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The proposal states that the main goal of the development of version 3 is a major upgrade of version 2. The final state of V3 should be a fully decentralized protocol that provides a more secure and reliable infrastructure for distributing capital on the network. This means that vaults can not only place funds across multiple strategies, but strategies can also accept funds from multiple vaults (as well as non-vault sources such as direct deposits from users).
V3 vaults are debt managers who approve debt balancing strategies and users will pay for debt management. In this regard, V3 repositories function exactly like V2 repositories, but with more improvements and flexibility. According to ERC 4626, the strategy interface is instantly standardized across multiple protocols in DeFi. This allows any ERC 4626 compliant protocol to now link to the V3 library without requiring a new implementation or policy code. This drastically reduces the complexity of budgeting and also reduces gas costs.
Regarding the fee structure of V3, since the strategies themselves are now independent of the treasury, fees in V3 will be charged at the meta-vault level, as well as through tokenized strategies. V3 also introduces "protocol fee". Protocol fees are set by the Yearn administration and are calculated as a percentage of the total fees charged for any V3 budget or strategy report.
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