Buyback YAM Tokens Using Treasure from Market for the Compensation of Core and Contributors

Basic Summary/Abstract

Buyback YAM Tokens Using Treasure from Market for the Compensation of Core and Contributors. This also including other daily operational spendings.

Motivation

Make Yam Market Cap Great Again!

Risks

There is enough funding in treasure today and let’s use it do the right thing. NO RISK.

Specifications

To consensus the value of YAM token value and we are not encourage any other method to increase YAM total supply except the rebase mechanism. Several rules need to be agreed:

  • 100% of YAM Tokens used to motivate team members are from treasure which could purchase directly or keep some YAM tokens not sell to the market in positive rebase case.

  • 100% of the Compensation package has to be in YAM tokens, not in yUSD or ETH.

  • Only REBASE mechanism can increase YAM total supply. Core team and the YAM community NOT have right to increase YAM supply except this.

Poll

  • For
  • Against

0 voters

Agree with it
And we can increase the rate from 5% to 6%,and the increased 1% can be used as compensation.

I support the idea of no additional supply, which was voted on a long time ago, and I support the idea of all the money coming from the Treasury

There’s a tied risk with compensating 100% in YAM Tokens; this will give the core and contributing teams, future employees, etc., a huge voting power for the YAM Protocol. Remember that 1% of the YAM BoU can ratify any proposals and 4% can change, as quorum on-chain, the YAM Protocol. I believe yam community trust and have faith in these hard-working individuals, but I’d like to know more what’s the perception of the yam community giving 100% YAM Tokens as compensation.

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choosing not to mint yam to assist development costs is extremely poor capital management. contrary to @wang’s assertion, voting down the Community Fund of 1M BoU YAM was with the explicit knowledge that we could print on an as needed basis.

see: YIP-12: Community Fund and Treasury Thoughts

i don’t think voting power of a few percent is a major concern. there are whales with that much power as well, and a few percent vote has the other 95+ percent of tokens to vote down a bad proposal.

why do people think it would be an issue if core contributors have enough tokens to submit a proposal and meet the bare minimum quorum to pass? i don’t understand.

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I support your proposal and I think there is no problem with the team having some voting rights because the core team knows the value of Yam and the future direction of Yam better than anyone else

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Agreed @trente :slightly_smiling_face:

Since we can mint yam for compensation,why not mint yam for treasure?

To be frank,Rebase is a mechanic that mint or decrease yam by settled rules.

I think we can increase the treasure rate from 5%to 6%,the increase 1% can be transferred to a compensation account immediately.

@sombody The way I think about this is YAM tokens are like owning piece of the protocol that entitles you to a share of the revenues from the project. In that regard, we all split the revenues between us based on how many tokens we each have. By increasing the number of tokens via minting, we are reducing our portion of the revenues unless we are receiving those new tokens. So we want to make sure that any time we mint tokens it is for a specific reason and we aren’t just trying to attract people with unsustainable gimmicks. Minting tokens just to artificially hold up the price does not serve anyone’s interest. Minting more tokens doesn’t increase the Revenue of the YAM protocol, unless we use those minted tokens specifically on things that will, like paying developers to build more products that will bring in revenue. If all the newly minted YAM does is prop up the price so that we can have more rebases, we are only getting 10% of that investment back.

Investing in the Team will hopefully get us multiples back on the investment. So a 10-100x improvement.

The ability to mint YAM is both a powerful and a dangerous tool in our toolbox. If used well, it can help align incentives and bring in new customers and participants to our ecosystem. But if overused, it can create negative and/or unsustainable dynamics that will hurt the project. I hope we can collectively decide to use it wisely.

No one is willing to trust a group of dishonest people. The team needs to be motivated, but the source is not SEO. Yam’s current performance has lost the trust of the market. A project without trust and no consensus in the community is doomed to fail. If a proposal is launched, I will oppose it

To be honest, I really don’t understand this position. YAM v3 launched during the yield-farming bubble pop. The only reason v2 was ever as high as it was is because v2 came out in the middle of the yield-farming bubble when all of the speculative action was happening. On top of that, v2 never had the same tokenomics and was never meant to. So any comparison of v3 to v2 is completely pointless. They weren’t meant to do the same job. So in my book, your evaluation of v3’s performance is completely irrelevant. And even if it were, YAM is still in its very early phase. Let’s look at another token that launched recently, Uniswap’s UNI governance token. When it launched, it hit a price as high as $7.21 and in the last three days hit as low as $2.61. That’s a pretty bad drop. Do you think the leadership team of Uniswap are no longer trustworthy? Absolutely not. Do you think they shouldn’t be compensated for their time, contributions, and labor? I doubt it. YAM is and has always been a long term value proposition, not a short term pump and dump. So I really don’t see the productive value in trying to evaluate it like it’s just another meme coin.

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Yam and uni are not comparable. Uni has not yet fallen below the issue price. If you say bubbles, will BTC be a bubble? What is the future of yam? What is the future of yam? Yam created a lower market value than it was at the time of the bug

Yam’s market value dropped from 800 million to 10 million, which is a glorious thing?

Just curious, what do you think the difference between the YAM token is at a $800 million and $10 million marketcap? Which of those numbers do you think is closer to its true value? And without a team developing YAM’s what would it’s value be?

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Do you hold yam? If not held, the future of the project has nothing to do with you, and there is no loss for you. The community has not forgotten the team, but now many people are hurt. We should ask these questions on the premise of having a strong market value. If you have been hurting your friends all the time, will you have new friends around you?

uni has not yet fallen below the issue price

Neither YAM or UNI had an “issue price”. UNI was airdropped/farmed, and YAM was just farmed. The “issue price” was $0.

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Yes, BTC has had multiple bubble periods and will have many more, although I’d say those are more appropriately considered bull runs. But yes, I think your evaluation of YAM’s initial value is inherently flawed because you are treating speculative price pumping as if it’s indicative of actual asset value, which it’s not. Market bubbles artificially conflate enthusiasm with value, and the thing is, that value is just that, artificial and short-lived. What usually happens when bubbles burst is that the majority of that value evaporates, leaving behind just those with real sustainability and the makings of long-term value. This was true of the Dot Com bubble in the early 2000s. Hundreds of internet startups went out of business because they didn’t have real value, but the ones that survived gave us Amazon, Ebay, Paypal, and more. This was also true of the ICO bubble in 2017. Think of all the ICOs that launched and then eventually failed. But out of that bubble, once the dust settled, we got some real gems that have proven the test of time. Yield-farming is just another bubble, but value is not just a high price for a week. True value is determined longevity and product.

What we’re trying to do is make sure that YAM is still standing when all of the copy-cat yield farming coins and food tokens have all been forgotten. So are you on board with that or not? If you’re not, then why bother?

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We all hold YAM. So we also have participated in the same losses and hurt that you have talked about.
The only difference is that we’ve lost more, because we have also committed our time, energy, and talents to building and contributing to the project and community, none more so than the core dev team. Money can be replaced. Time can’t.

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I am also a program developer. I understand the hard work of the team. Some people in the Chinese community proposed to pay the team a long time ago, but do not choose to pay additional shares. This is a dishonest performance in China. No one is willing to make friends with dishonest people. Many people believe in yam. I have learned from yam I just think that yam’s current situation is a bit of a pity, and it can be better。