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
YAM DAO is growing and we want to get to know you. Head over to the YAM Discord. We’d love to chat!
Governance
On Chain Voting Proposals - UMA Reward Distribution and Liquidity
KPI Options Airdrops for YAM Governance Voters
Treasury
Treasury of ~$6.8m plus ~$1m in locked $SUSHI rewards, and growing
Treasury Update
Degenerative Finance
Collateral/TVL Update
Degenerative Finance v2 Website Development
New NFT reward for Mint/LPers
uGAS June ‘21 Update and New Synths
$YAM as Collateral for Future Synths
DAO House
sushiHOUSE Update
Building “Houses” for other DAOs
Umbrella
Ongoing product, UI and protocol developments
Potential L2 Adoption
Insurance-As-A-Service
Marketing & Branding
uSTONKS Launch
DeFi Socks contest
Umbrella Marketing Strategy
DAO House Design
Community AMA
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.
New and existing YAM Community members introduced themselves on the most recent YAM Governance call.
Jon O, who has experience in Asset Management/Wealth Management, is excited to contribute to DAO House operations. James has a background in Film and Marketing. He likes to create videos and excited to learn more about YAM. Tom is looking forward to helping out in Branding/Marketing for YAM. John has been following YAM since it’s inception. He is in Software Development and looking forward to potentially contributing to YAM.
Governance
The weekly Governance Call was held on Thursday, March 11th at 2pm EST time.
There are no Current Governance votes at this time. All Snapshot votes only require a signature with no gas needed with YAM in your wallet.
There will be upcoming On Chain Voting Proposals with recent Snapshots already passed. This proposal will include moving liquidity from uGAS March to uGAS June and uSTONKS liquidity provisioning.
YAM Governance participants now qualify for new airdrops from UMA called KPI Options. Learn more about the air drop on the UMA Medium post.
Treasury
In the past week there’s been a 10% bump in Treasury from $6 to 6.8 million. YAM is continuing to utilize the assets in the Treasury to generate yield.
Please refer to the all of YAM’s Treasury assets on the Dashboard section of the main website. A Treasury update will be presented to the community in the next few weeks.
Degenerative Finance
nonstopTheo presented the Total Value Locked (TVL) of the various Degenerative synthetic assets. uSTONKS (3.3 million TVL) and uGAS June (.7 million TVL), significant improvement to previous TVL. Marketing campaign has attracted more investors. All users should check their collateralization ratio a few times a day to make sure you don’t get liquidated.
YAM and UMA rewards will double in the next couple of weeks in hopes to grow TVL more. The more synths that get minted the more UMA rewards are distributed to participants.
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. Indigo spoke on progress being made on the new Degenerative website. He explained that the Display components done by Blockku has a really nice design. Indigo is working on Logic, which better testing framework to move faster in the future. He foresees a Mid to late April Launch of Degenerative v2.
YAM will be releasing a Limited Release NFT airdrop. Only 100 of these NFTs will be minted including rare ones. Participants can get this NFT by minting and LPing uSTONKS. Eligible users need $10k worth of USDC in collateral to mint uSTONKS. The first 100 users to do this task will earn the NFT. Already 75 people qualify for the NFT so hurry up to qualify for the remaining ones. The NFT could have utility on the Degenerative platform in the future.
uGAS June ‘21. End of June will track the last 30 day median gas average. Currently if you mint/LP you get 163% APR with ETH as collateral with additional YAM and UMA rewards. Mint/LPing is net neutral action that that is utilized to earn liquidity rewards. 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).
uGAS March is trading at a 20% discount to the 30 day median gas price. uGAS February has already expired and can settle at anytime.
uVOL-BTC will launch on Degen v2 with u-IL (Impermanent Loss) launching sometime after v2 Launch.
The YAM token was officially sworn in as a collateral asset for UMA. There are ideas to utilize YAM as a collateral asset for a stable coin or other synthetic assets down the road.
DAO House
sushiHOUSE proposal is up on the Sushi Forum. Getting a lot of great responses from the community. Feddas and nonstopTheo joined the SUshi Forum podcast to explain DAO House and how it can help SUSHI and other DAO’s treasuries. Current idea would be a $10 million investment from their treasury with a 3% investment in YAM tokens. They have the option to use their own Portfolio Manager. This is just a starting investment from a $280+ million treasury. The goal is to invest up to a third of the treasury into sushiHOUSE. More DAOS and their Treasuries can be managed acorss the board with more YAM being bought and locked up in their respective Token Set.
YAM will receive a 1% Management fee for managing the Token Sets. Part of that 1% will go to the Portfolio Manager Krugman and part to the YAM Treasury. YAM is discussin different houses with different DAOs, stay tuned!
Synergies in DAO House is a big value add to the greater DeFi communities. YAM is looking to take advantage of the collaborative nature of DeFi. Liaising directly with other DAOs creates organic brand awareness it creates.
Umbrella
YAM Team member nonstopTheo mentioned that Peckshield audited the protocol. Can use the tech framework and processes of Degenerative Finance to Umbrella. UI is being design and discussing brand direction. Working hard on Branding that relates and attracts users.
L2 adoption seems to be a realistic option in order to avoid fees and bootstrap more liquidity. There’s an opportunity to build Insurance products on all sorts of DeFi protocols with various risk levels.
Offer Umbrella as an Insurance as a Service protocol. Projects can bootstrap their own pools, create adoption, traffic, TVL while not having to put YAM tokens or Treasury in the middle of the pot. Give projects their own incentives to their own Insurance pools. This has big potential for a product market fit with these flexible contracts in Umbrella with synergy with DAO House
Marketing & Branding
The YAM Marketing team shined the Spotlight on uSTONKS this week. YAM is trying to Make uSTONKS and synths fun and easy to users. Medium posts, Twitter and Tweets on the launch!
YAM is currently Developing fun future synths in the future in areas such as Crypto art, Metaverse and other unique niche synths! Stay tuned for new synth developments on Degenerative Finance.
DeFi Socks giveaway to the best tweet for DAO House, uGAS or uSTONKS. Tweet away YAM Fam!
YAM wants to make Umbrella stand apart in the DeFI Insurance space. Workshopping Umbrella UI is ongoing in order to make the process as smooth and successful as possible. A marketing plan will be developed as the website is being built. A Target market will be identified to corral users and drive traffic. Marketing team will be focused on these tasks for several weeks going forward.
Community member Helge_S has developed a Dune Analytics Dashboard. Data is available on chain. Data, analytics will be a fixed feature in version 2 of Degenerative Finance. Will be a great one-stop shop on how all the products are performing.
Neat DAO House Icons being created by Marketing Lead Bruce that’s inspired by the iconic Bauhaus movement.
A Community AMA was held for all English and Chinese speaking YAM community members. Check out the recap here for all the details.