YAM V3 is coming, can you still eat sweet potatoes that have been reheated?

Last time, Blue Fox Notes mentioned "YAM's Restart Road", and YAM is now preparing to open the road to V3.

YAM is a completely decentralized community governance. In the process of launching YAM V3, the first step is to propose YAM governance. Judging from YAM’s governance portal, during the week-long period, the community had a lot of discussions, with dozens of proposals.

The Yam Finance community is developing Umbrella Protocol: On November 19, Yam Finance officially tweeted that the community has launched a new protocol, Umbrella Protocol. According to the official introduction, the core component of the agreement is MetaPool, which allows insurance providers who provide protection for DeFi users to deposit funds in it, thereby earning "insurance premiums." Users receive ERC20 tokens after depositing funds into the Coverage Pool to track the underlying balance of the deposit. In the event of a vulnerability attack or other event, users can submit a claim to MetaPool. Claim amount will be equal to staked funds + (MetaPool - unaffected funds from other insurance pools). The official said that the development of the alpha version of the Umbrella Protocol protocol code is currently being completed, and then internal testing will be conducted with the Yam community. After testing, specific design modifications may be made. [2020/11/19 21:18:18]

Governance vote by the YAM community to initiate the migration from YAM V2 to YAM V3

Yam Finance has officially submitted an on-chain proposal to modify the key parameters of the Yam protocol: On the morning of September 30, Yam Finance officially announced that the on-chain proposal to modify the key parameters of the Yam protocol, MaxSlippage and RebaseLag, has been officially submitted to open governance voting. Officials say voting will last for 48 hours and, if approved, enter a 12-hour time lock. [2020/9/30]

The main topic of the YAM community proposal is the launch of YAM V3. As of 11:59PM UTC on August 31st, the temporary governance period of YAM V2 is over. All proposals that pass resolutions will be implemented on YAM V3. In order to start governance, the YAM team first proposed two proposals, involving the proposal mechanism of the governance process and the initial parameters of YAM V3. Both proposals were passed:

CoinW will launch YAMV2 in the DeFi zone at 19:00 on August 20: According to official news, CoinW will launch the YAMV2/USDT trading pair in the DeFi zone at 19:00 on August 20.

It is reported that the core of YAM is an elastic supply cryptocurrency that can expand and contract supply according to market conditions. In the future, yam.fiance will completely manage the community by YAM holders. Coin holders can migrate from YAM to YAMv2, and YAMv2 will be a standard ERC-20 token. For details, check the original link [2020/8/20]

Two initial proposals from the YAM project team received support from the community

At the same time, the community also gave feedback on the team's proposals, made modifications and supplements, and was finally voted by the community.

Minor Agreement Update

Change the reserve asset to yUSD (yyCRV)

Add sync() call on Uniswap V2 pool for YAM V3/ETH

Hardcoded proposal (50k pre-rebase), quorum (200k pre-rebase) thresholds

Set the voting period to 2 days

Initial supply of YAM V3 tokens: 5,000,000

Migrate from YAM V2 to YAM V3 according to 1:1 migration, there is no deadline, 50% of which can be redeemed immediately, and the remaining 50% will be gradually unlocked in 30 days. This means that at the time of YAM V3 migration, theoretically a maximum of 2.5 million can be migrated, and the number will gradually increase in the future.

Reward for saving YAM

For the last action to save YAM, the entire YAM community worked together and showed great community resilience and enthusiasm. Therefore, the community members who participated in saving YAM will be rewarded, which fulfills the promise of the original YAM team:

Those whose delegated votes are equal to or lower than 27 votes will receive 27 YAM V3 rewards uniformly, and users with more than 27 votes will receive corresponding YAM V3 token rewards.

Liquidity Mining Reward

The Uniswap LP pool of YAM V3/yUSD will be rewarded with a total of approximately 925,000 YAM V3 tokens. Liquidity providers in this pool will be rewarded with 92,500 YAM V3 tokens in the first week, and will decrease by 10% every week thereafter.

Remedy for missed YAM V1 migration

YAM will use the balance snapshot at the end of the V1 to V2 migration, and YAM plans to create multi-signatures to help users who missed the migration. However, YAMV1 purchased after the migration window closes does not count.

Audit of YAM V3

The audit, carried out by Peckshield, began on August 31 and is expected to be completed in the coming weeks.

Gitcoin Donation Program

The YAM agreement will direct 1% of the reserve funds to the Gitcoin donation program to support public infrastructure projects in the Ethereum ecosystem.

Looking forward to the arrival of YAM V3

YAM has shown us the resilience of the encrypted community and the shortcomings and advantages of decentralized governance. With the arrival of YAM V3, there will be more and more possibilities in the future. YAM, AMPL, SUSHI, and YFI are all important practices of DeFi in the future, at least the four dragons in the summer of 2020.

Tags：

SAND