Yamifesto: Mission, Values, and Vision of Yam

The following is a draft manifesto for the Yam protocol and community. It’s meant to clarify Yam’s values, mission, and vision within the broader DeFi ecosystem. High and low level feedback would be greatly appreciated. Following any feedback, we may choose to ratify the Yamifesto via Snapshot vote.

Yam was originally conceived and launched with three key components: a fair distribution, on-chain governance, and a unique economic experiment in the form of an elastic cryptocurrency with a governable treasury. These features each speak to core values of the Yam protocol:

Fair Distribution: Community

  • Yam is committed to its community of tokenholders and contributors, as well as the broader DeFi community. It seeks to build products and infrastructure that benefits each of these while fostering an inclusive and collaborative culture.

On-chain Governance: Decentralization

  • Yam is committed to decentralization in practice, not only in theory. It seeks to leverage its community to both build and guide the protocol.

Unique Economics: Experimentation

  • Yam is committed to pioneering at the intersection of decentralized governance and programmable finance. It seeks to utilize the DeFi ecosystem and its novel mechanisms to build and do things that push the bounds of DeFi forward.

These are values included in the very promise of what DeFi can become for the world: a global, permissionless financial ecosystem that both mimics and expands the core functionality of traditional financial systems.

While much of the DeFi ecosystem subscribes to similar values, most make various trade-offs for efficiency, security, or profit in place of decentralization and community ownership. These are valid tradeoffs to make, they’re based off more proven models, and even Vitalik himself recommends a decentralization over time approach.

But what happens when you take the path less traveled? When your decentralization is not theater but verifiable on-chain? When the community really does own and control the protocol?

You begin to push the bounds of DeFi in new ways. New organizational dynamics, new transaction methods, new modes of decision making, and new economics. Experimentation remains core to Yam because community ownership and decentralization are foundational to the protocol itself. Yam is therefore in uncharted waters, full of unknowns and possibilities. In the midst of these unknowns and possibilities, Yam’s mission serves as its heading.

The Yam mission is to push the bounds of decentralized governance and programmable finance. Yam envisions a new structure for capital coordination and an enablement of economic experimentation that leads to a truly permissionless financial ecosystem, created by and for its community of users.

Uncharted waters are not for the faint of heart or the casual tourist. They are for the adventurers and explorers who want to see what’s at the edge of the map. To succeed requires creativity, planning, collaboration, and hard work, but for those willing to undergo a pioneering journey, discovery awaits.

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Trent, I see where you are going with the Yamifesto and love the idea. I feel that the Yamifesto (which is essentially a manifesto) would be super cool as a stand alone piece that can be used to evoke action, inspire and motivate. Read: The Communist Manifesto.

With that said, I think we also need a more complete version for the Mission, Values, Vision, statement (put more meat on the bones). In this way, the Yamifesto is made up of the key aspects of Mission/Values/Vision, – some of which you already have – but with an overlay of “rally the troops” and “come explore the frontier as pioneers with us”.

A manifesto is a published declaration of the intentions, motives, or views of the issuer, be it an individual, group, political party or government. A manifesto usually accepts a previously published opinion or public consensus or promotes a new idea with prescriptive notions for carrying out changes the author believes should be made.

Images below are ideas of how we can treat the Yamifesto and use it in various media…

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BTW - I’d be happy to help out with the Mission/Values/Vision statement. And also design the Yamifesto if we go that direction.

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@designer sick typography designs!

I too would love a few definitive “Yam is _______” and “Yam is not _____” statements. I don’t think we need to go overboard, but a few concrete ones could be beneficial.

One thing I think should be communicated in some way is that Yam is not a pump and dump scheme.

Indeed @KW710! Absolutely critical, and this hombre has that task on his work task. (Hear you are a west coaster, me too)

DOPE @designer! :sweet_potato:

For reference, Here is the dxDAO manifesto that was just released. Much dryer than what you have posted above as examples, but similar goals.

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Here are some ideas and edits for consideration, merging, etc. (I made a few comments in parens), and also am a fan of the Yamifesto infographic design - nice!

The three core components of Yam protocol’s original launch remain intact and as powerful as ever: fair and equitable distribution (fair and equitable almost mean the same thing but are often paired together and equitable implies equity), decentralized treasury and (or with?) on-chain governance (combining these and making the third all about innovation), and elastic cryptocurrency innovation (more than just experimentation)

Fair and Equitable Distribution: By the community, for the community.

Yam is ultra-committed to its community of token holders, developers and contributors, as well as the broader DeFi community as a whole. We seek to build and deploy valuable products and infrastructure that benefit the entire Yam community while fostering an inclusive, energetic and collaborative culture.

Decentralized Treasury and On-chain Governance: We decide together how to invest and grow.

Yam is committed to decentralized protocol ownership in practice, not only in theory. It seeks to leverage its powerful and forward-looking community to both build and guide the protocol, as well as decide how best to invest treasury funds to ensure the success of the project.

Elastic Cryptocurrency Innovation: Unique economics with cutting edge experimentation.

Yam is committed to pioneering at the intersection of decentralized governance and programmable finance. It seeks to utilize the power of the DeFi ecosystem and its novel mechanisms to build new instruments that push the bounds of DeFi forward.

Yam embodies and enables the very promise of what DeFi can become for the world: a global, permissionless financial ecosystem that both mimics and expands the core functionality of traditional financial systems.

