YLD

Rejected venues wait the longest for re-review; a rejection has to earn another look before the scheduled date.

YLD’s surveyed Ethereum balance is the yscvxCRV Yearn V3 tokenized strategy at 0xCa960E6DF1150100586c51382f619efCCcF72706. It accepts one asset, cvxCRV, stakes it through Convex and compounds rewards back into cvxCRV; no evidence supports the prior AMM-LP classification. DefiLlama measured about $0.014M on 2026-08-16, only 0.014% of the $100M materiality floor, so the shared version-1 below-materiality dossier decides before strategy, reward-auction, role, audit and exit diligence.

Kill criteria: the events that revoke this verdict
• Exact surveyed yscvxCRV vault TVL sustained above $100M for 30 days

The research file

Exact surveyed vault and mechanism

The current YLD API identifies yscvxCRV at 0xCa960E6DF1150100586c51382f619efCCcF72706 and reports approximately $0.014M in that strategy, matching the DefiLlama aggregate. YLD documentation says the Yearn V3 ERC-4626 strategy accepts cvxCRV, stakes it through Convex, harvests CRV, CVX and crvUSD, auctions rewards for more cvxCRV and redeposits the result. The depositor supplies one token and does not retain paired AMM inventory, so amm-lp was unsupported.

Address and lifecycle reconciliation

YLD’s current frontend registry separately lists live ysCVX at 0x1Fd0A85084fC61c397AC619c4F0bA2350eA1cE9e, yscvxCRV at 0xCa960E6DF1150100586c51382f619efCCcF72706 and yscvgCVX at 0x8ED5AB1BA2b2E434361858cBD3CA9f374e8b0359. It marks ycvxCRV at 0x95f19B19aff698169a1A0BBC28a2e47B14CB9a86 deprecated and exit-only, ycvgCVX at 0x0849b046292293f78dF3002F8461f8A7e2eC2b82 hidden, yspxCVX at 0xB246DB2A73EEE3ee026153660c74657C123f8E42 hidden, and yCVX as not deployed at the zero address. This application is limited to the yscvxCRV balance measured by DefiLlama and does not aggregate or approve the other products.

Control, loss and exit applicability

yscvxCRV uses Yearn V3 share accounting and permissionless report and reward-auction calls, while YLD’s published multisig receives the 5% performance fee. Redemption returns cvxCRV, so exit depends on successful strategy withdrawal and the marketability of cvxCRV rather than a guaranteed cash value. Reward auctions, Convex contracts, cvxCRV pricing, implementation roles and the absence of a listed protocol audit remain product-specific risks to review if scale becomes material.

Why the materiality dossier decides

The approximately $0.014M surveyed balance is only 0.014% of the $100M floor, leaving no capacity evidence for a $1M to $8M advised book. Reopen only after this exact vault remains above $100M for 30 consecutive days; then verify bytecode and roles, strategy and reward paths, fees, audits and incidents, cvxCRV market depth and proposed-size redemption without relying on new deposits.

Sources

The claims above trace to these. Where a number could not be independently verified, the thesis says so.

• YLD — live vault API · primary · accessed 2026-08-16
  Supports: yscvxCRV address, current total assets, current TVL, live vault roster, price per share
• YLD Docs — yscvxCRV strategy · primary · accessed 2026-08-16
  Supports: single cvxCRV asset, Convex staking, reward auctions, ERC-4626, withdrawal, 5% fee
• YLD — current frontend vault registry · primary · accessed 2026-08-16
  Supports: contract addresses, active products, hidden products, undeployed yCVX, deprecated ycvxCRV
• YLD Docs — deployed contract addresses · primary · accessed 2026-08-16
  Supports: vault addresses, strategy addresses, multisig, accountant
• DefiLlama — YLD survey record · secondary · accessed 2026-08-16
  Supports: current TVL, Ethereum perimeter, Derivatives category, surveyed balance

Inherited controls

The verdict above grades the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The least safe layer sets the position’s grade, and the position table names which one that is.