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Gate.io Suspends YAM Rebase and Closes DepositsWithdrawals Until Migration Is Completed

2020-08-15 18:06:04Read:59115

Yam Finance has released its new YAM migration plan, according to which the current YAM token will be migrated to YAMv2. Via the migration contract first and later migrated to YAMv3 via the integrated contract. Currently, in response to Yam Finance which has launched a smart contract audit fund raising campaign, Gate.io has donated 10,000 USD (DAI) to help the team handle the security audit. On the YAM medium account they have illustrated the details of the YAM migration plan, here is the link
https://medium.com/@yamfinance/yam-migration-plan-dc72ad49aca6

Brief introduction of YAM Rebase
YAM rebase will be conducted twice a day according to the YAM price (not the price on Gate.io) via a YAM smart contract which will adjust the holding number of YAM holders automatically. If the YAM blockchain price is lower than the pre-set price, YAM number of the holders will be reduced. In contrast, if the YAM blockchain price is higher than the pre-set price, YAM number of the holders will be increased.

Phase 1 of the solution to relaunch YAM
The YAM Deployer address will set up a migration contract. This will allow YAM holders to burn their tokens and mint YAMv2 tokens before a certain deadline. The balanceOfUnderlying function on the current YAM token contract will be used to determine the number of YAMv2 tokens minted. This means that YAM rebases will not affect the number of YAMv2 tokens you will receive. Gate.io has conducted the rebase complying with the smart contract strictly.
According to this rule, it means all rebases after 2000 PM GMT August 13th, 2020 are only used to synchronize the blockchain in order for users to handle the deposits and withdrawals. To simplify this process, Gate.io will implement the following scheme

1) Gate.io has already suspended YAM deposits. Users who deposited after the suspension can be engaged in the token exchange according to the rule when the migration is done.
2) Gate.io will close YAM withdrawals at 1800 PM GMT August 15th, 2020, after which the number of YAM on the platform will be separated from the blockchain. If you do not want to join in this way, please withdraw all your holding YAM before the deadline (you could withdraw to a decentralized wallet such as Wallet.io and exchange to YAM2 by yourself in accordance with the YAM’s official instructions).
3) Gate.io will suspend YAM Rebase, so YAM number of holders on Gate.io will not be changed based on the number of YAM on the blockchain. Please note that the price and number of YAM on Gate.io will be separated from the decentralized platform at that time.
4) Gate.io will exchange the previous YAM token (the number of YAM will be calculated based on the number before 2000 PM GMT August 15th, 2020) to YAM2 token for its users when the official migration is completed.
5)Should there be any change or a fail ution of the YAM migration plan, Gate.io will conduct a one-time rebase to the YAM position of Gate.io users based on all historical rebases conducted on the YAM blockchain after 2000 PM GMT August 15th, 2020.
6) This scheme aligns more with withdrawing assets to a decentralized wallet, which means it does not affect the exchange to YAM2. However, during the process, the YAM price will deviate heavily from the price on a decentralized platform, so please make sure to be aware of the risks before commencing to trade. Users who do not want to participate in this scheme should withdraw YAM before 1800 PM GMT August 15th, 2020.

Please note that compared to the YAM price on a decentralized platform, the YAM price on Gate.io is likely to fluctuate since we will skip the influence of the Intermediate Rebases. For example, after several Rebases, the number of YAM before 2000 PM GMT August 15th, 2020 will be reduced from 1 to 0.5, so 1 YAM on Gate.io is equal to 0.5 YAM on decentralized 0.5 YAM. If the YAM migration plan fails, Gate.io will conduct the rebase of YAM positions aligned with that on the blockchain.



Gate.io
Aug 15, 2020

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