Change to Rebase Sell Percentage

Change to Rebase Sell Percentage

Forum Post: https://forum.yam.finance/t/yip-drop-treasure-vault-tax-rate-to-1-from-10/638

Basic Summary: This is a proposal to change the percentage of a positive rebase that is minted and sold to grow the treasury. Many in the community believe the amount sold on a positive rebase to be too high, and feel the treasury does not add significant value to the protocol. While I believe the treasury adds significant value for the reasons outlined below, it is worth evaluating a change to the rebase sell amount.

Motivation: The initial treasury purchase level was set at the time of development, and has not been updated with community input since launch. Many in the community are unclear on how the treasury provides value, which is outlined below:

• Fund development of YAM, including new products
• Create price floor for YAM
• Invest to earn greater return
• Use in new products to bootstrap liquidity

These goals can be better accomplished with a larger treasury, but at the same time, the current treasury of $2.8M can effectively accomplish many of these initiatives in the short term. By lowering the purchase amount for the time being we can build confidence in the treasury’s value, and potentially increase again in the future, or find a new mechanism for raising treasury funds.

It should also be noted that we are currently in the process of leveraging the treasury in several ways that add meaningful value to the protocol, and plan to continue building on these foundations:

1. Yam Dao Set Investment Arm. We will be using the treasury to directly invest in crypto and defi, please read here for more information: https://forum.yam.finance/t/yam-investment-portfolio-description-and-current-road-map/906 Feel free to join the discussion: https://discord.com/channels/743654257642700911/775887008429506570/777321622956277802
2. Great Yam Wall. The current "rage quit" solution. Will be allocating a % of the treasury to directly buy YAM from the market if the YAM Market Cap < Yam Treasury Value. When we increase the treasury it should also increase the market cap as well. https://forum.yam.finance/t/specification-for-a-simple-ragequit-like-function/938
3. Umbrella. Will be our smart contract insurance protocol. It is currently under development and the team has some great ideas that will provide much needed insurance to defi smart contracts. We will likely seed the insurance protection by using the treasury, and the income will go to the treasury.

To illustrate the various differences, here is an example: Current YAM Supply: 8,700,000 Example price: $1.50 Deviation from Peg: (1.50 - 1) / 1 = .5 RebaseLag = 20 Change in Supply = 8,700,000 * (.5 / 20) = 217,500 YAMs

1% Rebase Sell Amount: 2,170 YAMs (less than 1% market impact) 5% Rebase Sell Amount: 10,875 YAMs (1-2% market impact) 10% Rebase Sell Amount: 21,750 YAMs (approx. 3% market impact)

Specification: Adjustment to Rebaser

The final rebase sell percentage will be based on a weighted average.

更改到重新基的购买金额

论坛帖子： https://forum.yam.finance/t/yip-drop-treasure-vault-tax-rate-to-1-from-10/638

基本摘要：

这是一个建议，改变一个正重基的百分比，铸造和出售，以增长国库。许多社区人士认为，在正重基上出售的金额过高，认为国库并没有为协议增加显著价值。虽然我认为国库会因为下面概述的原因而增加重大价值，但值得评估对重新基础销售金额的变动。

动机：

初始国库购买水平是在开发时设定的，自推出以来未使用社区投入进行更新。社区中的许多人不清楚国库如何提供价值，概述如下：

YAM的基金发展，包括新产品

为 YAM 创建价格下层

投资以赚取更大的回报

在新产品中使用以引导流动性

通过更大的国库可以更好地实现这些目标，但与此同时，目前2.8M美元的国库可以在短期内有效地完成许多这些事情。通过降低购买金额，我们可以建立对国库价值的信心，并可能在未来再次增加，或找到一个新的机制，以筹集国库资金。

还应当指出，我们目前正在以若干方式利用国库，为议定书增加有意义的价值，并计划继续在这些基础上发展：

1. YAM DAO SET投资分部。我们将使用国库直接投资crypto和DEFI. 请阅读此处了解更多信息： https://forum.yam.finance/t/yam-investment-portfolio-description-and-current-road-map/906

随意加入讨论： https://discord.com/channels/743654257642700911/775887008429506570/777321622956277802

2. 长城。当前的"愤怒退出"解决方案。如果 YAM 市值和任总的库明价值，将分配部分国库，从<YAM。当我们增加国库时，它也应该增加市值。https://forum.yam.finance/t/specification-for-a-simple-ragequit-like-function/938

3. 雨伞。这将是我们的智能合同保险协议。它目前正在开发中，团队有一些伟大的想法，这将为defi智能合约提供亟需的保险。我们可能会通过使用国库来提供保险保障，收入将进入国库。

为了说明各种差异，下面是一个示例： 目前 YAM 供应： 8，700，000

价格示例： $1.50

与 Peg 的偏差： （1.50 - 1） / 1 = 0.5

RebaseLag = 20

供应变化 = 8，700，000 * （.5 / 20） = 217，500 YAM

1% 重基销售金额：2，170 YAM（低于1%的市场影响）

5% 重基销售金额：10，875 YAM（1-2% 市场影响）

10% 重基销售金额：21，750 YAM（约 3% 的市场影响）

规范：

调整到重新baser

最终基准销售百分比将基于加权平均值。