As we are experimenting with the format of the Weekly Brief, we kept the content condensed this week. If you require more information, reach out to us in the YAM Discord.
YAM Weekly Brief is also available in Chinese. 如需订阅中文版「Yam每周速览」,请点击此处
Overview
YAM DAO is growing & hiring
Welcome Jason (Developer), Jeremy (Marketing, Writing) and Indigo (Developer) to the YAM FAM of part/full-time contributors
YAM DAO is growing and we want to get to know you. Head over to the YAM Discord. We’d love to chat!
Last Call: $YAM v2 token migration
v2 to v3 migration deadline has been set to 15 Feb. Migrate your tokens now on yam.finance
Governance
YIP 42 and 43 passed to mint uSTONKS on Degenerative and Increase UMA Rewards to Liquidity Miners (who mint & LP)
Off-chain snapshot votes are up for multiple contributors
On-chain votes are live, including the key proposal of a $1 million investment into DAO House by YAM DAO
Degenerative Finance
New synths- uSTONKS, uVOL and uIL. Check the full tweet & write-up on uSTONKS
YAM as collateral
Website revamp to v2
DAO House/Treasury
Coinshares CGI Gold Purchase for YAM House
DAO House strategy to use CGI in order to mitigate risk and reduce volatility
YAM Treasury Progress
Umbrella
Audit still ongoing with Peckshield
Marketing & Branding
Degenerative User Guides and How-to Videos to be published soon
uGAS Logo Competition
Delphi Digital publishes research article on YAM
2021 roadmap focus
Spotlight on Umbrella
YAM DAO is growing and hiring
YAM DAO is excited to welcome Jason, Jeremy & Indigo to the YAM Fam who will contribute to the YAM project in Development, Marketing and other areas.
Jason has a plethora of experience in web development. He’s worked with blockchain projects in the past. Jason looks forward to helping update the YAM website. He’s particularly interested the DAO House arm of YAM.
Jeremy has been a YAM community member from the start. He has experience in writing and marketing for a number of crypto projects. Jeremy looks forward to contributing his part to make YAM a top project in the DeFi space.
Indigo has been Software Engineer for 4 to 5 years. He’s done simulations in C++ and back end development on the web side. Indigo has been in crypto since 2015 and has since learned Solidity. He started learning about DeFi around August/September 2020 and recently applied to contribute on the YAM team. Indigo is particularly excited about Degenerative and Umbrella and hopeful for the future.
If you are a developer, UX designer, strategist, marketing/brand guru with an interest in DeFi, blockchain and Web3, we would love to get to know you! Head over to the Discord and introduce yourself.
Governance
A couple YIPs were passed via Snapshot off-chain voting. The first to get passed was YIP 42- Should Degenerative List uSTONKS. The community voted to incorporate uSTONKS, a new UMA synthetic to the Degenerative suite of synths. The second YIP to be passed was YIP 43- 80% dApp Rewards to Liquidity Miners. This YIP was written up by team member nonstopTheo. The YIP will increase the rewards APR to Liquidity Miners by a factor of 1.6x into the 80%+ range.
It’s a busy week in YAM Snapshot land with six active Contributor proposals. nonstopTheo, Sybilqueen, Indigo, Ronin (update), Jeremy and Jason are all up for a vote. Please review all the contributors qualifications on each of their respective snapshot pages. Lastly there’s a YAM House purchase of an index up for vote that will be discussed in the DAO House section.
New proposals up for vote on Yam On-Chain Governance include funding YAM DAO set with $1 million, moving ETH liquidity from February to March uGAS contracts, Distribution of UMA Rewards and passing the YAM Guardian Multi-Sig and YAM expense fund.
Degenerative Finance
YAM and UMA are continuing to collaborate with new up and coming speculative synths. Degenerative Finance introduces three new syths: uSTONKS, uVOL and uIL
uSTONKS is a UMA syth that tracks the value of the 10 most popular stocks on popular subreddit Wallstreet Bets. Check out the medium article covering the new synth in detail. uVOL is a synthetic asset which follows the volatility of Bitcoin. UMA wrote a medium post on the synth followed up by a YAM Twitter thread. Look out for more details on uVOL in an upcoming YAM Medium post. uIL is a synth that will be used in coordination with YAM’s friends at APY.Vision. uIL tracks impermanent loss in LP’s.
YAM Team member Ross has been working behind the scenes to establish YAM as collateral to mint synths on UMA. The UMA team approved to use YAM as collateral on a Governance Call last Monday. UMA is expected to pass a vote on 2/12/21, officially cementing YAM as collateral on UMA. The YAM/ETH LP token will also go through the same process to be used as collateral to mint synths on UMA.
The Degenerative Finance website will be transitioning into version 2 soon. New features such as APY calculators and other tools will allow the user experience to flourish. Come try Degenerative today with the easy to use guide.
Lastly, the treasury's liquidity for UMA mining has been moved from uGAS-FEB to uGAS-MAR, and the first batch of UMA rewards have been paid out.
DAO House/Treasury
Team member Feddas crafted a snapshot proposal to purchase Coinshares Crypto and Gold Index (CGI) for the YAM Treasury. This index basket consists of Bitcoin, Ethereum and Gold. Coinshares is the largest digital asset manager in Europe, similar to a Greyscale.
Investing in an index such as CGI allows to gain exposure to the top crypto assets in the market (BTC, ETH) while reducing the volatility with a position in Gold. Feddas explained that CGI is built for the masses and can become very popular. This index fund could be a core investment strategy once YAM’s DAO Treasury Management services commence with DAO House.
YAM Treasury’s value has elevated to $6.28 million. Investments such as Ethereum, Defi Pulse Index (DPI) and farming gains of SUSHI and INDEX have done considerably well in this bull market. YAM will continue to make strategic investments and yield farm to continue building up the Treasury.
Umbrella
Umbrella Protocol is still undergoing an Audit by Peckshield. Once complete it will start its initial roll-out. Customizable insurance meta pools without the need of KYC will differentiate Umbrella in the DeFi Insurance market. YAM is very excited to market and promote this new innovative product once it’s all set.
Marketing & Branding
This week a Degenerative User guide was crafted with step by step instructions on how to Mint/LP, short/long uGAS derivatives. How-to videos on how to use the Degenerative Finance platform will be coming soon.
The uGAS logo competition is still ongoing. There will be some internal team voting then will move to a final community vote to determine the best uGAS logo designs for YAM.
Team member nonstopTheo brought up the importance of Delphi Digital highlighting the YAM project recently. He’s encouraged that the investment community is taking notice of YAM and its many positive developments.
2021 Roadmap focus
The below article is an extract from the 2021 roadmap document published on the YAM DAO blog.
Umbrella
Umbrella is Yam Finance’s DeFi protection protocol allowing users to obtain protection against bugs, hacks, and other malicious events in exchange for premiums. The protocol also allows users to earn a return for providing protection through the protocol. It features permissionless metapool creation and protection on any DeFi protocol.
The alpha version of Umbrella has launched for testing with the initial test pool limited to $1000 deposited value. The next step for Umbrella is an audit by Peckshield scheduled for mid-January with continued internal, capped deposit testing. Additionally, the Yam team will begin designing and building the product interface for the beta product launch following the audit.
Discussions are ongoing about two important Umbrella subjects:
1) What arbitration criteria will Umbrella use to validate claims?
2) Does Umbrella require its own subDAO token for governance and does having one bring more value to the Yam Ecosystem?
Those interested in participating in these discussions are highly encouraged to visit the Umbrella channel on the Yam Finance discord or visit the Yam’s governance forum.