After fixing the bugs and issues in its protocol, Yam Finance has finally decided to schedule the launch of its v3 token for this Friday, the firm said in a blog post on 14 September.
According to the announcement, the launch of the new protocol follows a full audit of its smart contracts, conducted by blockchain security and data analytics company PeckShield. Starting 18 September, users will be able to swap their YAM v2 to YAM v3 on a 1:1 basis with no deadline, with 50% becoming immediately available, while the other half will be vested over a period of 30 days. The team behind the protocol said:
“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, and the community is well prepared to build Yam into an innovative and successful protocol.”
The new YAM v3 protocol will have one liquidity pool, the YAM/yUSD Uniswap LP pool, which will receive 925,000 YAM tokens, and starting 19 September, 10% of the tokens (92,500) will be distributed each week. A multisig will also be created to assist users who missed the initial v1 to v2 migration, though it will not apply to YAM v1 purchased after the migration window was closed.
Yam Finance was one of the first to launch high yielding liquidity pools back in August, which rewarded liquidity providers with an experimental elastic supply, “zero-value” token. Yield hunters were quick to react, and flocked to the project, despite the warning from its team that the project had an experimental nature, which caused its token to explode in price and reportedly reach $167 at its peak. The hype, however, lasted only a couple of days as a smart contract code flaw was found, which forced the team to launch a campaign to save the project.
Even though the team behind the project tried to fix the issue, their attempts were unsuccessful, which resulted in its price falling from around $167 to less than $1 dollar in a matter of days. After successfully raising funds, the team was able to start the YAM v2 migration on 19 August, which was only a temporary measure.