How To Participate in a yVault
This visual guide will walk you through every step in depositing funds in a yVault.
Prerequisites
You must have the yVault's underlying token. For DAI yVault, you must have DAI.
You must use a supported wallet, either Metamask, Trustwallet, Trezor, or Torus.
Walkthrough
1. Go to Vaults page and click on “Connect your wallet”
2. Choose your favorite wallet
3. Enter your password and click “Unlock”
4. Choose which Vault you want to deposit into, for example, the DAI Vault
5. Enter the amount of DAI that you want to deposit
6. Click “Deposit”
Click on 25%, 50%, 75% or 100% to deposit the corresponding proportion of your wallet into the Vault.
Or click “Deposit All” if you would like to deposit 100% of the chosen digital asset from your wallet into the Vault. :::info Please note before you make a deposit that there is a 0.5% withdrawal fee. The longer you leave the deposit to earn returns in the Vault, the more likely your returns will exceed the withdrawal fee. :::
7. Approve yearn.finance to spend your DAI token (first time only) and then click “Confirm” again to approve the deposit
You need to pay a transaction fee in Ether (ETH) to approve yearn.finance to spend your DAI.
Make sure there is enough ETH in your wallet.
8. Receive your yToken (in this case it would be yDAI)
The yDAI you receive is your share of the DAI Vault. The amount of yDAI in your wallet will remain constant over time but the value of it will increase as the DAI Vault earns returns.
The amount of yDAI you receive will be less than 1 per DAI you deposited because yDAI is worth more than 1 DAI.
For example, at block number 10611372 yDAI was equal to 1.044 DAI. Therefore had you deposited 100 DAI, you would have received 95.78 yDAI (100 / 1.044).
9. Track your earnings
Yearn Party shows an approximate running total for how much you have earned in the Vault.
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