Yam Finance catalyzed the DeFi food farming frenzy in mid-August as it was one of the first to launch high yielding liquidity pools. The offering at the time was an experimental elastic supply, ‘zero-value’ token as a reward for liquidity providers.
Yield hunters flocked to the unaudited platform despite warnings from its founders about the experimental nature of the project. However, the crops started to fail, and the system fell apart after just a couple of days due to a smart contract code flaw that forced the team to launch a campaign to save the project.
Yam Finance to Relaunch v3
The whales came to the rescue, and Yam v2 was launched following a migration. This was just a temporary measure, however, and the project founders realized they needed to do things properly with full security audits for their smart contracts.
This has now been done, and a month later, Yam Finance is ready to roll out version 3. According to the official announcement, the migration from v2 to v3 will begin on Friday, September 18.
After a month of interim governance and auditing, YAM is set to relaunch on Friday, September 18.
Please see here for full information: https://t.co/1Mra5biT59
You can view the audit here:https://t.co/VhITXIBIN3
— Yam Finance (@YamFinance) September 14, 2020
This will be on a 1 to 1 basis for token holders, with no deadline and 50% becoming immediately redeemable with the remaining half continuously vested over 30 days.
The new Yam v3 protocol will have one liquidity pool, which will hold YAM/yUSD yielding rewards totaling roughly 925,000 YAMs. Ten percent of these, or 92,500 tokens, will be distributed during the first week, starting on Saturday 19th, with the supply decreasing by 10% each following week.
It added that a multisig will be created to assist users who missed the initial migration from v1 to v2 though it will not apply to any YAM v1 purchased after the migration window closed. The team added;
“We’re excited to be officially launching the fully functional YAM protocol, bringing to life the originally intended experiment. We have learned a lot on this journey,”
YAM v2 Token Surges 40%
YAM v2 token prices reacted pretty much instantaneously with a surge from around $24 to top out above $33, according to Uniswap.info.
This equates to a 40% pump in just three hours. Since then, prices have corrected somewhat and are back down to a little over $28 at the time of writing.