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YAM (v3) Rebasing at Gate.io
YAM (v3) Rebasing at Gate.io
2020-09-21 08:01:52 UTC
71107 Lido
According to the YAM team, YAM (v3) is going to start its first onchain rebase on September 21st, at 20:00 UTC. Read more at https://twitter.com/YamFinance/status/1306648125067718664。
Gate.io will conduct the first rebase for Gate.io users based on the onchian rebase result from September 21st 19:30 to 20:30 UTC. During this period, YAM (V3) deposit, trades and withdrawals will be suspended. Deposit, trades and withdrawals will be restored when we complete rebasing. Gate.io will make it a rule to suspend deposits, withdrawals and trades for the coin under rebasing, a half an hour before and after the rebasing time, 20:00 and 8:00 AM UTC respectively for YAM .
Risk Warning:
Like AMPL, YAM updates the address balance using a rebasing mechanism. (The old Yam made a rebase every 12 hours, for a new contract, the rebasing schedule is not announced yet). YAM also converts a portion (10% previously but not known yet for the new contract) to stable coins as a reserve every time it rebases.
When rebasing, Gate.io will suspend trading and update the user's YAM balance. If the updated balance is inadequate to keep the open order, the order will be canceled. And the deposit record will also be updated according to the change ratio at blockchain. The design of the YAM mechanism may further propel the price into falling when the market is in a downward trend and there is a risk that the price may fall below the target price. Please fully understand the project before making any investment decisions.
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Gate.io Team
September 21, 2020
Gate.io will conduct the first rebase for Gate.io users based on the onchian rebase result from September 21st 19:30 to 20:30 UTC. During this period, YAM (V3) deposit, trades and withdrawals will be suspended. Deposit, trades and withdrawals will be restored when we complete rebasing. Gate.io will make it a rule to suspend deposits, withdrawals and trades for the coin under rebasing, a half an hour before and after the rebasing time, 20:00 and 8:00 AM UTC respectively for YAM .
Risk Warning:
Like AMPL, YAM updates the address balance using a rebasing mechanism. (The old Yam made a rebase every 12 hours, for a new contract, the rebasing schedule is not announced yet). YAM also converts a portion (10% previously but not known yet for the new contract) to stable coins as a reserve every time it rebases.
When rebasing, Gate.io will suspend trading and update the user's YAM balance. If the updated balance is inadequate to keep the open order, the order will be canceled. And the deposit record will also be updated according to the change ratio at blockchain. The design of the YAM mechanism may further propel the price into falling when the market is in a downward trend and there is a risk that the price may fall below the target price. Please fully understand the project before making any investment decisions.
Follow us on social
Facebook: https://facebook.com/gateioglobal
Twitter: https://twitter.com/gate_io
Telegram：https://t.me/gate_zh
Instagram：https://www.instagram.com/gateioglobal
Medium：https://medium.com/@gateio
Gate.io Team
September 21, 2020
