🍠 Yam.Finance - Update on 2021+

The YAM team and community has been building nonstop since last summer. The project has gone through different iterative stages to emerge into a fully fledged community-owned and -governed DAO. Add to this a full pipeline of product launches and a healthy treasury of $3.5m.

Current market cap of $13.0m ($9.5m adjusted for Treasury)

Quote from the Monthly Contributor Report:
“Started by the vision of the founding team, Yam continues to evolve with the ideas of every person involved.”

The Community is currently evaluating critical pieces like YAM token model and “Umbrella” economics. Anyone can join the Discord to take part in these discussions.

Key Highlights
:stop_sign:Rebase stopped (this is important!)
:convenience_store:Products launched
:moneybag:Treasury filled with $3.5m
:people_holding_hands:Community is growing
:jigsaw:Integrations with UMA and Set Protocol

Recent transparency reports
The core team is about 12 people and growing (YAM is hiring!) + Community.

Monthly Contributor Report: https://forum.yam.finance/t/12-2020-monthly-contributor-report/1130
Quarterly Treasury Update: https://medium.com/yam-finance/yam-treasury-quarterly-update-9964a3ca5864

One-page overview

YAM DAO
Rebase: YAM is not a $1-pegged token anymore. The rebase has been stopped. Rebase was a problem for CEXes to list YAM.

Token supply: There’s about 12.3m YAM v.3 in circulation. Another 0.9m YAM v.3 can be generated through a migration of outstanding v.2 token. YAM v.1 has been deprecated. v.2 will also disappear soon too (exact deadline tbd). There will only be one YAM going forward.

Treasury: Consists of yielding stablecoins and other token investments. Some of these tokens have been farmed, other are strategic investments. Strategically held token will be used for governance purposes. Treasury has seen a boost from general market upturn.

Each YAM token is backed by $0.265 in the treasury! The treasury also gives the DAO firepower to develop products, bootstrap liquidity pools and run its own liquidation bots.

Product verticals
:zombie:Degenerative.finance: Structured DeFi products built on the UMA Framework. The inaugural product is a gas futures contract called $uGAS. There are different maturities (Jan,Feb,Mar) which track the median gas price of transactions on Ethereum.

There’s a ton of feedback that’s being worked into the UI, so expect more updates. The integration with UMA means that there are dApp mining rewards (UMA-token) for any Zapper-type UI (think of referral codes). $uGAS is a product both for retail (eg speculation, hedging) and wholesale (other DeFi protocols who want to give free/subsidized transactions to its user; ETH miner).

$uGAS can also be used …a) as a proxy to speculate on L2: gas will drop once L2’s roll out…and b) to build structured products, eg speculate on ETH price-to-fees multiple expansion.

:umbrella:Umbrella Finance: Insurance project that’s launched in public alpha, audits in mid-January and then public beta thereafter. Umbrella is utilizing meta-pools that provide coverage for a number of protocols within one bucket (eg lending protocols). The design and economics are currently under review by the YAM community.

:moneybag:YAM DAO Set (YDS): Built in a collab with Set Protocol, this is a product for other DAOs to actively manage their treasuries. YDS is a set of contracts that specifies the guardrails and rules within which the Portfolio Manager can move. DAOs retain full control over the investment strategies: Risk-return parameters are voted on by the DAO. The PM acts on a non-discretionary basis. YDS are tokenised (similar to DPI).

:factory:YAM Factory: Incubation launchpad for any DeFi tools. Anything is possible. Currently, the community is very excited about an algo stablecoin proposal called $AYM.

Ressources
I can only put 2 links into a post. The website yam[dot]finance includes all relevant info.
Deepest DEX pool is on SushiSwap (not Uniswap).

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