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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-55: Full-time Position: Jim (aka Designer)
YIP-56: Full-time position: indigo
Contributor Request for Compensation: Blokku
Upcoming On Chain Voting Proposals - UMA Reward Distribution and Liquidity
Treasury
Treasury of ~$6m 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
$YAM is now approved as collateral on UMA to mint synths
DAO House
YAM DAO House live on tokensets.com
Building “Houses” for other DAOs
Umbrella
Ongoing product, UI and protocol developments
Marketing & Branding
Marketing team working on DAO House Materials
uSTONKS Launch
uGAS Logo Contest Results and DeFi Socks contest
uGAS and uSTONKS CoinGecko listing soon
YAM DAO is Growing and Hiring
Anyone with community management please reach out! UI Design and Marketing Graphics design skills are needed as well. Please don’t hesitate to contact YAM team members in Discord in order to inquire about opportunities.
YAM is in discussions with people to help out in Marketing and Branding: James is looking to help with his skills in distribution and acquisition with media channels. Community member Tom would like to bring his high level brand management skills to YAM.
Governance
The weekly Governance Call was held on Thursday, March 4th at 2pm EST time.
YIP55- Jim (aka Designer), longtime YAM team member, is proposing to join YAM as a full time contributor. He is an incredibly dedicated team member and involved across all YAM projects. He crafted YAM’s brand pillars and mission statements.
YIP56- New snapshot for new team member Indigo, specifically working on the Degenerative v2 website. Wireframes are a huge upgrade with painpoints solved
Blokku is another team member who is proposing to receive a compensation for contributions. He is focusing on the new degenerative.finance UI and website workstreams, both of which are high priority tasks.
Please vote for all the YAM Contributors on Snapshot.
Upcoming On-Chain voting will consist up UMA Rewards Distribution / uGas liquidity migration to the uGasJun21 contract. uSTONKS liquidity provisioning will be coming to an on-chain vote as well. Vote with your YAM on the YAM Governance page.
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 amounts to ~$6 million, slightly up from $5.9 million (not including locked SUSHI rewards).
Degenerative.Finance
YAM Developers Blokku and Indigo working on the new website on a daily basis. The goal of the website is to be the “home of UMA synthetics”. The site will offer a much easier user experience and will include a streamlined position/collateral management interface.
A snapshot passed last week that included more rewards for uSTONKS minters. There will be a 3 week trial of $YAM rewards distribution. The YAM team will monitor how it supports TVL growth.
This is phase 1 of an upgraded rewards program to drive more traffic to the synth contracts on Degenerative.Finance. YAM will be considering more rewards after the 3 week trial.
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). These UMA rewards are on top of the usual UMA rewards from the developer mining program:
Weekly rewards - Week 1: 5,000 $YAM and 5,000 $UMA
Weekly rewards - Week 2 & 3: 10,000 $YAM and 10,000 $UMA
This spreadsheet simulates APRs at various levels of TVL & token prices: Week 2 rewards equate to 1,035% APR at TVL of $1m ($4 YAM, $22 UMA).
uGAS will move into a quarterly contract from the current monthly format. The longer contract will make uGAS more efficient and easier to use. March 8th will be the date when you can mint and LP the uGAS contract that expires on the last day of June.
Interested readers can look up this spreadsheet to simulate APRs: Week 2 rewards are projected to deliver an APR of 332% at TVL of $1m ($4 YAM, $22 UMA).
Team member Ross did the legwork to make YAM available as collateral on UMA’s platform to mint synthetics. Staking YAM in order to mint synthetic dollars is an ongoing idea. The idea is that eventually the YAM/ETH LP pair also qualifies as collateral.
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 is in the midst of presenting a sushiHOUSE proposal and SUSHI has a lot of interest. The SUSHI project has almost $280 million of SUSHI in their Treasury. sushiHouse will properly diversify their assets away from just their own token. DAO House will help SUSHI minimize risk for their treasury. YAM has a great proposal to give to SUSHI in order to solidify sushiHOUSE. YAM has quite a few more DAO’s that could be interested in YAM’s Treasury Management solution. YAM needs tools and manpower in order to analyze other DAO’s Treasuries. Please reach out to the team to inquire about opportunities.
Team member Hodl Down made the point that YAM could carve the niche of becoming the VC of DAO’s. YAM can facilitate swaps between treasuries. He stated that there’s lots of opportunity that’s completely untapped. DAO House is very much a communal mechanism to get DAO’s to work with each others Treasuries and help the ecosystem as a whole. YAM Team member Feddas then added that coders, developers, product and technical people are in crypto, but not many wealth managers. The need for DAO House arose from YAM’s in-house requirement to manage the treasury as good as possible. DAO House assets are never outside of a DAO’s custody and offer the best-in-class set up to manage a DAO’s treasury that can last through a bear market.
Umbrella
YAM Team member nonstopTheo mentioned the Peckshield Audit report was submitted to Umbrella GitHub. Contracts are going to be deployed in the next few days and connect to the Umbrella UI. Umbrella will be starting with one pool to bootstrap underwriting capacity. This will most likely be an UMA synth metapool that protects against smart contract risk.
Marketing materials and documentation will be prepared this month in order to bring Umbrella to the market.
Marketing & Branding
The YAM Marketing arm is kicking off the uSTONKS campaign with a bang. Key points will be to promote the high APR with extra UMA and YAM rewards. Documentation will be created in order to make uSTONKS easy to use and interact with. Bonus rewards will be announced for early Mint and LPers, stay tuned,
A new DAO House tweet thread was posted today. The Marketing team will try and promote and market DAO Houses customized Treasury Management solutions to DAOs.
uGAS logo contest has been completed and @AsianDefiGirl took the grand prize. Congratulations! A New DeFi Socks giveaway contest will be starting soon with each pair of DeFI Socks worth about 1 ETH. Tweet about Degenerative synths like uGAS, uSTONKS or DAO House and be entered to win a pair of DeFI socks!
A Dune Analytics dashboard has been built by a YAM Community member which is delivering great data-driven insights. uSTONKS and uGAS pools are being deployed and addresses are being submitted to CoinGecko for inclusion/listing.