YLD

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 size floor. The exact vault is below the size floor, so we have not opened an individual review of the strategy, reward auctions, roles, audits or exits.

Review triggers: events that reopen the verdict
• Exact surveyed yscvxCRV vault TVL sustained above the retired TVL threshold for 30 days

Watched nightly: a warning on its venues or files, or a cited document that changes, reopens the memo. The first confirmation is due 2026-11-16.

The research file

Exact surveyed vault and mechanism

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

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 review covers only the yscvxCRV balance measured by DefiLlama. It does not combine or approve the other products.

Control, loss and exit applicability

yscvxCRV uses Yearn V3 share accounting and allows anyone to call its report and reward-auction functions, while YLD’s published multisig receives the 5% performance fee. Redemption returns cvxCRV, so an exit depends on a successful strategy withdrawal and the ability to sell cvxCRV, not on a guaranteed cash value. Reward auctions, Convex contracts, cvxCRV pricing, code privileges and the lack of a listed protocol audit remain risks specific to this product. We would review them if the vault reaches the size floor.

Why the materiality dossier decides

The approximately $0.014M surveyed balance is only 0.014% of the size floor, so it gives no evidence of capacity for a $1M to $8M advised book. The individual review will open only after this exact vault remains above the size floor for 30 consecutive days. We would then verify bytecode and roles, strategy and reward paths, fees, audits and incidents, cvxCRV market depth and redemption at the proposed size without relying on new deposits.

Research status

This is a capacity-unproven record for YLD, not a quality rejection or approval. Reported TVL says how big the venue is, not what the client owns, who can change the rules, or how a position exits at a proposed size. The individual review opens when the protocol clears the size floor.

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 research above describes the protocol layer. Every position also inherits the asset it holds and the chain it settles on. The layer with the most administrative power sets the position’s effective control; that describes control, not quality or suitability.