Mhairi
March 2, 2022, 1:15pm
1
This UMIP will add YAM (Governance token of the YamDAO) to the supported collateral currencies to the AddressWhitelist contract, allowing UMA users to mint synthetics using YAM as the collateral currency.
## Headers
| UMIP-44 | |
|------------|------------------------------------------------------------------------------------------------------------------------------------------|
| UMIP Title | Add YAM as a collateral currency |
| Authors | Ross Galloway (ross@yam.finance) |
| Status | Approved |
| Forum Post | https://discourse.uma.xyz/t/adding-yam-as-collateral-umip/115 |
| Created | January 23, 2021 |
## Summary (2-5 sentences)
This UMIP will add YAM (Governance token of the YamDAO) to the supported collateral currencies to the AddressWhitelist contract, allowing UMA users to mint synthetics using
YAM as the collateral currency. The proposed final fee is 150 YAM per request.
## Motivation
Adding YAM as a collateral currency to UMA will allow the YAM governance token to be used to create new synthetic assets and will allow it to be used within products that are built upon UMA. YAM could be used as a collateral to mint OpenDAO's perpetual stablecoin. This adds additional utility to the YAM token and serves as a test case for adding additional governance and community tokens to the UMA whitelist.
The YamDAO is currently building out https://degenerative.finance, which is a derivatives front end built on UMA. Degenerative is the current custodian of the uGAS derivative and we plan to add more derivatives in the future. One planned derivative that we hope to cross list with OpenDAO (https://opendao.gitbook.io/whitepaper-v2/) is their perpetual stablecoin. We would provide the means to mint perpetual dollars with the collateral types currently offered and would like to also offer YAM as a collateral type.
Yam is a collaborative community innovating at the intersection of decentralized governance and programmable finance. Our open, fair and ethical philosophy fosters an inclusive and energetic culture. We are a fair-launch DAO pushing the bounds of innovation and launching experiments to enable the very promise of what DeFi can become for the world: a global, permissionless financial ecosystem.
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