YAM LP Rewards Resume and More

At 6PM UTC, November 12, LP rewards resume for stakers in the YAM Incentivizer contract. These rewards are part of a broader update executed on-chain today that provides a number of upgrades to the protocol. These updates include:

• Transitioning the treasury purchase asset to ETH, rather than yUSD
• Target price of 1 USDC, rather than 1 yUSD, using a two-hop TWAP YAM:ETH:USDC
• Purchasing from SushiSwap, rather than Uniswap
• Allowing LP stakers to participate in governance
• Provide 5k balanceOfUnderlying YAMs per week to LP stakers
• Depositing LP shares from the Incentivizer to the SushiSwap rewards pool to earn $SUSHI for the Yam Treasury

Like everyone in this space, we love Uniswap, but SushiSwap’s support of Yam with SUSHI incentives has created a strong pool of liquidity that we want to build on rather than compete with. Additionally, the opportunity to grow the treasury by farming SUSHI is a strong incentive to make the switch. While we know some have mixed feelings about SushiSwap, the Yam community believes in second chances, has been impressed with their professionalism under new leadership, and seeks to collaborate when opportunities present themselves.

With a similar eye to our liquidity needs, we have transitioned to ETH as our main liquidity pool, instead of yUSD, which created obstacles to purchasing YAM due to routing limitations in Uniswap and Sushiswap.

This update likely puts a bookend on core Yam Protocol updates for the near term. The protocol launched in a largely minimally viable form, and these updates address many of the issues that arose in a live market environment.

Our attention now turns in earnest towards many of the initiatives that have been developing in tandem to the above updates, including a trustless active treasury management system through Set Protocol V2, utilizing multiple Governor contracts for more flexible contributor management and payment, a ragequit mechanism, and new product lines.

We’re extremely impressed by the community’s development over the last two months, and excited to continue pushing the bounds of how DAO’s can coordinate and operate in DeFi.

Get More Info:

Website: yam.finance

Forum: forum.yam.finance

Discord: http://discord.gg/nKKhBbk

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Twitter: https://twitter.com/YamFinance