Gate.io Launches Single Listing Vote #10 – Yam Finance (YAM)
Gate.io is a trading platform that does not charge listing fees, only launches quality projects, and provides users with a variety of blockchain assets trading services. To involve a higher number of users in the process of expanding our list of coins, Gate.io has implemented a new feature called "single listing vote," offering even more opportunities to launch high-quality projects.
In each single listing vote, participants can vote for the project. In this single listing vote, the tokens of the project will be listed on Gate.io. All voters have a chance to win an airdrop of the project token according to the ratio of the votes they contributed to the number of votes in total.
1. Duration: 10：00 AM GMT August 12th, 2020 –12：00 AM GMT August 12th, 2020
2. The YAM/USDT trading will open at 12:30 AM GMT, August 12th on Gate.io. The withdrawal service will be available afterwards.
Deposit YAM at: https://www.gate.io/myaccount/deposit/YAM (ongoing)
3. Airdrop Amount:
Once Yam Finance gets 1 million votes, the trading service of YAM will be available on Gate.io. Each voter has a chance of sharing an airdrop of 50 YAM.
4. Participate in the Listing Vote at: https://www.gate.io/poll/votelist/33
Introduction to Yam Finance
1. Project Introduction
Yam is an experimental protocol mashing up some of the most exciting innovations in programmable money and governance. Built by a team of DeFi natives, it features: an elastic supply to seek eventual price stability; a governable treasury to further support stability; fully on-chain governance to enable decentralized control and evolution from Day 1; and a fair distribution mechanism that incentivizes key community members to actively take the reins of governance.
Official website: https://yam.finance/
2. Token Information
At its core, YAM is an elastic supply cryptocurrency, which expands and contracts supply in response to market conditions, initially targeting 1 USD per YAM. This stability mechanism is supplemented by one key addition to existing elastic supply models such as Ampleforth: a portion of each supply expansion is used to buy yCRV (a high-yield USD-denominated stablecoin) and add it to the Yam treasury, which is controlled via Yam community governance.
(1) Token symbol: YAM
(2) Total supply: the total supply and all other YAM figures are subject to change via rebase that happens every 12 hours.
(3) Token allocation:
Wave 1 Distribution: 8 staking pools; 250,000 YAM per pool and altogether 2,000,000 YAM
Wave 2 Distribution: 1 staking pool; altogether 3,000,000 YAM
(4) Token release schedule
Wave 1 Distribution: starting from 7:00 PM GMT, August 11th, 2020, with a distribution period of 7 days.
Wave 2 Distribution: starting from 7:00 PM GMT, August 12th, 2020; 1,500,000 YAM distributed in 1st week, decreasing by 50% each week
(5) Additional issuance
Elastic supply; total supply is changeable via rebase
3. Please note that due to the unique elastic supply features of YAM, users' YAM balances will be expanded or decreased every 12 hours (8：00 AM GMT, 8:00 PM GMT) based on the market conditions; additionally, 10% of each supply expansion is used to buy yCRV (a high-yield USD-denominated stablecoin) and add it to the Yam treasury. Based on the YAM smart contract eventlog, Gate.io will rebase(update) the user's YAM balances during 7:30 AM GMT to 8:30 AM GMT and 7:30 PM GMT to 8:30 PM during which the trading will be paused and the deposit amount will be updated.
Single Listing Vote Scheme
1. Participants: all the GT holders on Gate.io 1 GT=1 vote
2. Vote allocation: For every participant, their vote equals the average 14-day GT holding including assets in Lending/Borrowing Market, and the GT bought with USDT borrowed from Margin Trading, however, GT borrowed from Margin Trading is not allowed. The user’s votes will be calculated based on the average 14-day GT holding within two hours after the listing vote. Thus, please don’t make any changes to your GT holding before the counting of the votes.
For example, Bob is a new GT holder, and he buys and holds 14000GT one day before the sale. Therefore, his average 14-day GT holding will be 1000GT 14000GT/14 days, and he will have 1000 votes.
3. Every real-name participant can vote with his GT for the project.
4. In this listing vote, when the project gets 1 million votes, the tokens will be listed.
5. After the listing vote, all voters will be rewarded with an airdrop of the tokens. Meanwhile, the time for trading, withdrawal, and deposit of the tokens will be released.
6. The return of GT and holding requirements: after the listing vote, the voter’s GT will be returned to his account. The GT holding of the voter should be higher than the number of his votes within two hours after the activity. Otherwise, the number of the votes will be counted based on the real-time GT holding when the vote counting begins.
7. Rewards in the Listing Vote:
（1）After the project receives 1 million votes, the token will be airdropped. All voters will win the token. The airdrop of the token will be ratioed according to how many votes of the voter account for the votes in total.
（1） Cheating: Gate.io will cancel the votes of an account if any cheating is detected or reported by other users and confirmed. The account will no longer be qualified for the listing vote if more than three cheating records have been registered.
Gate.io reserves the final right to interpret this activity.
Gate.io is a trading platform that does not charge listing fees, only launches quality projects, and provides users with 100% guaranteed and instant deposit-withdrawal services.
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Aug 12, 2020
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