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Update on the YAM Contract Bug MatterAs the YAM bug-fix proposal failed to be implemented smoothly, the YAM Treasury saw 750,000 USD worth of stablecoins locked up in it. A large amount of ad
Update on the YAM Contract Bug MatterAs the YAM bug-fix proposal failed to be implemented smoothly, the YAM Treasury saw 750,000 USD worth of stablecoins locked up in it. A large amount of ad
2020-08-14 06:35:41 UTC
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As the YAM bug-fix proposal failed to be implemented smoothly, the YAM Treasury saw 750,000 USD worth of stablecoins locked up in it. A large amount of additional YAMs were issued unexpectedly, leading to the breakdown of the Treasury. The YAM governance vote no longer works. The YAM smart contract will continue to be running on the Ethereum blockchain. However, the contract cannot be modified via governance votes. This indicates that the YAM contract will be running like other rebase-backed cryptocurrencies like AMPL.
Yam Finance has released its plans on the migration to YAM 2.0, which can be found here: https://medium.com/@yamfinance/yam-migration-plan-dc72ad49aca6
Below are the key points of the YAM 2.0 migration announcement:
1) To appreciate the support and efforts by the community in saving YAM, the Yam team intends to propose a reward to token holders who acted to save the (but this will need to be approved by token holder vote). Gate.io has voted for the YAM bug-fix proposal, and will distribute, if we are rewarded, the rewards to YAM holders entirely.
2) YAM holders don’t have to do anything at the moment; they should just wait for more official guidelines from Yam Finance themselves.
3) If there’s enough support from the community, Yam Finance will implement a two-phase YAM migration solution.
4) Phase 1: 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. YAMv2 tokens will not rebase. The balance of the underlying function on the current YAM token contract will be used to determine the number of YAMv2 tokens minted, and the YAM rebases will not affect the number of YAMv2 tokens holders will receive. Gate.io will continue to carry out YAM rebases as usual.
5) Phase 2: The complete YAM will be audited and redeployed as YAMv3. YAMv2 holders will be able to migrate to the updated YAMv3 token via an additional contract.
As the YAM 2.0 migration is yet to take place, the project is still a high-risk one. Gate.io will continue to follow up on the latest of the Yam project, and will donate funds to the team. When the YAM 2.0 migration is launched, Gate.io will make the migration for our users in a timely manner. We are impressed by the unity and cohesion of the blockchain community amidst this unexpected situation. Gate.io sincerely appreciates the continuous understanding and support of our users!
Yam Finance has released its plans on the migration to YAM 2.0, which can be found here: https://medium.com/@yamfinance/yam-migration-plan-dc72ad49aca6
Below are the key points of the YAM 2.0 migration announcement:
1) To appreciate the support and efforts by the community in saving YAM, the Yam team intends to propose a reward to token holders who acted to save the (but this will need to be approved by token holder vote). Gate.io has voted for the YAM bug-fix proposal, and will distribute, if we are rewarded, the rewards to YAM holders entirely.
2) YAM holders don’t have to do anything at the moment; they should just wait for more official guidelines from Yam Finance themselves.
3) If there’s enough support from the community, Yam Finance will implement a two-phase YAM migration solution.
4) Phase 1: 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. YAMv2 tokens will not rebase. The balance of the underlying function on the current YAM token contract will be used to determine the number of YAMv2 tokens minted, and the YAM rebases will not affect the number of YAMv2 tokens holders will receive. Gate.io will continue to carry out YAM rebases as usual.
5) Phase 2: The complete YAM will be audited and redeployed as YAMv3. YAMv2 holders will be able to migrate to the updated YAMv3 token via an additional contract.
As the YAM 2.0 migration is yet to take place, the project is still a high-risk one. Gate.io will continue to follow up on the latest of the Yam project, and will donate funds to the team. When the YAM 2.0 migration is launched, Gate.io will make the migration for our users in a timely manner. We are impressed by the unity and cohesion of the blockchain community amidst this unexpected situation. Gate.io sincerely appreciates the continuous understanding and support of our users!
