The YAM v2 token prices surged more than 40% after the relaunch was announced and scheduled for the end of the week. In today’s altcoin news, we are reading more about the price analysis.
Yam Finance catalyzed the DeFi food farming craze during August which was the first one to launch high yielding liquidity pools. The offering at the time was in an experimental elastic supply with zero-value as a reward for liquidity providers. Yield hunters got to the unaudited platform despite the warnings from founders about the project’s experimental nature. However, the system fell apart in a few days because the smart contract code had a flaw which forced the team to launch the campaign to save the project.
After a month of interim governance and auditing, YAM is set to relaunch on Friday, September 18.
Please see here for full information: https://t.co/1Mra5biT59
You can view the audit here:https://t.co/VhITXIBIN3
— Yam Finance (@YamFinance) September 14, 2020
The whales tried to rescue the project and Yam v2 launched after the migration process finished. This was just a temporary measure but the project founders realized that they had to do things properly with full security audits for their smart contracts. As this was done in a month, Yam finance is now ready to roll out version 3. According to the official announcement, the migration from V2 to V3 will start on Friday, September 18.
This will be on the 1 to 1 basis for the token holders that have no deadline and about 50% chance of becoming redeemable with the remaining half vested in 30 days. the new Yam V3 protocol will have one liquidity pool which will hold YAM/yUSD yielding rewards that total up to 925,000 YAMs. About 10% of these tokens will be distributed during the first week with the supply dropping by 10% every week.
It added that the multisig will be created to assist the users who missed the first migration from v1 to V2 but it will not apply to any YAM v1 purchased after the migration process ended. The team added:
“We’re excited to be officially launching the fully functional YAM protocol, bringing to life the originally intended experiment. We have learned a lot on this journey.”
YAM v2 token prices reacted in a moment with a surge from $24 to top out above $33 according to Uniswap.info. This equals a 40% pump in three hours so the prices have since corrected and are back down to a little more than $28.
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