Overview

yLockers is a category of assets built by Yearn designed to tokenize locked governance positions in external DeFi protocols. This asset type is often called a "Liquid Locker".

To achieve this, Yearn has deployed a system of smart contracts that allows users to permissionlessly max-lock their governance tokens to a central Yearn in exchange for a yLocker token (e.g., yCRV, yPRISMA, etc.) at a rate of 1:1.

The benefit of doing this is to provide the end user with a fully transferrable and liquid token that can still receive a share of governance benefits like yield or voting power depending on the protocol. No longer is there a need to lock up your asset value for up to 4 full years!

⚠️ Important: Liquid locker tokens are not redeemable for the underlying locked tokens. This is not possible. But because they are liquid, they can be traded on decentralized exchanges, and bought and sold at market value.