YAM Ready to Jump Back in the DeFi Game, YAMv1 to YAMv2 Migration Underway
In just over a week, the one-day unaudited debacle from earlier last week is ready to return.
The YAM v1 to YAM v2 migration contract is already live since yesterday, and before the weekend is over, it will be completed.
“All YAMv1 tokens are eligible for migration, but YAM must be harvested from staking contracts to migrate,” states the team.
This governance token of Yam.Finance, which imitated another popular DeFi token YFI was launched with no-premine, no founder shares, no VC interests, and as a zero value token, is all about farming YAM by staking popular DeFi tokens — started with eight staking pools including LINK, COMP, LEND, YFI, MKR, SNX, WETH, and ETH/AMPL.
As the YAM team notified in the aftermath of the unaudited experiment’s crash, they are proceeding with the YAMv1 to YAMv2 migration process, now following a successful audit of the migration contract from Peckshield.
For YAM’s audit, the community raised 115,150 DAI. The audit process only found issues of “Low” or “Informational” severity and have been addressed.
The migration is currently undergoing, and after 4:20 PM UTC August 22, YAMv1 tokens will no longer be eligible for migration.
In YAM v2 token address, 4,904 transfers have been made from 3,566 addresses.
In YAM v1, only about $15 million funds are left in the balance, which reached $750 million on August 13 as traders looked to capitalize on outsized yields from lending and borrowing on the platform, as per Yamalytics.
A project like YAM that builds a treasury, but treasury is only used to fund audits and contract work for pre-launch projects. Treasury receives a token allocation upon launch for funding. Don't need VC's.
Ironically, if YAM v2 successfully launches, it could fill this use case.
— Ceteris Paribus (@ceterispar1bus) August 18, 2020
YAM Finance didn’t last for long the last time, but it took the DeFi world by storm with its token experiment that included fluctuating supply assets launched via liquidity mining. It was YAM craziness that also pushed ETH fees to skywards. But a bug found in the rebase function resulted in its collapse.
But now, with migration, people who believe in YAM’s value get to capitalize on that by continuing to farm on failed v1 and make their way to the potential upside of v2.
This migration is just the first step in the process with YAMv2, just a placeholder for off-chain voting while YAMv3 is audited, whose launch timing is not determined yet.
Subject to community voting and audit timing, the migration to YAMv3 token will be done via an additional contract.
In its recent update, the team also reminded about granting lost rewards and a bonus to those who acted to save the system.
“We still believe that doing this is the right course of action.” Still, the team doesn’t have the power to enforce such actions on their own, as such, “once the migration to the audited YAM contracts is complete, the team will strongly advocate for one or more proposals consistent with this sentiment.”
Currently, YAM is trading at $1.39, up 393% from its all-time low but still down 99.2% from its all-time high of $167 set on August 12, as per CoinGecko.