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YAM v3 will be launched on September 18, and the liquidity pool equity token incentives of YAM/yUSD (yyCRV) pool will be restarted on the 19th.
Original title: “YAM v3: Really Coming”
Author: Blue Fox Notes
On the 11th of last month, YAM was launched. It was only a day after the YAM protocol discovered a loophole, which led to the large-scale community participation in the “Save YAM Activity” and ” YAM’s Restart Road “.
A month later, YAM v3 is coming back. From a dramatic point of view, it is second only to Sushiswap, which is also a project that has attracted much attention from the crypto community.
YAM v3 protocol launch
According to the YAM project party’s announcement, YAM v3 has undergone a comprehensive audit, and all problems found by the reviewers have been resolved. In addition to the review, the Gitcoin Grant funds obtained from the previous sponsorship will be used to reward the bug bounty.
So, what are the restart issues that need attention?
September 18 (Friday)
The restart of liquidity mining
The LP (Liquidity Pool Equity Token) incentive for YAM/yUSD (yyCRV) pool will take effect on September 19th, that is to say, users who try to provide liquidity for YAM/yUSD pool will start to receive it on September 19th YAM token rewards. The base that provides the liquidity pool is Uniswap. It can be expected that with the launch of YAM v3, Uniswap’s liquidity will increase accordingly.
The YAM/yUSD Uniswap LP pool will receive a total of approximately 925,000 YAM tokens in the first week. As of the writing of Blue Fox Notes, the price of YAM is about 30 US dollars, so the value of this part of the reward reaches 27.75 million US dollars. After the first week, the weekly reward decreases at a rate of 10%.
Migrate from YAM v2 to YAM v3
The token ratio for YAM v2 to YAM v3 is 1:1. This time, there is no need to worry about the problem of not being able to migrate after expiration, because it has no deadline. The migration is not completed all at once, 50% of the tokens can be redeemed immediately, and the remaining 50% will be gradually unlocked to the migrants during a 30-day period.
Reward for participating in the rescue YAM V1 operation
Voting participants with 27 votes or less will receive a fixed reward of 27 YAM v3 tokens, while those with more than 27 votes will receive YAM v3 token rewards at a ratio of 1:1. The unlock period of the reward lasts for 90 days.
YAM v1 migration remedy
YAM will create multi-signatures to help users who missed the v1 token migration window. However, not all YAM v1 tokens can be migrated. Only holders of YAM v1 tokens before the closing of the original migration window have the opportunity to participate in this migration. The specific migration process details have not yet been announced, and Blue Fox will continue to pay attention to it in the future.
yUSD (yyCRV) will be YAM’s reserve asset. The yUSD in the reserve pool is purchased from the YAM/yUSD liquidity pool.
YAM’s stablecoin experiment
YAM is a fork of AMPL, combined with YFI’s non-pre-mining liquidity mining distribution mechanism. It is not only a flexible stablecoin, but also a community-based stablecoin. Its future is governed by the participation of the community, which determines that its future development will show different characteristics from AMPL.
YAM will be an important experiment for flexible stablecoins.