Aug. 24, 2022
We are building YAM to be a big futuristic tent with room for everyone to participate and contribute.
Good Morning! This is the first issue of what will hopefully become a semi-regular newsletter where I give a quick rundown of what is going on at YAM and help keep you informed about governance issues, votes, etc.
Let’s dive in, shall we?
The new website that describes the YAM Re-Org has been released and you can learn all about the changes being made to the organizational structure of the DAO by checking it out. It is organized into a series of articles and then some information about the different projects (called Silos) that we are working on.
Check it out here: https://yam.super.site
There have been some big changes on the Treasury front recently, with Feddas’ proposal of YIP-114 to rebalance the treasury, stop the LP Farming rewards, and purchase Protocol owned liquidity. You can review the Forum Post here and see the snapshot vote that approved the changes here. The quick recap is:
In the same post and vote as the Rebalancing proposals was one to use the treasury for protocol owned liquidity. The approved plan is to mint ~$300k worth of YAM, pair it with an equal amount of ETH from the treasury, and deposit that into the ETH/YAM sushiswap pool.
Exact amounts will be determined based on market prices when the proposal is ready. For more information and details on this, again ask Feddas and/or 0xE for more information.
The final part of YIP-114 is the proposal to stop the incentives that are going to the YAM/ETH liquidity pool. These will be turned off once the protocol owned liquidity is purchased and deposited.
I’m sad to see these go as I have been LPing for a long time now, but I don’t make the rules.