Overview
YAM DAO is Growing & Hiring
YAM DAO is growing and we want to get to know you. Head over to the YAM Discord. We’d love to chat!
$YAM v2 Token Migration Complete
v2 to v3 migration deadline has passed on February 15th: 99.3% of all token migrated
Governance
Off-chain voting- Contributor Compensation passed and CGI purchase for yamHouse did not get approved
New Off-chain Snapshot votes for uSTONKS
New On-chain votes will soon be posted for New and Existing Contributors
Degenerative Finance
V2 Website in March
New Quarterly Expiration for Synths
Updates on uSTONKS, uVOL-BTC and uIL
UMIP-50 Add Multiple YAM pairs as Price Identifiers on UMA
New Degenerative tools and resources
DAO House/Treasury
YAM House on Token Sets
Feddas speaks on YAM House and potential services to other DAOs with Sushi Forum
Ongoing Business Development
YAM Treasury Progress
Umbrella
Peckshield audit completed
Development Post Alpha continues
Marketing & Branding
uGAS Logo Competition- Public Vote launches today
Degenerative Awareness Campaign- Higher APY for Minting/LPing Synths
Degenerative How-To Campaign: User Guides, Videos
YAM Quarterly Update Magazine
YAM Finance Website Updates
YAM DAO is Growing and Hiring
In the last few weeks, YAM DAO has expanded and grown in a multitude of areas. New contributors in YAM will impact the project in Development, Business and Marketing. If you’d like to volunteer and/or apply to contribute to YAM please head over to the YAM Discord. We’d love to chat!
Governance
Off-chain snapshots passed for new and existing YAM Contributors. New developers include Jason, Indigo and SybilQueen. nonstopTheo, Ronin and Jeremy round out the New/Existing Business Development and Marketing contributors that were passed on Snapshot. YIP-51- YamHouse Purchase of CGI did not meet the proper quorum to pass through Off-chain voting. Coinshares Gold and Crypto Index provides a balanced and less volatile index option for decreased volatility including Gold with crypto.
New Snapshot proposals will be posted soon regarding the new Degenerative synthetic- uSTONKS, the basket of the 10 most popular stocks on WallStreetBets. These proposals will be tailored towards funding liquidity and establishing rewards for uSTONKS.
Soon there will be an on-chain proposals regarding compensation for new and existing YAM DAO contributors. Be sure to make sure your voice is heard!
Degenerative Finance
YAM’s synthetic asset arm, Degenerative Finance, will be undergoing a makeover. YAM will unleash v2 of the Degenerative.Finance website with new UI and easy to use functionality.
Currently with uGAS, there’s a 1 month expiry per contract. After the contract expires, Degenerative users need to withdraw liquidity and mint/LP over and over again after each month ends. A new idea arose to change the Synthetic contracts to quarterly. This will prevent users from experiencing more gas fees and will increase overall liquidity for each synth on Degenerative.
As stated in the Governance section above, rewards need to be determined for the uSTONKS synth. uVOL-BTC, the synthetic that tracks the volatility of Bitcoin, will be deployed at the end of the month. UMA published a medium article detailing the various use cases of uVOL-BTC with the potential to track volatility of other assets such as Ethereum. APY Vision, the platform to track all farming and impermanent loss in DeFi, will be coming out with a uIL synthetic. uIL will track the Impermanent Loss in DeFi. YAM looks forward to hosting IL on the platform in the near future.
YAM Team member Ross has been coordinating with the team at UMA to allow YAM to serve as collateral for minting synths. A handful of YAM pairs will be up for vote on https://vote.umaproject.org to add as price identifiers on UMA. ETH/YAM SLP tokens will also be submitted for use as collateral to mint synths.
Lastly, there will be new tools and resources to tap into on Degenerative Finance. A tool for Personalized Gas Analysis and a User Current Position page will be available for use towards the end of February.
DAO House/Treasury
YAM House is live on Token Sets! Krugman, one of YAM’s Lead Contributors, is leading the management of YAM’s Token set. YAM’s next product will be DAO House which will serve as a Turnkey, fully decentralized, completely transparent, and on-chain treasury management solution.
Feddas, another Lead Contributor for YAM Dao, joined the Sushi Forum podcast last week to discuss YAM House and the new up and coming Treasury Management solution DAO House. Sushiswap is one of many DAO’s that have a Treasury that isn’t being actively managed and/or diversified. The idea is to have YAM manage other DAO’s treasuries while those projects can focus on development and other needs. Each project that has their Treasury managed by YAM and have their own house, i.e. SUSHI House.
Ongoing business development is being made for DAO House. Pitch Decks are being constructed and strategy is being put in place to hit the ground running with this unique Treasury Management arm.
The Treasury has reached a sizeable $6.29 million not including unvested SUSHI rewards. Investments like DPI, ETH have performed very well since purchased and farmed tokens such as INDEX, SUSHI and UMA have also done very well.
Umbrella
Umbrella Protocol’s audit by Peckshield has been concluded. The code base has been updated as per suggestions. Business Development has been steadily increasing as the protocol is nearing completion. Umbrella will be the first customizable, non KYC insurance platform in which you can insure anything. Users could even come up with a meta pool betting on whether there will be a Zombie Apocalypse, anything goes! Marketing and Branding teams are coming up with a game plan to have Umbrella hit the ground running. Look out for the Beta soon.
Marketing & Branding
uGAS Logo Competition votes start today! Check out the uGAS Logo YAM Forum post to find out more information about the contest.
The Marketing arm of YAM have put a lot of time and energy focusing on a Degenerative Awareness campaign. Lots of emphasis has been put on the high APY that can be earned by simply staking ETH as collateral and LPing it on Uniswap. APY has reached 80+% that matches or beats any other return on ETH.
A Degenerative How-To guide has been created by YAM in order to better onboard users. Our team member Kris is also working on videos to show step by step how to use the platform.
A YAM Quarterly magazine will be coming out next month highlighting the past, present and future of the YAM project. Community members will be able to read some in-depth insight about YAM and glimpses of things to come in the future.
Documentation for Degenerative and Yam Finance website updates are expected to be completed soon. The team is working on data dashboards for easy visualization of on-chain data.