YAM Has been one of the more interesting DeFi projects to keep tabs on. It has already gone through a relaunch, and history is bound to repeat itself. The launch of YAMV3 will occur in a few days from now.
More YAM to go Around
Deciding to relaunch YAM after its initial hiccup was a gutsy decision. Not too many people gave the DeFi project a fighting chance following such an incident. Fast forward to today,, and the developers are eager to explore a second relaunch. The native Yam protocol has been fully audited, and will undergo a relaunch on September 18, 2020. It marks another chapter in this project’s colorful existence.
Driving this decision is the interim governance period coming to an end. Several key issues still had to be worked out. Thanks to support from the community, those issues are now a thing of the past. PeckShield conducted a thorough audit of YAMV3, and everything seems to be in order. A bug bounty will remain active, should any unforeseen bugs pop up after the relaunch.
As part of this migration, the tokens will be swapped at a 1:1 ratio. It is worth noting that only 50% of the converted YAM tokens can be redeemed right away. The remaining 50% remains vested over 30 days. This is something to take into account for those who don’t want to be part of this relaunch.
A few other Changes
When the new iteration of YAM launches, there will be one incentivized liquidity pool. Farming rewards from YAM/yUSD through Uniswap will result in a share of 925,000 YAMs. Of those tokens, 10% will be distributed during the first seek. Subsequent weeks will see a 10% reward reduction for every consecutive week. A decent schedule that should prevent the market from bleeding flooded with YAMV3.
There are still users who missed the migration to V2. A mutlisignature address will be created for those users. More specifically, the users who purchased YAM before the migration window closed. Anyone doing so after this period will have no real recourse.
The reserve asset of YAM will be yUSD (yyCRV) and YAM/yUSD will be the pool from which the treasury purchases.
All in all, the new migration will usher in the era of the fully functional YAM protocol. How it will pan out, is very difficult to predict given the current information. Very few projects survive multiple “restarts”, after all. Finding community support will be crucial during this next stage.
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