Vested Sushi Rewards for YAM.finance

Intro

Greetings to my fellow sushi, sashimi, nigiri, maki and tempura crunchy rolls. My name is Ross and I am a strategist and contributor at Yam.Finance. The YAM community would like to request that the Vested sushi that we have earned from Farming be released to our treasury in the same way that it will be for typical EOA addresses.

History

YAM and Sushi are emoji siblings born in the beautiful romance of DeFi Summer. We helped pioneer fair launches together and have always put our communities first. Up until recently, the Sushiswap UI still bore the telltale signs of that brotherhood. In November, the YAM community voted to migrate our incentivized liquidity pool from Uniswap to Sushiswap, and in return your community has been very generous in providing liquidity rewards to YAM/ETH LPs.

When we migrated our liquidity to Sushiswap, we built our own incentivizer to stake YAM/ETH SLP tokens, and in return for YAM, users donated their Sushi rewards to the DAO treasury. This agreement was based on an understanding that the full 2/3 vesting would be made available in the future and we have based some of our future roadmap and treasury management on that assumption. Our community members who participated have given up a higher interest rate with the knowledge that they were doing it for the good of YAM.

In that time, the YAM treasury has farmed over 45,000 sushi, all of which we have converted to xSushi. This Sushi has been a huge part of the growth of the DAO in the last few months.

The Future

YAM and Sushi both have bright futures ahead of them and we hope to continue on our path together.

  • We are in talks to collaborate further through the SushiHouse Treasury Management Service and in doing so, Sushiswap will take a small stake in YAM, like we have done with Sushi.
  • We have had discussions to list future UMA synthetics, that we build as part of Degenerative.finance, on Sushiswap.
  • We have had internal talks about building UMA synthetics using the xSushi token to further the utility and composability of xSushi and allow for more nuanced treasury management for users and projects who hold lots of xSushi.
  • We are always open to new ideas and proposals to strengthen the bonds and improve both communities through collaboration.

The Proposal

While we are extremely bullish on Sushiswap and its growing ecosystem, we cannot make promises that the DAO will never sell its xSushi. Here’s why:

  • We are governed by our tokenholders and if a majority of them want to divest of our sushi holdings, there is not much we can do.
  • We strongly believe in treasury management. (We have whole product built around it.) xSushi is already a large portion of our treasury, and there is a chance that it could grow even larger if Sushiswap continues its current trajectory. In the interest of our own fiscal well being, the DAO may choose to take profits on its investment of Sushi.
  • We are but a small fish in a sea of whales. The roughly 100K sushi that we will receive wouldn’t move the market even if we did sell.

We respectfully request that the Sushiswap community release the vested funds that have been farmed by the DAO and we can continue to focus on growing DeFi together.

Your Brothers from DeFi Summer,

The YAM community

8 Likes

I want to follow up here to get some clarity for our community on the outcome of the vesting discussions. Per this twitter thread and other info from the discord and here, it seems that our smart contract will not be receiving the vested sushi.

While we at YAM are disappointed in this outcome, and would like to discuss further whether exceptions can be made, our first priority is to understand enough to let our community know what is going on.

We have anecdotal evidence that users who have only staked YAM/ETH SLP tokens in our incentivizer are not showing vesting rewards. Can someone with Sushiswap please confirm the process so we can have further discussions and at the very least let our users know what is going on?

If you would prefer to discuss in our discord server, you can join with this link: https://discord.gg/RSNUq76v

Thank you. @LufyCZ @OmakaseBar @0xMaki

4 Likes