Yam Finance Gives Updates On +ETH, NFTs And, Rebrands

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Yam DAO has a range of new products such as +ETH and uSTONK for June (uSTONKS-JUN21 synth), a brand new UI aimed at easy access and establishing a Yam-centric outlook, and more NFTs. The products are expected to push the boundaries of the possibilities of DeFi.

The rebranding is aimed to consolidate the brand in a way that will reflect a clear roadmap of how all of Yam’s integrated products strengthen the vision statement. 

Rebrand To Establish A Yam-Centred Approach

If the Yam community favors the rebrand, it will mark the first step towards Yam’s commitment to clarify its message, bring value back to token holders, and bring in more members to the Yam community. The branding is aimed at moving away from a fragmented product line to a consolidated one. 

Degenerative Finance Synthetics will be renamed to Yam Synths, Umbrella protection to Yam protections, and DAO House treasury management to Yam Treasury. The addition of “yam” to its products indicates who is at the center and will allow the DAO to expand going forward.

This will continue to grow the value of the Yam ecosystem, and the company can move closer to the grand vision of providing a decentralized ecosystem. Users old and new will have improved brand awareness, reinforced product integration, and a clarified sense of product purpose and value. 

New Collaterals Added, Including The Yam Dollar

The Yam synth will offer collateral for a list of yield Dollars such as YFI Dollar, UMA Dollar, DPI Dollar, UNI Dollar, X-Sushi W-BTC Dollar, Bal Dollar, ETH Dollar, and finally, the Yam Dollar. A Yield Dollar is a loan backed by each one of these collaterals. 

Users can deposit their Yam Dollar to borrow a stablecoin that can be used across DeFi, thus bringing back value to the Yam token. It will also bring in other communities to actively engage with the Yam synthetics platform.

Yield Dollars resemble a stablecoin but have an expiry date. As it approaches this date, the price will approach $1. Upon expiry, Yield Dollars will be redeemable for $1 of the collateral asset. Minters will have a fixed-rate, fixed-term loan for the yield Dollar, while buyers will gain a passive income opportunity. 

Introducing The +ETH 

+ETH is another type of synthetic loan offered by Yam. When users buy one +ETH, it will expire to the value of 1 ETH. The one-to-one relationship brings exciting dynamics to the picture. Users can hedge their +ETH instead of selling ETH. 

Once it’s deposited as collateral, a +ETH can be minted and sold across DeFi protocols. If there is a dip in the value of ETH, the user won’t be affected as their assets, the ETH, will not be exposed to the price fluctuations on the market. 

+ETH also offers a return swap use case. Instead of selling your USDC hedged +ETH to collateralized ETH, users can swap their returns by selling their +ETH instead of ETH. While the user is short on a +ETH, they can earn returns of YAM on their ETH. 

Finally, when the +ETH is sold to an MM Pool, it will push the price down, creating an opportunity for users to pay less than 1 ETH and buy +ETH, which will expire to 1 ETH. Hence the name +ETH.

Yam NFTs!

Yam finance is venturing further into NFTs with “Museum For Fine Yams,” an endeavor for the Yam community. The first NFT launch was the uSTONK based NFT that was given to uSTONK synthetic users last month.

Museum For Fine Yams is the platform’s next NFT project aimed at rewarding its community. It contains a series of NFTS having the Yam brand logo on unique reworks of art pieces by famed artists such as René Magritte, Johannes Vermeer, Auguste Rodin, and others.  

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: https://cryptodaily.co.uk/2021/05/yam-finance-defi-rebranding-updates