YIP: Yam Contributor Manifesto and Compensation Revised 12.1.2020
Hi Yam Fam, we hear your concerns about the compensation.
Yam was fair launched as an experiment without an ICO or VC money: A rebasing token with a decentralized governed treasury. The founders did not “allocate” tokens for themselves. They farmed and bought Yam tokens just like everyone else in the community. What V3 is right now is still the original concept from the launch of V1. Obviously, there have been some issues since launch, but the team has been vigorously working to accomplish the goals they set from the beginning.
The core team are committed and working hard every week to make Yam successful in the long term. We are in the same boat and we want Yam to be successful. We understand that by choosing to pay contributors, you are expecting that this money will be well spent and return value on your investment. We strongly believe that returning value to YAM holders is a key pillar in YAM’s social contract.
This proposal is to compensate the contributors in order for them to dedicate their time to make Yam successful.
If this proposal is approved, individual snapshots will be done for each full-time contributor and a single snapshot will be done for all part-time contributors.
I suggest you read the team roster bio and mission statement from the previous post.
No one should expect contributors to work for free but expecting a way to align goals with a reasonable amount of pay is very important. We have reworked the compensation to align the long-term goals of the Yam community with the Yam contributor team.
- Upfront compensation has been reduced or removed for everyone except for the developers.
- Yam payments are all 1- year locked vested payments.
a. These yams are vested for 1 year, meaning that they are unlocked continuously over a year.
b. Vesting time starts when the payment is made.
- Full-time contributors are expected to work 40hrs+ /wk, of course it’s variable week to week depending on your workload. Part-time contributors are expected to allocate ~10hrs /wk.
- Quarterly performance reviews starting end of 2021 Q1
- Compensation and contributors are subject to change via governance process.
- Compensation are made for the previous month.
- Monthly transparency reports.
Revised compensation plan:
Image split up for easier reading:
Poll to Measure Sentiment
- Continue to Snapshot Voting (One for each Full-time, one for all Part-time)
- Do not pay contributors
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We have assembled a team of contributors who are committed to dedicating their time and efforts to building up the Yam ecosystem and community. In order to support these contributors in their continued efforts and provide them the security they need to go all-in on Yam’s success, we propose to begin monthly compensation payments and Yam vesting. The individuals will be guided by Yam’s mission and brand pillars below, will draft monthly transparency reports on their contributions, and ultimately help Yam succeed to the best of their ability.
Yam is a community run Decentralized Autonomous Organization (DAO) innovating at the intersection of decentralized governance and programmable finance, bound by shared financial incentives with the goal of empowering people with greater economic benefits and financial well being within the emerging world of Decentralized Finance (DeFi). Yam mission and vision is supported via three guiding pillars:
Fair and Ethical Distribution
By the community, for the community. We are a committed community of doers embracing an open, fair and ethical philosophy. The Yam community fosters an inclusive, energetic and collaborative culture committed to building valuable products and infrastructure that benefit the Yam community.
Decentralized On-Chain Governance and Treasury
Yam is committed to decentralized protocol ownership, leveraging its powerful and forward-looking community to both build and guide the protocol forward. The community decides together how best to invest the treasury and grow the protocol which can only be performed with approval from YAM holders’ on-chain votes.
Innovation: Unique economics with cutting edge experimentation
Yam seeks to enable the very promise of what DeFi can become for the world: a global, permissionless financial ecosystem. Think of Yam as an idea factory dedicated to creating new innovations and launching experiments. 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.
To build consistent and sustainable value to token holders we must focus on creating value added services and products in the DeFi space. The Yam treasury allows us to build the necessary infrastructure for Yam to explore, create, and market our services and products which will add value to Yam token holders.
Trent, Brock, founding team and contributors have laid the groundwork necessary to build the Yam protocol. The next phase in Yam’s progression is to utilize the treasury to build products and services that will generate returns. We’ve assembled a full team of contributors that will cover every aspect of what we need to do to accomplish this goal.
A short intro from each of our team members:
Brock has been coding financial applications from trading algorithms leveraging machine learning to consumer facing applications like Topo’s yield optimizer for the last 4 years. He is notably proficient in Rust and Solidity, while also having experience developing front-end interfaces. His knowledge of the DeFi landscape, financial expertise, and skill as an engineer make him an ideal fit for Yam’s Lead Dev.
