Yam is a community run Decentralized Autonomous Organization (DAO) innovating at the intersection of decentralized governance and programmable finance. YAM is the governance token for the YAM protocol. Using token voting, YAM holders have direct influence over the YAM treasury and direction of the protocol. Governance discussions take place on Discord and the Yam Governance Forum.
How does YAM have a treasury?
Before the Yam community voted to disable the rebasing / elastic supply function, every positive rebase, the treasury mints 5% of the rebase amount and sells YAM to the YAM/ETH Sushiswap pool. The ETH acquired through this action is sent to the treasury which is managed by YAM holders. The current treasury amount can be seen on yam.finance.
What happened with rebasing / elastic supply function of Yam?
December 29th, 2020 the Yam community has voted to disable the rebasing/ elastic supply function of Yam and the scaling factor of Yam has been fixed at 2.50.
Yam initially as an experiment has evolved into a launch pad for DeFi projects supported by a community governed treasury. Yam is currently developing multiple projects including Umbrella (Smart Contract Insurance), Degenerative.Finance (Synthetics) and Yam DAO Set (Set Protocol DAO Investment fund). All of which will generate revenue for Yam. For most current projects, please visit us in discord.
What is the scaling factor?
YAM initially was a rebasing asset so the supply of Yams constantly changed until the function was disabled on Dec 29th 2020. Now the scaling factor is fixed at 2.50. This scaling factor is useful to calculate how many Yams you should receive when you migrate Yams from V2 to the current V3.
Yam.Finance will be ending the migration function on 2/15/2021 00:00 UTC. Please migrate your YamV2.
Migration is now available from YAMv2 to the current version of YAM. YAMv2 to YAM migration is 1:2.5 (scaling factor). Yam community has voted to end migration. Please migrate you V2 Yams as soon as you are able.
1. Hold your YAMv2 in a wallet that you control, such as Metamask or Trust.
2. Follow the instructions at yam.finance/migrate to connect your wallet and perform the migration.
3. Because YAM is new, some wallets may not display the YAM token immediately after migration. To add YAM in Metamask, add a custom token and paste in the YAM token address when requested: 0x0aacfbec6a24756c20d41914f2caba817c0d8521
What are the “Save Yam” Delegator Rewards?
Delegators with equal to or under 27 votes will receive a flat 27 YAMv3 reward, while delegators with over 27 votes will receive a 1:2.5 YAMv3 reward for votes delegated. If you haven't claimed your rewards they are available here: yam.finance/migrate