Victor Ugochukwu · Dec 14, 2020 . 5min read
Yearn Finance to create yAcademy to audit Yearn’s smart contracts
Yearn Finance's yAcademy will reward smart contract auditors on auditing Yearn's smart contracts with the possibility of extending its service to other projects.
By Victor Ugochukwu · Nov 14, 2020 . 5min read
DeFi unicorn-bound Yearn Finance is currently voting on a proposal for creating a yAcademy. This will fund and reward smart contract auditors tasked on auditing primarily Yearn’s smart contracts. However, with the capacity to scale and provide services to external projects, the project could become a revenue spinning wing.
Aliatila of the yearn community on September 13th has now become a YIP – 53 opened up for a community vote. Upon creation, the Academy will attract top talents and generate revenue by expanding its auditing services to the ecosystem at large.
In a collaborative manner and semi-structured manner, the talents will help in auditing Yearn’s smart contracts. Yearn is already proving to become a behemoth of the DeFi industry with outstanding spinoffs like yInsure – the insurance wing of yearn, Yearn Finance Connect, yVaults, Zap etc. With its growing pace, a yAcademy is now in the offing to help with auditing its smart contracts.
Philosophically aligned with Yearn founder Andre Cronje’s “I test in Prod”, smart contract auditors will be tasked at auditing real and live contracts and only the competent auditors will scale through. With this, Yearn will reward these auditors who could then become part of its auditing team for external project audit.
Yearn’s yAcademy will operate as a joint venture with Gitcoin and Status as partners.
yAcademy partners will run yAcademy as a joint venture by the Gitcoin, Status and member-auditors will make up the yAcademy joint venture. Members will be the first five auditors to join while Gitcoin and Status will operate through the Multisig Council.
The proponent of the yAcademy YIP is betting that this will be a significant net positive bet for Yearn Finance. As the cryptocurrency community saw during the peak of the DeFi mania, smarty contracts cannot be underestimated. While some are intentional, many results in bugs that cripple promising projects. We saw that in YAM Finance which went under due to a rebase bug failure.
Lastly, as most smart contract audit firm like Quantsamps, Peckshield, and a few others are overbooked, yAcademy riding on Yearn’s success could become a go-to solution to this problem.
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