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From YAM V2 to YAM V3 tokens are migrated in a 1:1 ratio, 50% of which can be redeemed immediately, and the remaining 50% will be gradually unlocked in 30 days.
Original title: “YAM V3 is coming”
Author: Blue Fox Notes
Last time the Blue Fox Notes mentioned ” YAM’s Restart Road “, and YAM is now ready 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 make YAM governance proposals. Judging from YAM’s governance portal, the community had a lot of discussions and dozens of proposals in the week.
The governance vote of the YAM community to start the migration from YAM V2 to YAM V3
The main topic of the YAM community proposal is the launch of YAM V3. As of 11:59PM UTC, August 31, the temporary governance period of YAM V2 ends. All resolutions passed 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:
The two initial proposals of the YAM project team received community support
At the same time, the community also gave feedback to the team’s proposal, made amendments and supplements, and finally got approval by the community.
Minor agreement update
- Modify the reserve asset to yUSD (yyCRV)
- Add a sync () call on the Uniswap V2 pool of YAM V3/ETH
- Hard-coded proposal (50k pre-rebase), quorum (200k pre-rebase) threshold
- Set the voting period to 2 days
Initial supply of YAM V3 tokens: 5,000,000
Migrating from YAM V2 to YAM V3 is based on a 1:1 migration. There is no deadline, 50% of which can be redeemed immediately, and the remaining 50% will be unlocked gradually over 30 days. This means that at the time of YAM V3 migration, theoretically up to 2.5 million can be migrated, and it 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 the rescue of YAM will be rewarded, which fulfills the original promise of the YAM team:
Those who have 27 votes or less will receive 27 YAM V3 rewards. If users have 27 votes or more, they will receive corresponding YAM V3 token rewards.
Liquidity mining rewards
The Uniswap LP pool of YAM V3/yUSD will receive a total of approximately 925,000 YAM V3 tokens. The liquidity provider of the pool will receive 92,500 YAM V3 tokens in the first week, and then decrease by 10% every week.
Remedy for missed YAM V1 migration
YAM will use the balance snapshot at the end of the migration from V1 to V2. YAM plans to create multi-signatures to help users who missed the migration. However, YAMV1 purchased after the migration window is closed cannot be counted.
YAM V3 audit
The audit was performed by Peckshield, which began on August 31 and is expected to be completed in the next few weeks.
Gitcoin donation plan
The YAM agreement will direct 1% of the reserve funds to the Gitcoin donation plan 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 crypto 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 future DeFi, at least the four little dragons in the summer of 2020.