Basic Summary
The treasury is not a money grab for contributors/insiders without being measured for the only and one relevant result: YAM token performance measured in marketcap.
Abstract
The YAM charts look like a classic pump and dump project.
The project team is behaving like a central bank that says: “We don’t care about the currencies performance as long we get our five digit banker salaries. “
Money from treasury is distributed to random wallets without governance and even without the most basic principles of accounting.
No controlling, no performance measurement and documentation, but proposals for five digit monthly USD salaries.
Even mission critical processes like OTC trades haven’t been documented and shared with the DAO to make them repeatable without key contributors.
Specifications
50% of the contributors payment to be locked as variable pay for 6 months.
The variable salary is depending on single performance criteria: YAM marketcap.
The DAO votes about marketcap ranges for variable pay performance.
Example:
250m = 150 % pay-out
150m = 100% pay-out
100m = 50% pay-out
<50m = 0 % pay-out
Poll to Measure Sentiment
YAM treasury is not a money grab
50% contributor compensation as variable pay only if the YAM token performs
All good I am here for the community and don’t care about money
The project team got no allocation of YAM and released all the tokens for FREE. The goal of this was to build a community who were then ok with helping to fund and build the project. Paying salaries is part of building a project.
The project team is behaving like a project team that has been working on making YAMs more valuable. That value may not be currently reflected in the marketcap, but YAM today is a more robust and developed project than it was 3 months ago, and in 3 months it will be even better positioned. Just because this hasn’t impacted the price doesnt mean it isn’t happening.
This is just blatantly false.
Have you asked to have this shared with you or are you just bringing up red herrings to make your point?
We NEED to be paying market rates. This is how you hire talent. If we want to hire a talented developer or other employee down the road and our sales pitch is “we can give you 50% of your salary normally, but the other 50% is reliant on how many degens buy YAM tokens in the next few months” we will not get anyone. Turning employees into short term investors is not good practice. It creates skewed incentives that push those employees to value the marketcap above anything else. YAM is like a seed stage company. Worrying about returning investor funds immediately will KILL it. This is why startups go to VCs. Because they know they have a runway that they can use to build their product. Most VC investments are locked for YEARS.
YAM’s marketcap is generally in the ballpark of other projects that are doing similar things with similar treasuries.
DXDao - $10M MKTcap with 15M dollar treasury and multiple products
BASED - $7M MKTcap with similar fair launch and defi collaborations
PieDAO - $5M MKTcap with 6M TVL in Pies and growing
MEME - $4M MKTcap with multiple artist collaborations and projects
In order for the YAM marketcap to expand we need to build products that will bring in revenues. That is what everyone who is on the list to be compensated is focused on. But it wont happen overnight! Making builders focus on getting products out just to raise the marketcap will lead to shitty products and risk security. That is the last thing we want.
We only need 1 great product to increase our marketcap significantly. The beauty of YAM is that it allows anyone to come contribute to it. Anyone with a great idea can come to us and use our resources to build something that will benefit us all. The team is working on products, but also the structure to make this open collective a reality. I am interested in YAM because it can be so much more than just some rebasing token that you buy when it is going up and sell when it is going down. It can be so much more.
Nobody outside the project is able to reverse engineer and understand the financial transaction made with the YAM wallet. There is no documented public journal where all the wallets transactions, in terms of sender, receiver and reason for transactions are explained/maintained.
Either documentation is maintained, public available and proactively shared with the DAO or not. Period.
1 + 2 ) reminds me on freelancers who want to make themselves irreplaceable. During reviews they always complain for not being prompted earlier for non-existing documentation (Symmetry of Information)
We all know that companies like GAFA have competitive developer salaries (>200k) compared to many start-ups.
You join early start-ups for entrepreneurial freedom and high risk/reward in case you are good enough to get equity in your package
If you trust in your capabilities, product and start up; you shouldn’t have a problem being paid in equity based on the companies’ performance.
And of course the variable payment of key employees is always compensated and measured by the company’s performance.
Running your own start-up funded by the community, demanding normal nine to five developer salaries and neglecting risks by not taking equity, based on YAM’s performance, as variable pay seems like not being convinced about the project to me.
But hey… VC’s and startups always done it that way. Why should a DAO do it differently?
Competitive salaries: Yes . Even >200k (50% fix/ 50% performance) is fine to me.
Having all the entrepreneurial start-up freedom, but not taking risks by fully decoupling salaries form YAM’s performance: No
If you let us know what you cannot find then we can make sure that is published. You are just making vague and unsubstantiated claims.
This is a tradeoff between risk and benefit. And something that we are looking at addressing in an updated proposal. But we need GAFA level devs. Smart contract work is not simple or easy.
Where is the consolidated and public journal/documentation which transparently explains these transactions as single source of truth?
Explains= Sender, receiver, reason for the transaction + Receipt about the service or asset contributed to YAM as compensation for this transaction
Highly doubt any external prospect is able to derive the business purpose of these transactions by just looking at the ETH transactions.
Where is the protocol or documentation how the OTC trades where done?
Who was the contact person or organization for executing the OTC trade?
What where the conditions?
Which tools where used?