$YAM rewards for uPUNKS and multi-sig distribution of $UMA + $YAM rewards weekly

YIP: $YAM rewards for uPUNKS and multi-sig distribution of $UMA + $YAM rewards weekly

Basic Summary

Degnerative.Finance is going to list uPUNKS synthetic index. The index value is calculated by computing the median transfer price of all CryptoPunks transferred over the last 30-days before expiry of synthetic. UMA will be providing 10,000 UMA tokens as rewards for the first two weeks after launch of uPUNKS on Yam Synths (previously known as Degenerative.finance).

This proposal will provide an additional 10,000 $YAM tokens as rewards over 2 weeks after the first 2 weeks of additional 10,000 $UMA rewards for Minters and LPers of uPUNKS to promote an active and strong market. This proposal will also implement a multi-sig for distribution of rewards weekly vs our current implementation is to distribute monthly via on-chain vote transaction.

For more information on uPUNKS: uLABS: CryptoPunks Synthetic Token — uPUNK | by Kevin Chan | UMA Project | Apr, 2021 | Medium

Abstract

This proposal will provide an additional 10,000 $YAM tokens as rewards over 2 weeks after the first 2 weeks of additional 10,000 $UMA rewards for Minters and LPers of uPUNKS to promote an active and strong market.

$Yam rewards will be provided from the incentive mining pool that has been already setup for farming incentives. No additional YAMs will be minted beyond what has been allocated for the incentive pool.

Specifications

The plan for additional $Yam rewards distribution.

  1. $UMA Rewards will start at launch of Yam Synths new website with the launch of the uPUNKS synthetic. Announcement will be made before hand via @Yam.Finance twitter and on discord.
  2. $UMA rewards will last for 2 weeks, then afterwards anyone still staked and LPed will receive their pro-rata share of the 10,000 $YAM rewards from this proposal.

The plan for multisig weekly distribution of UMA and YAM rewards for all synthetics minted on Yam Synths website.

  1. A 3 of 5 gnosis multi-sig will be created to distribute all rewards.

  2. Signers of the multi-sig will consist of multiple contributors:

  3. @natew, @0xE, @will, @KW710, @byte

Vote here

https://snapshot.org/#/yam.eth/proposal/QmVXdWcHa9qRDgYzGSSpyqkhJGwP57Kr1cukn4WT1N5N9D

1 Like

This proposal has passed. thanks to everyone who voted!