While other DeFi ecosystem players subscribe to similar goals, many make various trade-offs for efficiency, security, or profit in place of decentralization and community ownership. These tradeoffs can sometimes be rationalized, but Yam will refuse to stray from our core values, and instead drive confidently forward together with our community.

What happens when the community really does own and control the protocol and decentralization is verifiable on-chain? You begin to push the bounds of DeFi in new ways with new organizational dynamics, new transaction methods, new modes of decision making, and new economics. You create new ideas based on real-time market and community feedback, and launch experiments to prove hypotheses. Yam is therefore in uncharted waters, full of unknowns and possibilities and we like it here. In the midst of these unknowns and possibilities, Yam’s mission serves as its north star.

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@trente take a look and see if there is anything usable here. It’s pretty wordy and could use some more editing. :+1:

Thanks for all the efforts made by the dev team. I have read through the whole article. To be frank, altough decentralization and financial experiementation all sounds good concept, it’s sort of hollow.

What exact issue is Yam trying to solve? Decentralized distribution per se does not have value, unless the token has good use case. What do we expect people to use Yam for in the future, may be as a stable/uncorrelated coin (like AMPL), or a Defi governance token (like YFI)? Or any other possibility?

In my view, it’s fine for the team to take any direction, as long as there is one. The point is that team needs to show a plan and communicate with community about the direction. For now I’m not sure if the project has any practical direction, other than promoting the ideals of crypto world. With all due respect, I don’t think the majority of Yam holders care the ideals. They care the practical, commercial or financial value that can be added to them by holding or using the token.

For now, there is none.

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Your concerns are fair given that the narrative of this project is still in process. For me that is one of the most appealing aspects. Everybody here has an opportunity to contribute to the direction of this project and hopefully the best ideas will win.

Maybe the roadmap might help address some of your concerns, as well.

@Arthurcang great comments and point fo view. Everyone’s input helps shape the final product, and it may take several iterations to get to something we all think is perfect. For now, I am hoping we can finalize something here and create an inforgraphic as seen above and ship it! Then make another one. :slight_smile:
From a larger perspective, decentralization and defi experiementation are actually pretty huge. The new smart binace chain is very cool (cheap AND fast), but many not touch it becasue of Binance. Provable decentalization is a important - Cardano doesn’t even have that yet. And as for Defi experimentation, well just being in the game is pretty awesome, offering something unique is even better, and being an OG like YAM is another level still. We should play that up more. Some OG YAM memes? I think we all agree on governance.

As for practical uses, I personally love the gamification of yield farming, and seeing what will happen with the rebase experiment and stability. This is enough for me, and I am in other farms for other reasons. But it is pretty hard to tell that to the world…:slight_smile:

Keep the comments coming, and maybe @trente can set a date for when we should get this locked and on to design. BTW - I am not on the dev team, I am just a dude in the space. First blockchain Tx was Dec 27 2013 on LiteCoin. :slight_smile:

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Love these edits :slight_smile:
Also really like DXDao’s manifesto that Ross posted.
Excited to see where @designer takes things as well.

@Arthurcang as Tot points out, this is not meant to be a product roadmap, it is a branding exercise that helps direct the ideology of the protocol. there’s plenty of work being done relating to exactly what the protocol is actually building and trying to do.

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Thanks, @trente I see your point and I agree a converged ideology is necessary. It’s just that I see the danger of the project shrinking too much and eventually will become irrelevant to the crypto area. Imagine if the MCap goes below 2.89 million (it is 9 million now), any whale can buy up 25% of the tokens, destroy decentralization and force pass any proposal he wants (e.g. distribute the treasury to himself).

I believe we need to do something to raise the MCap and prevent that from happening, and this is more urgent than anything else. I will post my proposals for that purpose.

We do currently have a Guardian on the Governor contract that allows the Deployer address (controlled by Brock) to reject malicious proposals, as governance takeover is a major concern in a protocol such as this.

Its important to remember that this is a 3 week old protocol as well –– we are a baby start up. There’s a lot of work to be done laying the groundwork for a successful long term organization, which I believe we’re handling effectively, while also focusing on some value generating activities.

I agree with, “In my view, it’s fine for the team to take any direction, as long as there is one.”

I see Trent’s Yamifesto as a direction, a philosophical one. The Yamifesto is idealogical and foundational, I see it as a guide to measure ideas and proposals, and behaviors. For me, HOW Yam is to be created is the most important first step. The WHAT – while in the works – comes later.

Keep hammering on this stuff because we need all points of view. Your’s is valuable.

Greatly appreciate your input, and well written. Are you interested in helping out with your writing skills?

Yam is not a bank, but a cooperative organization with a mainly financial purpose.

Therefore some inspiration from a successful cooperative bank:

Funny enough with some farming history:

Therefore wondering if Yam-Statues isn’t a better term than manifest. Manifest is typically more used in political contexts?

https://www.rabobank.com/nl/images/statuten-rabobank.pdf

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Do you mean in a more formalized role? Sure. I have 20 years of shipping products at MSFT under my belt and can contribute in lots of ways. I was one of those who added lots of LP from day one with full price YAMs to get full scaling factor so I am invested in the project.

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Yes, I did mean in a more formalized role. I would love your involvement! Please DM me if you don’t mind so we can discuss it as the forums not the best place for that.