Embattled YAM Finance Sees Migration As Escape Route

YAM Finance which suddenly became popular some past few days, owing to the massive demand it saw from investors just some few minutes after it launched before it eventually crashed after its team identified some bug, is now seen threading softly.

The ecosystem has taken the bold step to seek donations of about 115,000 USD, in order to carry out a security audit on the site so as to protect it from experiencing a bug in subsequent times.

YAM Finance is a platform whose major aim is to do no other thing, but farm YAM by staking popular Decentralized Finance tokens.

This platform which was able to amass the sum of 600,000,000 USD within two days before ceasing trading, is ready to start up again.

Recall a  report on August 12, about how YAM claimed to discover a bug in their site some 48 hours after it gained public recognition. Nevertheless, the problem was fixed, after 35k coins was delegated to a third party pool.

However, YAM has presented a 2 phased rollout, which will aid the protocol transitions to a network enjoying maximum security.

As a way out to save YAM from recurring bug in the nearest future, Yam needed about 160K YAM and its holders have gone ahead to entrust their tokens in order to see the success of this proposal.

Even though the target had been reached, the infinite rebases didn’t attain the minimum number, thus, making the proposal unworkable and V1 come to a halt.

YAM’s Phase to Phase Movement

In the decentralized finance voyage, holders of YAMv1 will move to YAM2, which is a 1:1 match of YAMv1 without any form rebase in place.

Related:  Data Shows 50% Of Bitcoin Hashrate Controlled By Two Mining Pools

YAM continues to expand and contract its supply two times daily so as to maintain its 1 dollar peg.

Immediately the audited results are out, YAM2 will also have to migrate to YAM3 which is the final stage on the network; at least for now. This stage then integrates and gives permission to all code updates belonging to the community governance of Yam’s treasury in Curve Finance’s liquidity pool yCRV.

YAMthusiasts Have a Reward

Even with the crash of the ecosystem which took place few days ago, which is still fresh in the mind of its holders, some optimistic farmers have not stopped farming YAM. The platform realized that about $175M in decentralized finance tokens, is still risked in it.

However new food coins such as TACO, SHRIMP, and PASTA have been feeding on YAM, the team overseeing the ecosystem is said to ensure that those who remained in the platform get compensated, so they do not have any cause to regret their choice of staying back.

YAM team said, the set of enthusiasts for YAM who glued to the network, in spite of the setback it suffered, stand the chance to earn 1:1 matching rewards in the coming time.

Meanwhile, this guerdon will be dished out, based on the vote which will be piloted by the network community.

However, YAM fanatics look forward to watching whether the network will not suffer from grave conditions or even go into extinction in a few days’ time.

Source link

Share this article: