YIP Proposal: Move treasury purchases from Uniswap to Sushiswap

YIP Proposal: Move treasury purchases from Uniswap to Sushiswap

Basic Summary
During positive rebases, the YAM treasury mints YAM and sells it into a liquidity pool in order to gain funds for the treasury. Currently, this is done on the YAM/yUSD Uniswap pool. We should instead use the Sushiswap ETH/YAM pool for this action.

The YAM rebaser contract (0x1fB361f274f316d383B94D761832AB68099A7B00) mints to and then swaps in the current Uniswap yUSD/YAM pool (0xb93cc05334093c6b3b8bfd29933bb8d5c031cabc). It should instead do this for the Sushiswap ETH/YAM pool at 0x0f82e57804d0b1f6fab2370a43dcfad3c7cb239c.

Recently, incentives for the Uniswap yUSD/YAM pool were turned off and a lot of liquidity has exited. On top of that, Sushiswap is adding an incentivized YAM/ETH pool today, where I would assume a lot of liquidity will flow. This should be the pool used for the treasury instead of the YAM/yUSD uniswap pool. The reason being, the larger the pool, the most funds that will be added to the treasury. We should make sure this is always occuring on the largest pool.

Update the Rebaser and Reserves contract.

Poll to Measure Sentiment

  • Keep Uniswap (yUSD/YAM) pool for treasury sales
  • Move to Sushiswap (ETH/YAM) for treasury sales
  • Other (comment below)

0 voters

1 Like

Yes! And, we should also talk about ETH/YAM on Uniswap. I have said in the Discord I am in favour of NOT incentivizing LP anymore with YAM (we need to incentivize development / contribution). Basically we HAVE “Capital”, but we need “Labour”.

Obviously I love a positive Rebase and getting more $$ in the YAM Treasury, but I do not think we need to pay sooooo much for YAM liquidity. Also, we don’t want to split LP across Uniswap and Sushiswap.

So I would kindly ask that your proposal also states that we “do not pay for YAM LP, until further notice, as to not compete with liquidity in the YAM/ETH Sushiswap pool”.

I don’t think we’re going to have a problem with liquidity when the Uniswap ETH/YAM incentive pool goes online. From what I’ve seen on other farming sites, people pile in as long as the APR is above 50%.

Sushiswap only has 10m trading volume. In addition to that, after all the drama, sushi as project is losing attention. Spending resources on Sushiswap may not get as much as we expected.

On the other hand, Uniswap has 170m trading volume, it is still the biggest and the best DEX. Focus on Uniswap will bring more benefits to YAM.

If we really want to split the incentives, i suggest we do 17 : 1 split between Uniswap and Sushiswap.

1 Like

For! Sushi is growing and more innovative than uniswap. The liquidity is great on sushi and is growing so Im for it.

this is a great idea , especially with Bentobox lending solution is coming up… which creates the possibility for yam to be used as collateral ? if sushi people decide that being listed as a lending solution requires to be pooled at sushiswap.

I’m all for it. It seems that Sushiswap’s YAM/ETH pool APY is currently at 400%. Not to mention that Sushi is pretty dynamic and will release new features soon. Not a bad thing to be on that train :slight_smile:

treasury is vampire!

YAMv2 is no longer able to get sushi rewards in sushiswap?

That is correct. no more sushi rewards for the V2 pool.