The first informal quarterly report has been released by the community and reveals the DeFi protocol’s revenue is dominated by the yUSD vault.

The report, spanning August 20 to October 20, was created by DeFi community members and has not been officially audited by any accounting firms. It states that net income for the three month period was $3.79 million with the majority of that coming from yVault product offerings.

The yUSD vault was responsible for the lion’s share of revenue with 68% of the total. The yETH vault introduced in September generated $545,000 for the period but it was soon suspended to mitigate risk and losses. That vault remains closed to depositors and is earning less than 1%, however Yearn will be relaunching it during the upcoming release of version 2 vaults.

The majority of the revenue from these vaults has been generated from the 0.3% withdrawal fees, the report noted, stating that a new fee structure will soon be implemented.

“However, yVaults will implement a new fee structure – 2% AUM/20% performance fee – for upcoming 2.0 yVaults.”

Earnings on the platform are expected to be considerably higher under this new fee structure.

September saw a surge in revenue as yield farming gathered momentum but it dropped off in October as markets began to contract. Of the net revenue figure, $2.46 million or 65% was paid out to governance stakers.

Gross profit for the period was reported at $4.14 million with the protocol even making a little money from the Uniswap UNI airdrop which netted it $69,000.

The report shows the majority of the platform’s operating expenses totalling $306,000 are administrative salaries and security, with a breakdown of roughly 56% and 27% respectively. Several audits and bug bounties were paid out of the expenses in addition to a number of grants to ecosystem contributors.

Yearn Finance, which has recently absorbed a number of smaller DeFi protocols, stated that it holds a considerable amount of ETH, YFI, and UNI valued at an estimated $581,000 on October 20.

Responses to the report’s posting were largely positive and in support of its transparency.

At the time of writing, Yearn Finance’s native token, YFI, was trading flat over the past 24 hours at $25,300. On the week YFI has lost 17% as crypto markets correct from their recent highs.