Golden Sentinel丨YAM holders are now migrating to YAMv2.The deadline is August 23 at 0:20

Farmers who have YAM tokens should hurry up and exchange for YAMv2.

Yam Finance stated on Twitter that YAMv1 needs to be migrated to the YAMv2 contract before 4:20PM UTC on August 22 (0:20 on August 23, Beijing time).

Golden Evening News | List of important news on the evening of December 6: 12:00-21:00 Keywords: Sequoia Capital, US SEC, FTSE Russell, DeFi

1. Sequoia Capital India and other VCs seek to invest US$50 million to US$150 million to support Polygon;

2. Twitter will launch the Ethereum tipping function, and the testing work has started

3. The US SEC chairman wants more investor protection in the cryptocurrency market

4. FTSE Russell Layout Digital Asset Index Stable coins and meme coins can be added to the index

5. BitMart Founder: Will Use His Own Funds to Make Up for Security Vulnerabilities

6. Vulnerabilities were found in the Monero (XMR) multi-signature wallet code, funds may be stolen by one of the signers;

7. DeFi platform Earnity completed a $15 million Series A investment, led by BitNile;

8.Glassnode: This market plunge resulted in a realized loss of more than $2.18 billion on the BTC chain, the third highest in history

9. Bank for International Settlements report: The complete decentralization of DeFi is an illusion and can become a regulatory entry point. [2021/12/6 12:55:03]

According to previous reports of Jinse Finance, after the YAMv2 contract was audited by the security company PeckShield on August 19, the official migration of YAMv1 to the YAMv2 contract began at 4:20PM UTC on August 19. All YAMv1 holders will burn YAMv1 through the migration contract and exchange for newly minted YAMv2 at a ratio of 1:1.

Golden Morning News丨Overnight important news on November 10: 21:00-7:00 Keywords: legal digital currency pilot area, SEC, ETC hard fork

1. Beijing plans to build a legal digital currency pilot zone and a digital financial system;

2. Shenzhen uses blockchain and other technologies to build a voting system for online lending institutions;

3. British Chancellor of the Exchequer: Consultation on stable currency will be held soon;

4. Federal Reserve researchers: CBDC provides flexibility in responding to macroeconomic shocks;

5. US SEC Commissioner: SEC should take action on the encryption space more quickly;

6. The CME Bitcoin futures November contract closed at $15,450;

7. Ripple CEO warns listed companies not to hold Bitcoin;

8. The three major stock indexes in the U.S. stock market were mixed, and the blockchain concept stocks in the U.S. stock market closed down all the time;

9. The ETC mainnet will activate the Thanos hard fork around November 28;

10. Bitcoin fluctuated widely, with a daily low of $14,813 and a high of $15,491.34. [2020/11/10 12:09:16]

The migration time is 72 hours. After the time expires, YAMv1 tokens cannot be exchanged for YAMv2.

Golden Finance Exclusive Analysis Virtual mining promotes the real chip industry: It is reported that in the past three months, AMD’s key computing and graphics business sales have almost doubled, and revenue in the first quarter has increased by 10%. A few days ago, Jiang Yang, vice chairman of the China Securities Regulatory Commission, also hoped that the chip company Canaan Yunzhi would be listed in China. It can be seen that the hot sale of chips reflects the unabated enthusiasm for mining. Although the currency is virtual, the sales of equipment are real. The attitude towards chips also shows that relevant parties have recognized the profitability of chip companies. You must know that the blockchain needs to be encrypted and consumes computing power, and the computing power needs to be provided by physical chips. Encouraging the blockchain to support the listing of chip companies, its internal logic is established. The listing of chip manufacturers will also accelerate their product iterations, and develop products with lower power consumption and better efficiency, so as to continuously improve the profitability of listed companies. However, it should be clear that mining and currency transactions are two completely different concepts and should be treated separately. [2018/4/26]

According to the official website of Yam Finance, the migration steps are as follows:

Yam Finance once again explained the reason for the migration. According to the amount of YAM in the current reserve and overissued in the benchmark adjustment due to bugs, due to the integer limit of safeMath, the positive benchmark adjustment will always fail, so the positive benchmark adjustment will never be possible again , and will not lock other yCRVs.

In order to be able to do a positive rebase, a negative rebase would have to be done, the supply would have to be adjusted to 0.000000001% of the current supply, which would require a massive negative rebase. This is not possible during the remaining 44 hour migration window.

So YAMv1 must be migrated to YAMv2.

On August 13, YAM1.0 was stranded due to a code loophole in the flexible supply mechanism (rebase), which caused the project service to be stranded, and caused 750,000 yCRV tokens in the governance contract to be permanently locked, while the secondary market price of the project token YAM It also dropped more than 99% within minutes.

In addition, according to Yam Finance official, before migrating to YAM2.0, the mortgage contract of YAM1.0 is still valid. However, due to the YAM benchmark adjustment function bug, it is very risky to provide liquidity for the YAM/yCRV Uniswap pool. Because a positive rebase will buy yCRV and send it to the frozen reserve contract.

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