VaultHealer contracts, and that just kind of gets confusing.
The new contract separates these two functions, which means there’s a considerable decrease in the data in the deposit and withdrawal transactions, meaning it costs less gas to deposit into our vaults, and the model scales far better! It does reduce the compounding frequency slightly, but it makes it far more gas-efficient!
Going forward the compounding of our Vaults will be automated by using a simple server set up that calls the earnAll function of the contract (compounding all strategies) at least 24 times per day. We will also provide a way for users to compound the vaults manually. In return, it will be possible to earn a small bounty for doing so 😮! You might have some questions about the security of this mechanism, but don’t worry, we’ll address that in the next section — everything is completely SAFU 🛡!
There will be no change to the Vault fees as they sit currently, there will still be a 5% performance fee and the 0.1% fee for withdrawals from the Vaults.
We’ve opted to change the distribution of the 5% performance fee to the following:
- 4.0% to Buyback and burn $CRYSTL 🔥💎
- 0.5% to the treasury for partnerships, marketing, platform development (stored in $DAI)
- 0.5% to reward the user who clicks the manual compound button to trigger the compound for all vaults (reward in $MATIC)
These Vaults will continue to crush lots of $CRYSTL as we’ll be able to offer far more vaulting pairs! The compounding will also be more efficient, because the new system is much more gas friendly and of course — the new bounty will be there to incentivize and reward more frequent compounding!
As always, we’ve taken security very seriously with these minor modifications. The code that we are using actually comes from the already deployed and audited ApeSwap auto-compounding Vaults integrated with the same PolyCat V2 code we’ve already been using. You can rest assured that these changes are minimal and pose no risk to the overall security of the Vaults.
This one is super simple and elegant in its design. You can think about the server as a little robot with a Polygon address and some $MATIC to pay for gas. The little robot’s address is not listed as an owner of the contract, so it doesn’t have any more permissions over the contract functions than the average user. What this means that even if the server were compromised, the compromising party would have no more permissions over the Vault than if they simply accessed the contract through Polygon Scan. In other words, using the server allows us to avoid potentially introducing any smart contract related security issues.
Time to Get Excited!
Hopefully this article sheds some light on these exciting new changes. We’re super pumped to be able to offer Vaulting en-masse in an efficient way that is conscientious of user’s gas budgets. This allows us to provide the #CrystalCrew with many Vaults in an efficient, secure, and scalable manner. You can be sure we will be taking advantage of these changes to bring you guys with a huge amount of new Vault choices in the near future 😉! Ensuring our community is educated and informed is important to us. We hope you found this article to be informative! Thanks for reading ❤️.