Rescue Tokens sent to YAM token address

YIP TBD

Basic Summary
Refund the YAM v2 of a user who sent their YAM to the contract address instead of migrating

Abstract - What am I proposing?
One January 4th, 2021, when trying to migrate their funds from user @Zhuzhu accidentally sent 107.8171778 YAM V2 tokens to the YAMv3 token address instead of migrating the tokens using the smart contracts.

The transaction hash of the transaction can be seen here: Ethereum Transaction Hash (Txhash) Details | Etherscan

We can save their funds and return them to their wallet.

Motivation - Why am I proposing it?
Lets help out a community member and rescue their funds from the contract!

Specifications - How am I proposing it is accomplished?
We should verify that the user has control of the wallet in question (0x93b7eB9764aa645e309D68305B10B6A3c01A71ce) that sent the funds to token address and then use the command rescueTokens to return 107.8171778 YAM v2 tokens to the wallet.

Poll to Measure Sentiment

Should we rescue these tokens?
  • Yes
  • No

0 voters

1 Like

Please help me and don’t lose everyone’s mercy because of my mistakes.

1 Like

How is this proposal helping the DeFi narrative?

I see such centralized moves happening across different so called ‘DeFi’ protocols which is concerning to me.

Hi @petar, Thanks for posting and welcome to the YAM Forum. I’m curious why you see this as a “centralized move”? This is the governance process that requires a passing vote from a quorum of YAM token holders. If YAM holders vote for it then that is the will of the DAO.

My thoughts on this are that someone made a mistake and sent their tokens to the contract address instead of migrating them, and we as a DAO have the power to help them out with a governance vote. To me. this is the equivalent of someone kicking a ball into your back yard and asking you to return it to them. Do you have to? No, but it is the nice thing to do.

I don’t like this rescue ability. Why don’t I just sent this guy 100 YAM and you turn off any mechanism to rescue funds.

The rescue ability is just a part of the whole underpinning of how the YamDAO works.The governance process has almost full control of all the contracts (with guardrails and protections of course). YAM holders can use the governance process and vote to spend treasury funds, mint YAM, change parameters, etc.

That is how we all voted to remove the rebasing function, and pay contributors, and extend yield farming, etc, etc. Saving funds from the contract is just a convenience function.

If this makes you uncomfortable then most of Defi will make you uncomfortable. But with YAM you can create a proposal to limit governance control over things if you want. If you can get the votes and isnt deemed malicious then you can make it happen.