Yam Weekly Brief - #1
A weekly recap of the most recent developments at YAM DAO
v2 to v3 migration deadline has been set to 15 Feb. Migrate your tokens now on yam.finance
YAM DAO places 1,193 $uGAS-FEB21 and 70 $ETH into the corresponding Uniswap pool. These funds come from the DAO’s treasury
YAM DAO releases uGAS infographic in collaboration with Defi_Dad and APY.Vision
Audit scheduled for next week
Testing of the UI (internal alpha) is done. Additional reviews and updates expected over the coming weeks
Treasury & YAM DAO Set (YDS)
Parts of YAM treasury deployed towards uGAS minting and LPing to earn $UMA rewards and trading fees
YDS UI & contracts have been set up. Proceeding to testing phase
Multi-signature Guardian; Funding of development sprints; Distribution of future $UMA rewards for uGAS; UIMP for $YAM as stablecoin collateral
Ongoing forum discussion to update the governance process
No ongoing snapshot or on-chain votes. Works is under way to put new proposals online in the next days
Marketing & Branding
uGAS logo design contest is in full swing. Receive up to $500 for your winning design idea. Submit your idea here. Contest ends: 31 January
More educational materials and videos about uGAS & degenerative.finance are in the works and will launch soon
2021 roadmap focus
Spotlight on Degenerative.Finance and future growth
Zapper displays $YAM/$ETH LP units
YAM DAO’s co-founder Trent on the Epicenter podcast
$YAM v2 token migration
YAM DAO has set the final deadline for v2 to v3 migration to 15 February 2021, 00:00 UTC . After this time, all outstanding v2 will not be eligible for migration into v3 token anymore.
$YAM v2 tokenholders can easily migrate their token on the yam.finance website at a ratio of v2 = 2.5x v3.
The existence of two separate versions of the $YAM token are confusing. A simple ticker search on CoinGecko and CoinMarketCap display different search results. CoinMarketCap even lists the deprecated v1 version of $YAM. CoinGecko displays $YAM v3 as $YAM which makes it even more complicated for newcomers.
Whilst the specific reasons for this divergence are unclear, the deprecation of v2 should once and for all stop any investor confusion about which $YAM token to buy.
The YAM DAO team is in contact with all major token data aggregator and portals to inform about the v2 deprecation. Whilst this process is underway from our side, the YAM DAO has no control over these aggregators’ response time. We will proactively follow up and also encourage the community to support the DAO by flagging outdated v2 listings.
uGAS is the inaugural product by YAM’s degenerative.finance. To further bootstrap liquidity for uGAS, YAM DAO tokeholders have voted to deploy part of the treasury funds to the $uGAS-FEB21/$ETH Uniswap pool.
More specifically, the below transaction has been executed:
In order to support the scaling of the uGAS futures products, YAM DAO has teamed up with APY.Vision and DeFi Dad to release an exhaustive infographic about the mechanics on Ethereum gas prices and how uGAS can be utilized to generate gas price savings. The below graphic is just a snippet and we would encourage all readers to look at the entire blog post.
An updated version of the uGAS UI has launched as part of the degenerative.finance website rollout. This is undergoing constant review and upgrades. We would appreciate if you shared any website feedback in this google form
The audit is scheduled to start next week. UI testing of the internal alpha has been completed. Preparation of Umbrella-launch is ongoing.
Treasury & YAM DAO Set (YDS)
The YAM Treasury has deployed parts of its $ETH-holdings towards minting uGAS, and becoming an LP. These activities created liquidity for uGAS and generated $UMA rewards that flow to the Treasury.
Works on the YDS UI & contracts have been completed. YAM Blockchain Developer Nate will be coordinating with Core Strategist Krugman25 to conduct further testing.
Highlights from the weekly governance call
Multi-sig Guardian: This has been approved through a snapshot vote and the on-chain voting proposal will go live in the coming days.
The Guardians have veto power to protect the YAM protocol against malicious on-chain voting proposals. There are five Guardians - all of which have been longtime contributors to the DAO - and three out of these five Guardians need to vote on-chain for the veto to become active.
Proposal to increase expense fund for development sprints: YAM DAO requires more developer resources - in particular front-end and blockchain devs - to build out the various products. In order not to be slowed down by the governance process, the community is contemplating to allocate $5,000/month towards development sprints. This also allows developers & YAM DAO to get to know each other during smaller “gigs” before proceeding to more formal engagements. There is also the possibility to supplement this fund with additional $YAM (would come from the YAM Contributor reserve).
UMA rewards for uGAS: The team is currently preparing a snapshot vote to set the UMA rewards distribution for $uGAS-FEB21 and $uGAS-Mar21. The idea is to allocate 75% of all rewards to the FEB21-contract with the remaining 25% earmarked for the MAR-21 contract. Please watch out for the snapshot vote.
Preparing an UIMP: $YAM as stablecoin collateral. Contributing strategist Ross is exploring options to get the $YAM token qualified as a collateral token on the UMA protocol. This would allow $YAM tokenholders to deposit their tokens into a smart contract and borrow a USD-stablecoin in return.
Snapshot and on-chain votes
There are currently no active votes happening. For an up-to-date overview, click here.
Important forum discussions
The community has been extensively discussing an updated governance process over the last weeks: Contributing Strategist Ross posted his most recent Governance Process on the YAM Forum.
Elements of this discussion (eg quorum requirements, snapshot voting and signalling) will be turned into Snapshot votes in the next days.
Marketing & Branding
uGAS logo design contest
YAM DAO is all about community and thus it’s only logical to invite community members to create and vote on the new uGAS logo. We are looking for a logo that is modern with a splash of boldness and pop. The uGAS logo design contest has officially launched on 14 Jan and runs until 31 Jan.
YAM DAO offers attractive prizes for the Top 5 submissions:
🥇 $500 in YAM
🥈$200 in YAM
🥉 $100 in YAM
Spots #4 & #5: $100 in YAM, each
All designs must be submitted in this Forum Thread.
uGAS & degenerative.finance
There is a continued focus to produce educational graphics and resources to outline how to earn $UMA rewards through minting/LPing by using $ETH. YAM Core Contributor Bruce is working on graphics to tie the message together.
YAM Branding Guru Kris updated the community that new explainer videos will launch on YouTube and on degenerative.finance over the next days.
2021 Roadmap focus
Degenerative Finance is Yam’s suite of DeFi synthetics built in collaboration with the UMA Project, beginning with uGAS futures. This is an exciting product class with speculative and hedging use cases currently unserved by any existing DeFi platform. Additionally, the UMA Project supplies developer mining rewards for those building on their infrastructure, allowing Yam to immediately begin monetizing this product line.
In 2021, Yam plans to expand on the number and diversity of synthetics available through the Degenerative Finance platform. Synthetics currently in discussion range from tracking the volume of BTC to straddles against impermanent loss. The next steps for Degenerative Finance will be to improve the user interface for uGAS, begin concepting and developing additional synthetics, and build out the Degenerative product line.
Yam is actively looking for developers interested in collaborating to build amazing degenerative synthetics with us.
Zapper.fi displays $YAM/$ETH SushiSwap LP tokens
You can now track your $YAM/$ETH SLPs and rewards on Zapper. Portfolio tracking tools like Zapper are very responsive to community feedback. If your favorite tool does not show the correct $YAM, misses rewards or your LP tokens, just let them know.
YAM DAO’s co-founder Trent Elmore went on-air with Epicenter podcast
You can listen to the episode right here. Just keep in mind: The most recent developments of YAM DAO happened after the recording and are thus not covered by the conversation.
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