Overview
YAM DAO is growing & hiring
Welcome Jason & Sybil to the YAM Fam!
Both Jason & Sybil are developers and will contribute to YAM projects
YAM DAO is growing and we want to get to know you. Head over to the YAM Discord. We’d love to chat!
Reminder: $YAM v2 token migration
v2 to v3 migration deadline has been set to 15 Feb. Migrate your tokens now on yam.finance
As of 28 Jan (8pm UTC), about 285,072 v2 are still outstanding
Degenerative.Finance
YAM DAO and UMA Labs have added liquidity to the uGAS pools on Uniswap: $419k for the FEB21 and $27k for the MAR21 contracts
New product announced: uVOL-BTC which let’s anyone track and trade the volatility of $BTC in a permissionless and transparent way on the Ethereum mainnet. uVOL can be tooled to any other token such as $ETH, DeFi blue-chips and many more
YAM DAO is developing uVOL-BTC jointly with UMA Labs, as part of the ongoing collaboration between both platforms
Umbrella
Audit kicked off this week
YAM DAO Set (YDS)
Trade manager UI has been completed. Production contracts to be deployed this weekend. Development of new capabilities is under way, eg LPing on Uniswap/SushiSwap, farming
Snapshot vote to fund the YDS is ongoing (see governance section)
Treasury
Follow the treasury in real time on this dashboard (also includes YAM DAO’s newly minted uGAS LP positions)
Governance
This week’s governance call agenda can be found here
There are 3 ongoing snapshot votes:
YIP-38: Distribution of UMA rewards for uGas minting and Yam Treasury providing liquidity (Ends 29 Jan, 8pm UTC)
YIP-39: Funding YDS Investment Portfolio with Yam Treasury (Ends 29 Jan, 8pm UTC)
YIP-40: YIP-40 Update Snapshot Requirements (Ends Feb 2, 3am UTC)
The forum discussion to update the governance process continues. Individual parts thereof are being turned into snapshot votes (eg YIP-38)
Marketing & Branding
The uGAS logo design contest concludes this Sunday (31st Jan). This forum post gives an overview of all existing submissions and rules
There will be a community vote in February 2021. Start choosing your favorites. This Twitter thread summarizes all submissions (as of 25 Jan) in a few tweets
More educational content for uGAS is in production, starting with this Twitter thread explaining how to earn 20-30% APR by minting and LPing
Preparing growth initiatives and go-to-market for uGAS and YDS
2021 roadmap focus
Spotlight on Governance & Organization
Miscellaneous
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
YAM DAO needs your help: Please upvote this proposal to add uGAS to Zapper.fi
YAM DAO is growing
YAM DAO is excited to welcome Jason and Sybil to the YAM Fam who will both contribute as developers to YAM projects. Sybil will be spending more time on degenerative.finance which is a key priority given the rapid expansion of uGAS and future product launches.
If you are a developer, UX designer, strategist, marketing/brand guru with an interest in DeFi, blockchain and Web3, we would love to get to know you! Head over to the Discord and introduce yourself.
Reminder: $YAM v2 token migration
As of 28 Jan (8pm UTC) up to 285,072 $Yam v2 are eligible for migration to v3.
You can verify this number yourself:
Look up v2 on Etherscan . The total supply of v2 is 3,726,411 token
Migrated token are sent to the migrator address. The above link filters for tokenholders and displays that 3,441,339 v2 token are held by the migrator
Deduct the migrated token from the total token balance to get the outstanding v2 balance
Implications for the v3 token-count
As of 28 Jan, there are 12.75m Yam v3 token circulating
The 285,072 v2 token convert at a factor of 2.5x to v3 token, equating to 712,680 token.
There are another 12,500 YAM v3 (equivalent to 5,000 BoU) that are minted each week over the next 87 weeks until end-September 2022. These tokens are used for farming incentives, are minted weekly, deposited into the incentivizer and then distributed.
Total YAM v3 token supply is:
Existing v3: 12.75m
v2 to v3 migration: up to 0.71m
Circulating supply: up to 13.46m
To be minted: 1.09m
Total supply: up to 14.55m
Degenerative.Finance
uGAS
YAM DAO and UMA Labs have added liquidity to the uGAS pools on Uniswap: $419k for the FEB21 and $27k for the MAR21 contracts.
Watch out for more informational content for uGAS. We are kicking off with this Twitter thread that explains how to earn 20-30% APR by minting and LPing uGAS.
New product launch: uVOL-BTC
As a follow up to the UMAxYAM collaboration, uLABS introduces a simple token named uVOL to track the volatility of any asset. The YAM DAO will take this idea to mainnet and launch uVOL-BTC, a token that tracks the realized volatility of Bitcoin for a particular month.
This token will be added to Degenerative.Finance’s product portfolio. The uVOL design can be easily applied to other tokens and we anticipate launching uVOL-ETH in the near future.
You can find more details about uVOL in this blog post and in this Twitter thread.
Umbrella
Audit by Peckshield has been started.
YDS
The trade manager UI has been completed and production contracts will be deployed this weekend. In addition, the development of new capabilities is under way, eg LPing on Uniswap/SushiSwap, farming.
The snapshot vote to fund the YDS is ongoing (see governance section).
Treasury
Just a reminder that you can follow the YAM DAO treasury on this dashboard. The treasury balance also includes YAM DAO’s LP positions in uGAS pools.
Governance
Highlights from the weekly governance call
You can review the full agenda of this week’s governance call (28 Jan). Due to technical difficulties we were not able to record the meeting.
