Yam

Proposal: YIP-210 Whitelist, NFT Project Funding, Developer Payment, Bug Bounty

Introduction

This proposal combines several important initiatives aimed at enhancing the Yam Finance ecosystem. It encompasses the whitelist implementation of YIP-210, funding for a new NFT project called Yiqi, payment for the development of YIP-210, and a bug bounty reward. These measures will strengthen the governance system, support innovative projects, incentivize contributions, and ensure the security of the platform. Please review the details below for each component of the proposal.

YIP-210 Whitelist

This component seeks to whitelist the implementation of YIP-210, a contract designed to rebalance the STETH/USDC ratio on the Yam treasury. The original proposal, which was approved, can be found here. Whitelisting the implementation will enable secure integration within the Yam ecosystem, ensuring the successful execution of the rebalancing mechanism. The code for YIP-210 can be found here.

NFT Project Funding (Yiqi)

This proposal requests funding for the design, creation, and deployment of a new NFT primitive called “Deposit to Mint.” Yiqi is an innovative NFT project that allows users to deposit ETH to mint an NFT. The project features a unique treasury system that allows for pro-rata redemption by burning the NFT. It incorporates burn fees to discourage repetitive minting and burning. Additionally, it collects burn fees and royalties from secondary sales, which are deposited into the treasury to increase the pro-rata redemption value of all NFT holders. The NFT collection will be based on individual 1 of 1 Avatars representing the Chinese Zodiac with interchangeable backgrounds that promote well-being for the holder and the avatar. The funding will be used for smart contract development, artwork creation, website development, branding, marketing, and more. This project aims to revitalize the NFT ecosystem and restore confidence in the market. More details about Yiqi can be found here. The code for the Yiqi NFT contracts can be found here. Some of the avatars that will be produced in the NFT project can be viewed here.

Developer Payment (YIP-210)

In recognition of his outstanding contribution, this proposal includes a payment for 0xChefMike, who developed and deployed the YIP-210 proposal. 0xChefMike’s expertise and dedication were crucial in bringing this initiative to life. Providing fair compensation demonstrates our appreciation and encourages further participation from talented developers within the community.

Bug Bounty Reward

To maintain the security and integrity of the Yam governance contracts, it is essential to incentivize community members to actively search for vulnerabilities. This proposal includes a bug bounty reward for Zach, who discovered a vulnerability in the Yam governance contracts. The vulnerability involved the votingDelay() parameter, which allowed for potential manipulation of governance votes. By offering a reward, we acknowledge Zach’s efforts and encourage the community to actively participate in identifying and resolving potential security risks.

By implementing this proposal, we demonstrate our commitment to fostering a secure, innovative, and community-driven environment within the Yam Finance ecosystem. Your support for this comprehensive initiative is greatly appreciated.