Yearn Ecosystem Launches A New Token Index

PowerPool, a meta-governance protocol and a partner of the Yearn ecosystem, announced the launch of a new index, tracking the prices of the tokens inside Yearn’s ecosystem. For now, the index would cover Yearn ecosystem tokens like YFI, SUSHI, CREAM, AKRO, COVER, K3PR, CVP and PICKLE.The index weight, however, is 35% for YFI, 17% for SUSHI, and 8% for the rest of the tokens included in the index.The news comes just days after PowerPool launched another meta-governance index called PowerIndex. In the ten days period since its launch, the index has accumulated over $9 million in total value locked. However, YETI is the first index on the DeFi market, which focuses on several tokens, all under one ecosystem.PowerPool adds that currently, 1.86 million YETI tokens wait to be traded on decentralized exchanges. However, Uniswap reported a small amount of fake YETI tokens in circulation.More importantly, YETI holders will have the ability to govern the ecosystem. Holders will have the right to vote in all governance proposals via a single token and user interface. Yield farmers would also receive a boost in rewards, as YETI would be also integrated into new liquidity pools and vaults.The release of YETI coincides with Yearn.Finance publishing its third-quarter revenue report. In the report Yearn estimated a net income of $3.8 million between Aug. 20 and Oct. 20.A huge portion of that income — $2.46 million, or 65%, went to governance stakers, while expenses such as grants, security, and salaries totaled just over $300,000. Most of the income came from the 0,3% withdrawal fee from Yearn’s yVaults. The most popular vault among users was the yUSD vault, despite yETH’s promising start from September 2020. YETH was suspended due to security risks and currently makes less than 1% in returns.Yearn, however, prepares for a v2.0 update on…