Yearn Finance is a decentralized platform that uses automated smart contracts to help investors maximize their yield through a set of vaults. These vaults use strategies to move funds between protocols and generate higher returns specific crypto investments.
The highly anticipated Version 3 (V3) of the protocol will feature a number of new features and changes, including ramped up security and the ability for users to create their own vaults to earn yield.
While the official V3 rollout is set to take place at the end of the second quarter, audits and internal reviews of the V3 vaults have already been completed. In fact, the protocol is so confident that these vaults will be resilient to exploits that it has invited the crypto community to try and steal the funds inside it.
“If you can take the funds from the v3 Vault and strategy below, they’re yours,” wrote the Yearn Finance team on Twitter.
We've even opened up almost all permissioned functions on the vault. See, we really do want you to rug us anon. Blz.
— yearn (@yearnfi) July 25, 2023
Included in the open challenge posted to Twitter was a link to the V3 Vault, which contained $6,000 worth of ysDAI. Yearn also shared a link to the V3 Vault specifications and tokenized strategies that can be viewed on GitHub.
Earlier this year, hackers were able to steal millions of dollars by exploiting a misconfigured yUSDT contract on an early version of Yearn that was deprecated in 2020. At the time, the Yearn team said that the exploit did not impact the project’s current contracts or protocols.
Yearn Finance is the largest DeFi yield aggregator today with over $431 million in Total Value Locked (TVL), data from DeFiLlama shows. However, the protocol’s TVL is a far cry from its peak ahead of $6.9 billion in December 2021.