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.