Yam launched on August 12th, 2020 as An Experiment in Fair Farming, Governance, and Elasticity. 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.
Originally, YAM was an elastic supply cryptocurrency, which expanded and contracted supply in response to market conditions, targeting 1 USDC per YAM.
This stability mechanism was supplemented by one key addition to existing elastic supply models: a portion of each supply expansion was used to buy yUSD/ETH and added to the Yam treasury, which is controlled via Yam community governance.
YAM now acts as a DAO governance token and has evolved into a launch pad for DeFi projects supported by a community governed treasury.
Yam is currently developing multiple projects including Umbrella (Smart Contract Insurance), Degenerative.Finance (Synthetics) and Yam DAO Set (Set Protocol DAO Investment fund). All of which will generate revenue for Yam.
The Umbrella Protection Protocol is designed to enable Protection Providers to earn premium fees in return for staking funds to be paid out in the event of an exploit to Protection Seekers, who stake and pay a funding rate to earn protection in such an event.
Yam Synths, a product built by Yam on UMA, for Degens. This platform is allows the creation of synthetic assets. Our first offering is uGas, a synthetic futures contract that settles to the 30-Day Median Gas Price at the end of each month.
Yam Treasuries is the investment arm of the Yam treasury. The investment objective is to achieve long term capital appreciation and minimize risk in order to support growth and development of the Yam Ecosystem. YDS is an active management system of the investment arm through a collaboration with SetProtocol.
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.