1. What is your name? Pseudonyms are cool too.
Who is the point person is for the application.
2. What is your discord/telegram handle?
if you are not in the discord or telegram, please join by following these links:
3. Project Name
What should we call your project?
4. Project Description (140 words or less)
*Give a summary of the project you are proposing *
As the Yam treasury grows both in value and assets, some of the assets may hold governance/voting/ staking rights. Yambassadors will be a silo that focuses on standardizing how Yammers participate in the governance of those protocols. This initiative is inspired by Index Coop and their meta-governance.The Yambassadors would ,in this comparison, be the Meta Governance Committee. For the scope of the funding being requested, I will kick off the silo with an achievable and clear value add project that I hope to collaborate with others to develop.
5. About You
Tell us about you and your team. What experience do you and your team have that is relevant to the project. Please provide github profiles, websites, prior work, etc
The team will be 1 of 1 for the current scope. I’m a full stack engineer but the idea is for this silo to create the tools that would allow for less technical members to participate as Yam ambassadors. For now the relevant skills are that of a smart contract engineer to be able to technically implement solutions on-chain. For that my most relevant experience would be my work on:
UMA Synth Dapp:
UMA Financial Product Libraries :
Uniswap AMM adapter:
6. Project Goals and Scope
If the project succeeds, what goals will it achieve? How do we measure that success? Please provide specific KPIs. If you are unsure of how to do this, do the best you can and we can work it out together.
This is meant to be a long term silo with the mission of empowering yammers to guide the projects that are aligned with Yam to succeed as well. However, in the short/medium term, the first project will entail getting UMA rewards for the treasury and securing the Optimistic Oracle.
Success will be measured with verifiable milestones:
Smart contracts deployed and verified
Yam governance approved
Voting with the DAO’s assets on UMA
Returning DAO’s assets to the treasury.
Through this process the DAO would gain the ability to vote with the UMA in control by governance and earn more UMA in rewards.
What are the steps that you plan to follow to complete this project. Is it one step or multiple? If there are multiple then please list all of them.
The scope of this grant is to cover the following.
Create a proposal contract that allows governance to interact with UMA’s DesignatedVotingFactory and create a new DesignatedVoting contract with governance as owner and me as the initial ambassador. Transfer 500 UMA from treasury to the voting contract.
Have the core/infrastructure team review the contract.
Deploy proposal contract on Ethereum.
Propose the contract to on-chain governance, queue and execute.
Participate in at least 1 UMA optimistic oracle vote or dispute.
Write a report on said vote and the implications if any to the DAO.
Propose governance call to return UMA tokens back to the treasury.
8. YAM / Ecosystem Benefit
What value does your project add to YAM and the wider ecosystem? How do we measure that benefit?
In the short term, having a silo kick off with a laser focused focus and objective that leads to a straight forward revenue stream for the DAO is what the core team has been asking for. Measuring success will be simple as the core team has plenty of members that know how to go through on-chain transactions and github repos to verify progress on the steps outlined above.
In the medium term, this first project executed would lead to implementing YIP-99 which was well received. This grant would enable me to work on cool projects related to this idea and unlock thousands of dollars in rewards to further compound innovation.
9. Funding Request and Breakdown
Please include the total funding amount that you need and also include a breakdown of how the funds will be used across each part of the project.
The scope encompasses deliverables for the span of about 6 months. I am requesting 80K USD (70% Stable / 30% Yam at prev 30d TWAP of payment date) to be distributed evenly upon reaching the following milestones.
1st milestone ~2 months
developing, testing and collaborating on the on-chain Yambassador proposal.
deploying Yambassador proposal contract on chain and proposing to governance.
2nd milestone ~2 months
successfully executing the proposal or reproposing if there is an issue.
participating in governance, researching as needed.
creating a template for UMA voting disputes.
3rd milestone ~2 months
developing, testing and collaborating on the on-chain Asset/Reward Retrieval proposal.
deploying Asset/Reward Retrieval and proposing to governance.
next steps write up for the silo and the silo treasury. Part of the write up will include a few hours to pass down lessons learned to a future Yambasassador.
10. Other Information
Imagine you’re a YAM holder. What else do you think we should know about your application?
I would ask, how much revenue could this realistically bring in for the DAO?
Since December there have been around 35 votes in which if the DAO had voted correctly it would have earned rewards worth 70,000 YAM / 15,000 USD/ 2,500 UMA . Extrapolating that for the rest of the year, the DAO is leaving on the table around 7,500 UMA or 40,200 USD.