Yam Finance successfully migrated to YAMv2 on August 22nd at 4:20 pm UTC.
The move comes after a bug was discovered in the first iteration of the DeFi platform.
The discovery of a rebasing bug had caused a crypto market sell-off back in mid-August.
YAMv2 will provide a stasis period to allow for the Yam Finance protocol to be properly audited.
On the 19th of August, the team at Yam Finance (YAM) successfully migrated YAMv1 to YAMv2. The migration gave YAM holders 72 hours to transfer all YAMv1 tokens into YAMv2. The process was thus successfully concluded on August 22nd at 4:20 pm UTC. The team at Yam notified the crypto-community of the accomplishment via the following tweet.
The migration period has now closed. The final supply of YAMv2 is 3,726,411.
Now that migration has been completed, a governance forum will be launched on Monday 8/24 to begin the community decision-making process necessary for V3 launch.https://t.co/Xo8DPn7BUX
YAMv2 to Facilitate a Complet Audit of YAM finance
Out of a maximum initial supply of 5 million YAM tokens, a total of 3,726,411 were migrated to the new version of Yam Finance.
The team further explained that the sole purpose of migrating to a second iteration of the platform was to offer a ‘temporary’ protocol for governance decisions to still be performed as the main Yam protocol is being audited.
The purpose of the V2 migration is to allow for a stasis period in which key governance decisions can be made while the full Yam protocol is audited.
To facilitate this governance process, a governance forum for off-chain voting using signatures from token holders will be launched on Monday, 8/24. This is similar to Balancer’s current governance process.
Yam Finance’s migration contract was audited by the team at PeckShield to ensure a smooth transition and provide a level of assurance for YAM investors.
YAM Finance Bug That Caused a Crypto Market Selloff
The migration and auditing of the YAM protocol stems from the discovery of a bug on the 13th of August that caused shockwaves in the crypto-verse due to a quick announcement (below) advising investors to exit the Uniswap YAM/yCRV pool.
However, with the migration to YAMv2, YAM finance is one of the top DeFi projects to watch out for in 2020. Prior to the rebasing bug, YAM Finance had a market capitalization of $475 million thus pointing towards attractive Yield Farming conditions for DeFi investors.