Yam Finance has an engaged, passionate community of users, builders and investors at its core.
Over time the community has been a driving force, pulling together through adversity and taking the protocol to new heights. It hasn’t always been smooth sailing, but the Yam Finance community has demonstrated just how powerful it truly is.
Today’s community survey was designed to better understand Yam’s current user, their core needs, and conceptions of the wider protocol. The results of the survey will be used to inform and refine growth and communication efforts, better serving community members moving forwards.
I’d like to use the results to best strategize how to further engage and account for existing users at all operational levels, from product development, to branding, to content and community growth initiatives.
The ultimate goal is to grow out the existing engaged Yam community, empowering all members to play an active role in shaping the protocol and its future. This survey will be the first in a series of actions designed to improve communications and bridge the gap between the core team and the wider community.
I’m now working on key changes to act on this data. After reading I’d love to hear others’ interpretation of the data and ignite discourse around how we’d all like to see this community and the Yam Protocol soar to new heights.
Thank you to everyone who participated and all of you who make this community so valuable!
Let’s dive in!
- How Do Yam’s Users Identify?
Yam’s largest current user group identify as DeFi power users, with investors the second largest group, and casual DeFi users the minority. Following the strategy of better serving our existing users, this conception could form the heart of all product development and communications moving forwards. E.g. a focus on more tools for innovative synthetic products, rather than accessibility/ minimizing gas/ beginner guides.
- Describe Yam Finance in Five Words
Now that we have a general understanding of who the Yam Finance user is, what is their current perception of the protocol? How does this perception compare with the core team’s goal perception as a DeFi powerhouse at the cutting edge of financial innovation, a welcoming community empowering individuals with financial freedom and opportunity. If there is a clear contrast, this is an opportunity to refine communication efforts, content, and branding moving forwards.
The community survey highlighted that respondents agreed that innovation and a powerful community are at the heart of the organisation. The feedback also highlighted hugely positive sentiment, with a high prevalence of vocabulary emphasising perceived growth, e.g. undervalued/ great.
3. Yam’s Core Product Is:
This question sought to understand how users perceive Yam products. The results can be used to refine communications moving forward to address any perceived weakness (if the goal is to have three equally strong core products).
The results showed a high recognition of synthetics and treasury management, with an expected lack of recognition for the emerging insurance protocol Umbrella.
4. What Product Are Users Most Excited About?
If Yam was to better serve existing users, which product should receive greater focus?
The results indicated that synthetic assets are users’ priority, however treasury management and insurance still received a significant response!
5. What three features do you love about Yam Finance?
This question was designed to highlight core features of Yam Finance that existing users are most passionate about. Communications and marketing can be adjusted to better appeal to these areas, minimizing efforts to areas that users are not interested in.
The results highlight treasury management, innovative products and insurance as focal loved features. The fair launch, open community, and quality team were also highlighted, and should be reflected in content and communications moving forwards.
6. Choose three adjectives to describe Yam Finance
This question aimed to build upon the most loved features, highlighting adjectives. This should be used to better reflect how Yam finance describes and positions itself moving forwards.
Again, innovation, decentralization and community-focused were the leaders. Resilience, recovering, and rising were also highlighted, indicating that Yam’s backstory and rising from the ashes to meteoric success narrative should be a focal communication.
7. YAM Token
The results here show some connection between Yam Finance products and the YAM token, an expected result as core products are still becoming established.
It’s the core team’s goal that in the near future the YAM token will play a powerful role at the heart of all products. The ultimate aim is for this to be clearly explained, and this goal will form a core point of communication efforts moving forwards. This question can be used as a measure of messaging impact over time.
8. As a DeFi User the Most Important Feature For Me Is:
This question sought a broader understanding of existing users’ needs. Potentially overlooked areas can be addressed in future product development. Not just in terms of product range, but also focus, e.g. high-yield vs security.
High yield, low fees, security and ease of access were all highlighted.
A huge majority either agree or strongly agree that Yam communicates progress clearly, indicating that the existing strategy should be fine-tuned rather than overhaul.
The results show that the recently launched newsletter, active core team members in Discord, and regular Discord community calls are having the desired impact. To further expand communications it’s proposed to introduce a weekly forum update, as well as open up core team development channels to the public.
10. Yam Discord
The current community growth strategy is to build a critical mass in the community Discord. Bringing the community call in-house, focusing conversation in #general by removing cluttered channels, $YAM tip bot, and new emojis are all existing efforts to improve Discord as a welcoming home for Yam community members.
The results show that more can be done to improve the Discord server, as well as spread the word to non-participants unaware that core team members are accessible daily.
Proposed improvements are further upgrades to the server, as well as a continued focus on growing and communicating Discord as a central hub (further links in all communications, e.g. tweets and written content).
The results highlighted a hugely positive community perception of Yam Finance, as well as some areas that can be improved upon and refined in future marketing and communication efforts.
Tl;dr: Yam’s existing users are largely DeFi power users with a deep appreciation for innovative synthetic assets alongside the protocol’s fair launch, community-focus, and rise-from-the-ashes narratives.
Thank you to everyone who participated and all members of the Yam Finance community.
I’d love to hear how you think we can best grow the Discord and wider community as Yam enters the next chapter of its growth, becoming established as a multi-product DeFi powerhouse.
Yam Finance needs you! If you haven’t already, get involved in the Discord today.