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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!
Governance
YIP-52: uGAS Logo Contest - Final Voting Round
YIP-53: Keep V2 Migration Smart Contract Function Available
YIP-54: Treasury providing liquidity for uSTONKs and additional $YAM rewards for uSTONKs and uGAS
YIP-54 is a part of a trial to introduce $YAM-rewards for Degenerative.Finance
Treasury
Treasury of ~$5.9m plus ~$1m in locked $SUSHI rewards, and growing
Degenerative Finance
Expected launch date for v2 Website set for April
Product and rewards updates for uSTONKS, uGAS, uVOL-BTC and APY.Vision IL synth
$YAM is now approved as collateral on UMA to mint synths
DAO House
YAM DAO House live on tokensets.com
Spotlight on YAM DAO House’s first Portfolio Manager: @Krugman25
Business development for DAO House has started: Pitching the solution to other DAOs
Umbrella
Ongoing product, UI and protocol developments
Marketing & Branding
Marketing team working on DAO House Materials
Data dashboards & NFTs
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
YIP52- uGAS logo submissions snapshot is live. The top 16 submissions are present on the snapshot. There are prizes that go to the top 5 logo submissions. No gas is needed on Snapshot voting.
YIP53- Keep v2 migration function is open on Snapshot. 0.7% v2 YAM are still outstanding: Keeping the migration function open makes sure nobody is left behind. Gas costs most likely outweigh the benefit of migrating for many and thus this is a gesture of goodwill with minimal dilutive impact on $YAM. Community members support this idea to help v2-holders to migrate.
YIP-54-This snapshot proposal is about providing liquidity for uSTONKS using USDC as collateral for the synth. uSTONKS and uGAS-JUN21 will receive special rewards allocations from both UMA and YAM for the first three weeks. These rewards are supposed to bring in new investors to mint & LP synthetics. The YAM team is closely monitoring the adoption in order to define a more permanent incentive mechanism.
Treasury
The treasury is a centerpiece of YAM DAO and thus we are thinking hard on how to make the most out of it. YAM has been generating additional income on top of the underlying assets, such as being an LP in the DPI/ETH pool that has been earning $INDEX rewards.
YAM has also generated substantial amounts of $SUSHI, some of which are still locked. YAM continues earning $UMA rewards from the developer mining campaign that has been at the core of degenerative.finance.
The Treasury holds ~$5.9 million, not including the locked SUSHI rewards worth ~$1 million.
Degenerative.Finance
A new and easily scalable website for Degenerative.Finance is in production. We have taken in community feedback for the current UI and are laser-focused to deliver a top-notch user experience to make degenerative.finance the home of UMA synthetics. Look out for the new makeover scheduled for April.
More rewards are coming to those who mint and LP synthetics on Degenerative. There will be a 3 week trial of $YAM rewards distribution. The YAM team will monitor how it supports our TVL growth. The goal is to build the best rewards structure and the best synthetics market in DeFi. YAM is looking to eventually create a revenue model that will be sustainable in the long term.
uSTONKS will launch on March 8th. This synthetic will receive special rewards for minting+LPing (keep in mind , users have to do both to qualify):
Week 1: 5,000 $YAM and 5,000 $UMA
Week 2 & 3: 10,000 $YAM and 10,000 $UMA
APYs during this 3-week campaign will be somewhere between 400% and 1,000%+ , depending on the token prices.
uGAS will move into a quarterly contract from the current monthly format. The longer contract will make uGAS more efficient and easier to use. 5,000 YAM rewards will be distributed during week 1. Week 2 and week 3 will have 10,000 YAM given out each week. These $YAM rewards are on top of the developer mining $UMA rewards. March 8th will be the date when you can mint and LP the June 21st uGAS contract.
uVOL-BTC is a synthetic that tracks the volatility of BTC. We plan to educated the DeFi community with a series of Medium articles that will be published over the coming days and weeks. Volatility products on the Ethereum mainnet are a huge innovation with fantastic potential.
APY.Vision is building an Impermanent Loss synth. YAM will be working closely with APY.Vision to market uIL and list on Degenerative.
$YAM is now available for everyone as collateral to mint UMA synths. In the future $YAM could be used as collateral to mint a stable coin. YAM Team member Ross is working on getting YAM/ETH Sushiswap LP tokens as collateral as well.
DAO House
YAM DAO House is live on tokensets.com. Check it out if you have not: You can see in real-time how the treasury is allocated and performing. Keep in mind that YAM DAO House only represents a portion of the full YAM treasury (~$1m)
YAM DAO House is incredibly lucky to have Krugman as the portfolio manager. His previous track record as the manager of Moonshot Capital (ran on TokenSet) is more than impressive and earned him top-notch ratings.
Moonshot Capital TokenSet rankings
#1 Set for USD performance @ 1,156%
#1 Set for BTC Performance @ 114.5%
#1 in total set holders @ 926
#2 in TVL @ $2,012,000
#2 Set for ETH performance @ 36.1%
Krugman has a professional background as a full stack software developer by education and he is a trader/investor by training. His experience covers Forex, futures, options, options on futures, equities and crypto.
It is now time to make DAO House accessible to other DAOs. The processes have been tested internally and we have a high-performing PM on stand-by. DAO House offers an off-the-shelf solution to any DAO to put their treasury management into professional hands.
In this context, we are currently talking with the Sushi community: The Sushi Treasury owns $280 million in SUSHI tokens, but no stablecoins, ETH or BTC. We are preparing a sushiHouse proposal that shall go live on the Sushi Forum after the weekend. Onboarding the Sushi DAO as a first client would be a major win for DAO House and YAM. Compensation structures are part of the discussion. Initial proposal suggest that Sushi spends a percentage amount of the sushiHouse AUM on $YAM token (as setup fee), plus a yearly management fee.
DAO House also presents a first step of YAM towards showing a revenue model for the DAO: Treasury management is a huge market in Web3 that’s yet to be tapped into. This is only the first step. If you are involved in a DAO , please reach out to us. We are incredibly excited to show what DAO House can do for any DAO across DeFi, Web3, Blockchain Gaming, etc.
Umbrella
YAM is continuing work on the UI, product and protocol design. The project team has expanded to cover all bases. We are also looking to leverage synergies within YAM: Insurance products for UMA synths are a great start as we could cross-sell policies to users of Degenerative.Finance.
Marketing & Branding
The YAM Marketing team is actively crafting materials to spread the word around uGAS and uSTONKS, especially with these higher rewards.
We also continue work on data dashboards such as DUNE Analytics. This initiative is led by a community member. If you want to help or have ideas, jump into the Discord. The new Quarterly synths should also facilitate the onboarding process into DeFi dashboards, aggregators and product lists. Previously, these synths needed to be updated on a monthly basis which seemed impossible for the teams running these websites.
YAM House and DAO House medium articles will be coming out. New updates for the YAM website are underway, but most likely will go live after Degenerative and Umbrella UIs have been released. The Quarterly eZine is the works that will highlight the YAM project and it’s future.
Degenerative.Finance docs have been extended by easy-to-follow step by step guides. YAM also is looking into the NFT space in order to enhance YAMs Marketing and Outreach efforts.