YIP-23: YAM FAM Migration Rescue Airdrop

Objective

Airdrop 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

Using a snapshot of YAM V1 balances at the last possible block of migration, airdrop YAM V3 according to the following rules:

• Account has more than a “dust” amount of YAM V1, where ‘dust’ will be defined based on gas costs at the time of the airdrop;
• The YAM V1 is not in a burn address;
• The YAM V1 is not in the Uniswap Pool;
• The YAM V1 was harvested to the user wallet and not left “unclaimed”

Stated clearly, accounts that purchased YAM after the migration block will not be compensated. And accounts that failed migration because they were providing liquidity in Uniswap will also not be compensated. Only YAMs claimed (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 Multi-sig Fund” and if both pass, would be enacted only if it receives more “approve” votes than the “YAM FAM Migration Rescue Multi-sig Fund” 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 airdropping this small amount of 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.