E | 0xE has 15yrs+ of vast knowledge in tech and design, starting from a very young age up to this day. Built and managed over 12 projects and communities varying sizes, from general tech to blockchain reaching 2mil~ users combined. Works with a variety of stacks including Ruby Vue Docker Go Node Python APIs ML Unix to other things. Focused on yam from its launch. Worked on web development, interface design, community management, backend infrastructure, and contributor coordination. Eventually would want to see yam succeed on greater levels in the ecosystem. For E’s wide familiarity on tech and the recent accomplishments, the Engineering Manager role on Yam will be fitting.
nate | flygoing.eth has been in crypto for ~4 years and writing Solidity smart contracts full time for more than half of that. In the past I co founded a DeFi company doing call/put options on erc20 tokens, later joined a DEX aggregator leading dex integrations on both the Solidity and backend, and have worked on several smaller side projects. For Yam so far, among other things, I’ve voluntarily written the smart contracts for YAM contributor vesting and monthly allowance, stood up our ContributorGovernance system, written a few proposals, as well as being an active mod and member of the community since early in Yam’s life. I’m hoping to continue writing smart contracts and being a community member in order to push Yam forward.
Trent has been working in DeFi since early 2019 alongside his brother Brock. Their initial efforts were on a yield optimization product in 2019, before switching to liquidation and arbitrage strategies in 2020. These experiences led to deep dives into many of the leading DeFi protocols, as well as the formation of strong industry relationships across those protocols. Over the course of this experience, Trent has gained a wide range of knowledge regarding tokenomics, protocol design, and degen mindsets. As one of the original launchers of Yam, he also has deep knowledge of the protocol, its community, and its vision, and has shown great commitment to each of these, seeking to foster their growth.
Feddas | Stephen has a background in a very diverse set of industries. Systems engineer by education, worked in wealth management w/ Securities License for 10 years, then built, owned and ran multiple restaurants. Managed teams of people from 3 to 60 people. Involved in crypto since 2015. Created multiple crypto related products and services, from a hedge fund to physical secure crypto gift cards. Been searching for an opportunity to join a project/team like Yam. This is where my passion lies.
Bruce | Chilly is a filmmaker, designer, and creative director with 15+ years experience in the world of design, film, and commercials. He has an interdisciplinary heart - having worked as an architect in HK and NYC before moving into the world of film and media. As a director and cinematographer, his commercial clients include Samsung, Starbucks, and Gucci. His narrative feature film projects have premiered at the Sundance, Tribeca, and Venice Film Festivals.
Krugman is a full stack software developer by profession. I have spent the last decade as a retail trader and have experience with Forex, futures, options, options on futures, equities and crypto. I entered the crypto space in 2019 and joined TokenSets as a premiere trader. I quickly rose to the top of the leaderboards in total buyers, AUM and performance. I regularly participate in governance and strategy across multiple DeFi protocols.
KW710 | Kristopher is the founder and owner of a commercial production and animation studio based in Los Angeles with clients ranging from startups to Fortune 500 brands. He has worked in the Film and Television industry for 10+ years and straddles the line between the creative and business side of the entertainment and advertising industries. His latest entertainment project is a feature documentary distributed in North America by Gravitas Ventures and in the UK by Alarm Pictures. Kristopher is fascinated by what can happen when you cross-pollinate ideas and business models between different industries and product verticals. What is one industry’s old idea has the potential to become another industry’s brilliant new innovation. What he loves about crypto is the sandbox environment it provides for innovators and entrepreneurs to experiment with different business models and revenue structures.
Jim | designer is the founder/owner of a Seattle based agency with over 30+ years of branding, marketing and design experience. His firm was an early adopter of digital technologies and online design. Starting in the early 90’s as a Platinum Provider to Microsoft Jim helping design Microsoft’s first internet service – a project called the MSN web platform. Other agency experience includes brand strategy and full service marketing for clients such as Microsoft, IBM, Eddie Bauer, and many others. For the past 10 years the agency has been a key partner for DHL – the global shipping company – running an extensive online customer life-cycle management program for their U.S. division. Jim received his BFA in Graphic Design from the world renown Art Center College of Design in Pasadena CA.
Ross has been interested in the Ethereum ecosystem since 2017, but really fell down the rabbithole in 2018. Since then I have become a DeFi junky and find myself pondering different crypto-economic systems whenever I have spare time. I was involved in early governance conversations during the launch of YFI and have helped vet and brainstorm ideas for another upcoming defi product that will be released soon. In my day job I am an architect, where I have overseen the design and construction of numerous complex and high end projects. I started farming YAM on day 1, have my delegator POAP, and see boundless potential in what we are all building here.
Ronin Chow is a photographer and crypto enthusiast, holding a BE in Computer Science, and good at collecting and organising information. He has been following, researching and occasionally writing Chinese articles relevant to crypto since 2014. Delivering and promoting high-quality contents into the Chinese community is his objective.
Mona has been engaged in marketing work, has more than ten years of team marketing experience, previously worked in Alibaba’s B2B department. Good at marketing planning, core team formation, community building.
MVC - Most Valued Contributors - Contributors that aren’t included in current compensation, but are highly valued and are part of the team.
Mick | GenesisBlock.com
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