Yam protocol plans to migrate old tokens to audited contracts.

After the original Yam Finance protocol crashed due to a single line of code, its developers plan to restart the project on new, audited smart contracts.

YAMv2 breaks through $46, with a maximum increase of 96.84%: According to Gate.io, the price of the trading pair YAMv2/USDT continues to rise. After breaking through $43, it broke through $46 again today. As of 14:50 today, the 24H increase was as high as 96.84 %, the current increase is 64.66%, the highest price in 24H is 46.6 US dollars, and the current quotation is 45.312 US dollars. The market fluctuates greatly, please pay attention to controlling risks. [2020/9/1]

In a blog post published Friday, the developers outlined a migration plan that would see existing tokens transferred via a new smart contract with a functioning elastic supply mechanism (rebase).

Yam Finance: plans to set up a donation fund, and after fundraising is completed, YAM 2.0: DeFi project Yam Finance (YAM) issued a document describing the details of the vulnerability incident, and made the following statement: As long as Ethereum continues to support this contract, YAM will continue to survive go down. It can no longer be modified by governance, so on a technical level it will behave similarly to other rebasing assets such as AMPL. The YAM/yCRV Uniswap V2 pool will remain insecure forever. Although YAM has withdrawn 75% of its liquidity from the pool before the second rebase, any remaining liquidity should be removed as soon as possible.

We believe that the YAM community should have the opportunity to persevere. We will set up a Gitcoin donation to coordinate a community-funded audit of the YAM contract. If funding goals are met, after the audit is complete, we plan to support the rollout of YAM 2.0 by migrating contracts from YAM. [2020/8/13]

Developers announced the reboot on Thursday, shortly after a last-ditch effort to save the Yam Finance protocol failed.

YAM will be readjusted at 4 am tomorrow: Yam Finance tweeted that it will be readjusted conditionally under the following conditions. The main conditions are to meet the two time functions, to delay by 12 hours, and to be able to be within the two reset window periods of 16:00-17:00 Beijing time today or 4:00-5:00 the next day. The first reset should be at 4 am Beijing time tomorrow. (Beep News)[2020/8/12]

Now, details about the upcoming migration have been announced. The migration will be carried out in two stages. In the first stage, the YAM deployment address will establish a migration contract address, and YAM holders will destroy the previous tokens and mint new YAMv2 tokens before a certain period. In the second phase, the full YAM system is expected to be audited and redeployed as YAMv3. YAMv2 holders will be able to migrate to the updated YAMv3 token address via the additional contract address. The amount minted will therefore depend on the base share of the total token supply.

The migration contract will not have governance functions, but will use off-chain signature-based voting to allow the community to express its desired direction forward.

The most likely path is to deploy a fully audited V3 contract, which would effectively be a reboot of Yam. No specific timeline has been given yet, but the Yam team said specific audit information will be provided in the coming days.

Once the contract is deployed, the team will "advocate strongly" to reward all token holders who "save the system". However, it will be up to the community to decide if the plan is worth pursuing and submit appropriate governance proposals.

This could pose an interesting political conundrum for the nascent community, depending on how many holders delegate their tokens to save the protocol. If they had a majority, they could force the decision through at the expense of non-participating holders. If they are a minority, this decision will require altruism from the remaining holders.

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