Snapshot votes
YIP-38: Distribution of UMA rewards for uGas minting and Yam Treasury providing liquidity (Ends 29 Jan, 8pm UTC)
The community has already approved using the treasury to provide liquidity to uGas: https://snapshot.page/#/yam.eth/proposal/QmWcns71u1c34b6sM6oJy8WoMLYcwz4b16bknTGvFFXH4x. There are four additional decisions that need to be ratified on how best to use UMA rewards and treasury to support uGas and future synthetics.
1. UMA rewards availability for minting uGas and LPing vs only LPing: Yam team believes that rewards for Minting uGas and LPing will provide the highest liquidity for uGas and synths.
2. Since uGas synths expire every month, liquidity needs to be managed to ensure trading of multiple months contracts. How should we allocate UMA rewards for specific month contracts? Yam Team believes that a weighted split of rewards on any particular month is not necessary. All rewards will be distributed to all Mint and LPers on any uGas contract.
3. Yam community has already voted and approved allocating ~$400k worth ETH from the treasury to support uGas by minting and LPing. Which month uGas should we allocate what portion of this liquidity to? Yam team believes it’s best that we allocate 100% of this liquidity to the next month’s contract and roll it over on the 7th of every month. ie. on Feb 7th we will be moving Yam’s liquidity to March uGas contract. By providing all the liquidity on one month, it allows Yam to better manage risks of liquidation. If in the future the market matures, we can consider changing this.
4. Create and deploy a Yam Treasury supported uGas liquidation bot. Yam team believes that we should deploy a liquidation bot to protect, Yam’s position but also the community’s positions.
YIP-39: Funding YDS Investment Portfolio with Yam Treasury (Ends 29 Jan, 8pm UTC)
YDS is ready for testing and full deployment, and this proposal is to determine the amount of yUSD to allocate to YDS.
The investment objective of the YDS is to achieve long term capital appreciation and minimize risk in order to support growth and development of the Yam Ecosystem.
Yam Investment Portfolio will be moving to an active management system through a collaboration with Tokensets. This will allow a more dynamic allocation of assets with better risk handling and analysis without loss of decentralization.
YIP-40: YIP-40 Update Snapshot Requirements (Ends 2 Feb, 3am UTC)
This is a final snapshot vote to determine the YAM voting power that will be required to create future signalling and final snapshots.
The idea is to update the parameters of the governance process to improve efficiency and fairness for all participants. The proposed change is to create two separate types of snapshot votes: Signalling and Final.
Signalling Votes are used to determine support for a proposal and to determine parameters for governance actions. It is proposed that these votes require 2,500 $YAM to be created. There is no quorum requirement on these votes and they can take any form (yes/no, percentage, ranked choice, etc).
Final Votes are used to ratify a proposal using snapshot. They require 10,000 $YAM to be created and must be in a YES/NO format. They have a minimum quorum requirement of 500,000 $YAM voting “Yes” and will pass with >50% of the votes (same as on chain votes).
Important forum discussions
YIP-38 is part of a larger governance review that has been ongoing for the last weeks, led by Ross and the YAM community (see here and here). This discussion is ongoing and the YAM DAO encourages everyone to join in to shape the future of the DAO.
Marketing & Branding
The uGAS logo design contest concludes this Sunday (31st Jan). This forum post gives an overview of all existing submissions and rules. There will be a community vote in February 2021 and thus all Yammers are encouraged to look for favorites as soon as possible.
This Twitter thread summarizes all submissions (as of 25 Jan) in a few tweets.
The YAM team is also working on additional content for the uGAS product, such as tutorials and instructional videos. If you haven’t done yet, check out this infographic by APY.Vision, Defi_Dad and YAM DAO
In terms of growth initiatives and go-to-market, we are preparing marketing materials and kick off discussions with DeFi UIs to integrate Degenerative.Finance products. The same applies to YDS: We are gearing up to pitch the product to other protocols and DAOs.
2021 Roadmap focus
The below article is an extract from the 2021 roadmap document published on the YAM DAO blog.
Governance
Yam Finance achieved two major governance accomplishments over the course of 2020.
The first was the development of a new Governor contract allowing for the decentralized compensation of core and part-time contributors by the Yam Community using the Treasury. This gave the community greater ability to align the core team with the long-term prospects of the project and begin more aggressively recruiting additional developers and team members.
The second was the development of code allowing liquidity providers to participate in Yam Finance governance through the Incentivizer, making sure that no Yammer was disenfranchised by choosing to provide liquidity for the community.
Organization
In the last quarter of 2020, the Yam Community approved and ratified the core Mission Statement and Brand Pillars for Yam Finance so that the whole community could rally together behind a common purpose in the DeFi ecosystem.
Additionally, the community implemented on-chain infrastructure and clarity for contributor compensation, allowing the contributor team to better focus on the needs of the project.
What’s next in 2021
The Yam community has accomplished a great deal in just the first 6 months of its life, and there’s even more in store for Spring 2021!
The job of governing the DAO is never complete! We anticipate that 2021 will require even greater community involvement and governance participation as Yam’s product offerings continue to dramatically expand and build on past accomplishments.
As the Yam ecosystem grows, the development needs of the community will grow as well. We are pleased to share that there are 5 additional developers currently undergoing testing and necessary due diligence checks before beginning work on Yam’s existing and future products. Yam is always on the lookout for skilled and innovative developers to build with us. Any interested parties should join the community in the Yam Discord!
Miscellaneous
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
Help us get a larger profile on Zapper.fi by upvoting this proposal to add uGAS to their interface. The power of the community really helps. Just this week, Zapper added $YAM LP rewards after all of you upvoted the recent proposal.