YIP-22: YAM FAM Migration Rescue Multi-sig Fund

Objective

Set aside funds to assist users who missed the YAMv1 → YAMv2 migration except for dust accounts, accounts with YAMs only in Uniswap, and unharvested yield accrued to LPs but never claimed.

Summary

Allocate funds to compensate users who missed or failed to migrate from YAMv1 to YAMv2 according to the following schedule:

• Set aside up to 50,000 YAM (1% of the 5,000,000 YAM total supply), but start with only 10,000 YAM in a 3-of-5 multisignature wallet managed by active YAM community members (Members TBD);
• If the initial 10,000 YAMs is disbursed to claimants, YAM Governance would vote to mint another batch of 10,000 YAM for disbursement by the multisignature wallet;
• Advertise the availability of assistance to users who missed the YAMv1 migration;
• Disburse funds to compensate users that failed to migrate with 100% of the equivalent number of YAMv3 that they would have received had they successfully migrated to YAMv2;
• Six weeks after the launch of YAMv3, any unclaimed funds set aside are to be sent to the YAM treasury.
• Some migration failures were already compensated by YAM community members. These community members would have blockchain records examined, and would be reimbursed for their proactive efforts to compensate for failed migrations.

Compensation requests will be compared to a snapshot of balances on the last possible block of migration, excluding those accounts in the Uniswap pool and reimbursed from the multisig on a case-by-case basis. Stated clearly, accounts that purchased YAM after the migration block will not be compensated. Accounts that failed migration because they were providing liquidity in Uniswap will also not be compensated. Only YAMs claimed or harvested to the user’s wallet will be valid, unclaimed yields will not be compensated.

Records of all compensation transactions will be published for inspection by the YAM community.

This is an alternative to “YAM FAM Migration Rescue Airdrop” and if both pass, would be enacted only if it receives more “approve” votes than the “YAM FAM Migration Rescue Airdrop” proposal.

Rationale

Around 1.5% of the YAM supply—approximately 75,000 YAM—missed the YAMv1 to YAMv2 migration. The migration window was a rather short 72 hours, and some users did not hear the announcement, could not reach their wallet in time to migrate, or encountered technical difficulties with the migration transactions that prevented migration from succeeding.

By setting aside funds to assist these users, the YAM project can demonstrate its commitment to early supporters and invite them to re-engage with the YAM project.