Welcome to the YAM Wiki!
Yam Protocol mashes up some of the most exciting innovations in programmable money and governance. Built by a team of DeFi natives, but now controlled by the community, it features:
At its core, YAM is an
elastic supply cryptocurrency, which expands and contracts supply in response to market conditions, initially targeting
1 yUSD per YAM. This stability mechanism is supplemented by one key addition to existing elastic supply models: a portion of each supply expansion is used to buy yUSD (a high-yield USD-denominated stablecoin) and added it to the Yam treasury, which is controlled via Yam community governance.
YAM was launched using a fair distribution method inspired by
YFI, in which users could stake cryptocurrencies to receive a pro rata distribution of YAM each block. There was no premine, and neither the launch team nor VCs received any shares outside the prescribed rules of distribution to which all had access.
The goal of this distribution had two goals:
community owned and governed protocol.
Rebasing is a mechanism generally used to promote price stability by increasing the supply when the price is above the target price and decrease supply when price is below the target. YAM is currently pegged to 1 yUSD, and uses the
YAM/yUSD Uniswap pool to generate a TWAP (Time-Weighted Average Price) oracle to determine the necessary change in supply.
When a rebase occurs, the
scalingFactor within the token itself changes, which automatically updates the balance of the tokens. In other words, all YAMs are always rebased.
In the Yam protocol, when a positive rebase occurs, the rebase function also includes a feature to mint 10% of the rebase amount and sell the new YAM to the YAM/yUSD Uniswap pool in exchange for yUSD which is deposited to the governance-controlled treasury.
YAM launched with
fully decentralized governance from Day 1 by implementing the Compound governance module. This gives control of the protocol to YAM tokenholders, meaning that updates to the protocol and management of the treasury can only be performed with approval from YAM holders.
The governance process begins on the Yam Governance Forum where proposals are first submitted for discussion. If the community signals its interest and any necessary modifications to the proposal are made, the proposal is submitted to Snapshot off-chain governance, where tokenholders can vote with their token balances.
If a Snapshot proposal is passed and no code is required to be implemented, the approved action can be taken.
If code deployment is required, the code will go to audit if necessary, and then be proposed via on-chain governance at which point tokenholders will vote once more to deploy.
The purpose of this wiki is to be an educational resource on YAM and its protocols.
To dive deeper, feel free to explore the following links as well:
Join the YAM Discord and be a part of the conversation.
Main: - https//yam.finance
Twitter: - https://twitter.com/YamFinance
Medium: - https://medium.com/@yamfinance
Discourse Forum: - https://forum.yam.finance/
Discord: - https://discord.com/invite/D6BszDQ
Reddit: - https://www.reddit.com/r/YamProtocol/
Github: - https://github.com/yam-finance
This wiki is a resource for the YAM Finance community.
The content is freely licensed and available on GitHub:
https://github.com/chainwikinet/wikijs-yam-content (PRs accepted!)
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