As we are experimenting with the format of the Weekly Brief, we kept the content condensed this week. If you require more information, reach out to us in the YAM Discord.
Overview
YAM DAO is growing & hiring
Welcome Indigo (front-end developer) Sybil Queen (back-end developer) and nonstopTheo (business development) to the YAM Fam!
YAM DAO is growing and we want to get to know you. Head over to the YAM Discord. We’d love to chat!
$YAM v2 token migration supported by Huobi Global
v2 to v3 migration deadline has been set to 15 Feb. Migrate your tokens now on yam.finance
Huobi announced to support v3 token; trading begins on 9 Feb
Degenerative.Finance
$uGAS-FEB21 launched with a strong performance. APRs of 55-90% for minting + LPing uGAS token
New product announced: uSTONKS. Requesting the community to vote.
Forum discussion to increase liquidity mining rewards for uGAS
Potential Vault
APY Vision Collab
YDS
A snapshot was passed to allocate $1 million yUSD towards the Yam Dao Set.
New branding and marketing is underway for YDS
Governance
This week’s governance call agenda can be found here
Ongoing snapshot votes:
YIP-42: Should Degenerative.Finance list Synthetic uSTONKS? (Ends 7 Feb, 5pm UTC)
Marketing & Branding
The uGAS logo design contest concluded. All submissions can be found in this forum post
Preparing growth initiatives and go-to-market for uGAS and YDS
Last week YAM launched the “Tyranny Rejected” brand campaign
2021 roadmap focus
Spotlight on YAM DAO Set
Miscellaneous
#Yamborghinis and #Yambros in the Discord #memes-channel
Experienced in NFTs? Get in touch with KW710#7256 in the Discord
YAM DAO is growing
YAM DAO is excited to welcome Indigo, Sybil Queen & nonstopTheo to the YAM Fam who will contribute to YAM projects as a front-end developer and business development, respectively.
Indigo has joined the team as a front end developer. His background is in Systems engineering and development. He’s worked on Simulators and been in crypto since 2015. He just just learned Solidity and thinks the potential of Degenerative is huge!
Sybil Queen has 10 years of backend developer and financial engineering under his belt, including for a FAANG type company. He’s been involved in a variety of DeFi projects the last 2 months, mainly UMA. Sybil Queen is currently working on the uGAS synthetic.
nonstopTheo has experience in the Corporate Finance sector for larger investment banks. He’s been involved in Business development and Crypto/tech startups. Theo loves that YAM is a place to exchange ideas and thoughts and achieve something bigger than the individual.
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.
$YAM v2 token migration supported by HUOBI Global
As of 28 Jan (8pm UTC) up to 285,072 $Yam v2 are eligible for migration to v3.
Huobi Global supports the migration to v3:
Your YAMV2 assets will be swapped to YAM once the migration is completed (you will end up having 2.5 YAM if you migrate 1 YAMV2). Don't forget to deposit YAMV2 to Huobi Global before 10:00 on February 4th, 2021 (UTC+8), and we will handle all migration matters for you. (Source: Official Huobi Global announcement)
Degenerative.Finance
uGAS
$uGAS-FEB21 has launched with a particularly strong performance: Over a 7-day period (as of 3 Feb), $uGAS-FEB21 has returned +45% vs 21% for ETH!
As of the time of writing (4 Feb), the APRs for minting and LPing look as follow:
$uGAS-FEB: ~55%
$uGAS-MAR: ~90%
New products
The uSTONKS token is a synthetic that tracks an index consisting of ten stocks that are most commented on r/wallstreetbets. The ten tickers are chosen ahead of the token launch and are equally weighted in the uSTONKS index. A base date is set where the index is 100 and each stock represents 10 points on the index. The first token to launch will be uSTONKS-MAR21. More information can be found here.
We request a community vote for uSTONKS to get consensus if we are comfortable with potential regulatory risks (see governance section).
Increased liquidity mining rewards to those who mint & LP uGAS token
There is an ongoing forum discussion to increase $UMA rewards to those who mint and LP uGAS tokens. Under the current program, rewards for uGAS are split into:
50% to those who mint and LP
40% dApp mining rewards
10% to the YAM treasury
So far, only degenerative.finance has been used as an interface to mint. Most DeFi dashboards have not generated any traffic and generally speaking do not feature synths minting (yet). Hence, the dApp mining rewards do not help in attracting more TVL to uGAS products. Instead, $UMA token flow into the YAM DAO treasury.
The proposal suggests to redirect a part of these dApp mining $UMA rewards from the YAM DAO treasury to liquidity providers who mint and LP. This way, uGAS token provide significantly higher APRs, attracting inflows to grow TVL and generate more public visibility for degenerative.finance.
Potential Vault
Team member Feddas broke down the possibility of the a Vault for YAM’s suite of synthetic assets on this week’s Governance Call. One issue users have is that contracts expire every month. Currently users need to withdraw and deposit ETH every month for each contract. The vault would take all the ETH deposited by users, bundle it all together and roll it over. Users won’t need to manually roll over each contract and pay the gas fees. The long term goal is to have a vault for each Synthetic.
APY Vision Collab
APY Vision, a dApp for DeFI users to calculate gains from Yield Farming and other services, will be creating an Impermanent Loss synthetic. Degenerative.Finance would host and list the Impermanent Loss synths and share the dApp rewards with APY Vision. Cross-marketing synthetics will be a priority of Degenerative.Finance.
YDS
A snapshot proposal was passed to allocate $1 million yUSD to the YAM Dao set.
Designer (Jim) from Branding/Marketing suggests a new potential name for the YAM Dao set: DAO House. The name bodes well for in-house DAO services. While the Treasury is the main focus of the investment arm of YAM, Governance and Community engagements could be next on the docket in the future.
Governance
Highlights from the weekly governance call
Agenda of this week’s governance call are available now.
Snapshot votes
YIP-42: Should Degenerative.Finance list Synthetic uSTONKS? (Ends 7 Feb, 5pm UTC)
Since there could be some regulatory concerns depending on the jurisdiction that each person is in, the Yam DAO should vote whether or not degenerative.finance should list uSTONKS and other synthetic indices that track underlying stocks.
This vote can always be reversed by another vote.
Marketing & Branding
The uGAS logo design contest has concluded. All submissions can be found in this forum post. The YAM team is currently checking eligibility of submissions.
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.
YAM Finance launched the “Tyranny Rejected” brand campaign with the David and Goliath Tweet on Friday Jan 29th 2021. This campaign will run for five more weeks, so keep your eye on your Twitter on Fridays. The campaign introduces the world to Yam’s brand new tagline: Innovation required. Tyranny rejected. Economics redesigned.
2021 Roadmap focus
The below article is an extract from the 2021 roadmap document published on the YAM DAO blog.
YAM DAO Set
Yam DAO Set anticipates launching January 2021 and is Yam’s first investment product in collaboration with TokenSets.
Also known as YDS, the Yam DAO Set will feature built-in functionality to charge a management fee for “Assets Under Management”. YDS is a marketable product that will be used to attract retail users alongside treasury-owning DAOs as asset management clients in order to generate additional revenue for the Yam Ecosystem.
There are three next steps for YDS. The first is to operate YDS using Yam treasury funds as a proof-of-functionality case study. The second is to onboard DAO clients who would like to utilize YDS as their preferred treasury management vendor. Finally, the third step is to onboard individual retail users.
Miscellaneous
The #memes-channel on Discord is alive with fantastic community-generated content.
If you have experience with NFTs, head over to the Discord and reach out to KW710#7256.