Yam's future vision

So we have a lot of bad press around Yam at the moment but we have one huge positive. The team stuck around and is commited to fixing the issue and the community showed resilience. Well done. It shows the world its not a scam.that’s why i bought in.

Moving forward, what is the communitiea vision, where do we want to go?

This is classed a type of experiment, so how do we show the world how awesome we can be?

3 Likes

Totally agree with everything you said. As I understand it, your concerns can be broken up into three:

  1. PR strategies to alter perception
  2. What is our next form and as we see today, our final form?
  3. How do we get to peak awesomeness!
  • (1) Given that this is a) a open permission-less and fairly distributed tokenised community, and b) we exist within the sandbox of crypto and primarily cater to the crypto community, what we do with this project will automatically dictate perception. I personally dont think we need to focus on any specific PR strategies.

  • (2) Given the staking interest that we saw for v1, even if we only have a fraction of that for v3, it is still sufficient to deploy industrial scale yield farming strategies that give some underlying value to the token.I personally would love to see yield aggregator functions employed in YAM as a primarily revenue generator - at least in the early days while we figure out long term revenue generation strategies.

  • (3) I think we have areal shot at building a sustainable and profitable yet influential community with a net positive effect on the ecosystem and as long as we build, collaborate and iterate, the future is bright. Add some unicorns and lets build a YAM citadel!

2 Likes

100%. The possibilities are endless for YAMs, but to aide the PR rebound and to fully recover the community, I think some form of a long-term plan is key. Lack of communication/direction plagued v1, and here’s an opportunity to correct that mistake.

2 Likes

I liked the experiment but the communication was really confusing for delegation/voting, not to mention the midnight crisis.

1 Like

Lets iterate and move on brotha

I’m a fan of the project and love the sandbox it provides us for experimenting and building with DeFi, Governance, and decentralized value regulation. So far it’s been a ton of fun for me, and I really enjoy participating in it and helping to contribute to its future.

I agree with a lot of the comments that one of the biggest challenges for YAM has been with communication.

This is an area where centralized projects have an advantage out the gate because there’s a clear power and authority structure in place out the gate. They can make sure the project messaging is consistent and clear. They can hire PR companies to do press releases and create publicity around the project, etc. With YAM, publications picked up the story based on the hype, but once that hype turned negative, that became the story, and there was nothing the community could do about it. Even when it came to V2 governance and figuring out next steps for V3, the discord and whatnot was incredibly chaotic and difficult to wrangle (hats off to the mods for your patience!).

So in the future, after the launch of V3, I think it would behoove the community to think about how to use treasury funds to market and publicize the project. I don’t think this should be a large line-item in the treasury budget, and I don’t necessarily think it should take priority over more pressing long-term goals either. For example, I think working to develop at least one non-governance utility for YAM after the launch of V3 is a much bigger priority in terms of contributing to the value of the protocol.

However, it would be valuable for the community to experiment with how to create consistent messaging, marketing, and PR through decentralized governance. As the crypto space becomes more decentralized overall and various forms of DAOs emerge and start operating consistently, this will become an invaluable skill. Personally, I think it’s fertile ground for YAM to make a name for itself.

Disclaimer: I do video marketing and advertising for a living, so the adage of “if you only have a hammer, everything looks like a nail” certainly applies to me in this situation.

2 Likes

In particular, I’ve noticed with AMPL and other elastic coins (among which is YAM) that there’s still a lot of confusion about how they work on a technical level and what the functional “intentions” are of the tokenomics and mechanics. This leads to misunderstandings about the likely behavior of the token in the market which leads to poor investor decisions (i.e. buying the token at $200 before its first rebase rather than farming it) which leads to animosity and hurt feelings later. So whatever we can do to clear this up for the community and people interested in the project would only help us later down the line and reduce friction/animosity in the crypto community at large.

4 Likes

Good point . Lets educate… the more positive stories the better…

1 Like

On (2) Are you seriously think YAM is going to compete with YFI as yield aggregator? You do understand that YFI has yEarn as their underlying machine that operate independently and yCRV pool for AMM. Is Yam devs just gonna fork their code and strategies? YFI is huge with superior community, superior capital, superior dev. Why would people trust their life saving in YAM compared to YFI?

So on point 3. In order to enhance community participation, is it a good idea to propose a reputation based voting system like mantra dao? You could earn points for participating in the community and people could vote you up like with reddit. I think it would provide a good incentive to participate in the community. However I don’t know how difficult this is to implement…

2 Likes

First, I’ll preface by saying I think industrial yield farming is just getting started in DeFi and we will see every community deploy some or the other strategy.

I think its also likely that the consequences of emergent political games + farm and sell strategies that are deployed nowadays (eg: curve governance chess matches, comp farm and sell etc) will result in communities having complex and customized participation walls. eg: whitelisting and/or blacklisting specific communities from participating I their programs either partially or wholly

Generating revenue is of paramount importance to YAM because relying on speculative value and supply elasticity will not help long term survival. Ensuring YAM value is coupled to the underlying cash flows from yield farming would be sustainable path to sustainable growth and is a low hanging fruit if we play our cards right. For example: we can choose to work with strategically partner with specific communities for specific deals like working with Balancer for customized BAL rewards for providing liquidity to a specific pool.

In addition, we could use existing pools and farm for governance tokens and use those governance tokens to play a role in the community as a bigger powerpool for example. Meta governance games are just starting off in DeFi and it’ll be great to play those games.
We could also employ more complex farming strategies over time, but to begin with, generating revenue is KEY to our success.

While I agree that as it stands YFI has a better community, I firmly believe we can evolve into a constructive force to be reckoned with in this space.

Lastly, wtr to why people would out their money into YAM? It seems less relevant because statistically speaking we have had no issues with capturing capital.

Im new to these forum based partcipation sessions, so correct me if Im wrong. Don’t we have badge systems and rep already inbuilt into the current system ?

How about we invest some of our funds in gold back crypto as a hedge against a reverse in defi

Investors don’t love a single project, they approach it from a big business perspective.
The order can be changed, but
Analytical statistics for me
The overall nature of the implementation of technical features makes Yam much more dominant, concise and transparent.
For this reason,Yam occupies a much higher position in the development of future developmental qualities and competencies.