Utility is THE most important issue for Yam now; we need to experiment new use cases as many as possible and find a direction

Here is a summary of my points:

  1. Fine tuning the paremeters is important, but lacking of utility is what will make Yam worthless.
  2. Farming is a way to distribute tokens fairly and award LPs, but not a way for developing the project. It is not sustainable. Projects with real use does not need eternal LP incentives. See Curve, Uni, Dai.
  3. Diversification is not viable on crypto right now, so investment is difficult. yusd is probably the best approach.
  4. Yam is on the cross road for choosing a future direction for utility development; there is no plan nor concensus, so people need to use their imagination and propose as many new ideas as possible.
  5. The good news is that we can test and upgrade iteratively, we can choose multiple directions, loans, dex, NFTs, at the same time, and see which direction actually works.
  6. The key is to try developing new functions, and give the token some utility. Otherwise there is no way to stop the MCap shrinking. Just look at the status of yamclassic, zombie.finance, shrimp, spahgetti, grap farmer. They are basically the same as Yam without the bug and migration. Keep going like this and Yam’s fate will be no different.

[More detailed discussion will follow.]

4 Likes

I agree with you completely but the elastic property of YAM makes building very complex. It currently stands there is no reason to hold YAM for early investor because later investor can come in after treasury has grown. There needs to be utility to drive buying interest so that positive rebase can fill the treasury proportionately to the utility.

I think simple staking to get a goofy valueless nft like meme token does is easy to implement and can bring many buyers. I also think the elastic property of YAM is well suited to prediction market too. The insurance idea floated around is also solid.

We need to use treasury resources to hire talented developers who can be trusted to build protocols to our specifications once governance greenlights. YAM team cannot do it alone.