One of the first DeFi ‘food’ protocols, Yam Finance, is preparing to reenter the space with a third attempt at a launch following a turbulent start.
Yam Finance kick-started the DeFi food farming frenzy in mid-August when it was one of the first to launch high-yielding liquidity pools using code from another protocol. Farmers initially flocked to the platform to load up on YAM.
Things went south very quickly though when a smart contract code flaw forced the anonymous team to launch a campaign to save the project. The whales waded in to save the failed crops and Yam v2 was launched following a token migration.
Third Time’s a Charm for Yam?
Yam Finance is now on the verge of launching its v3 iteration and migrating v2 tokens to the new contracts. This will occur today, Sept 18, at 20.00 UTC according to the latest tweet from the team;
YAM Replanting timing:
– Migration will go live at 8PM UTC on Friday, September 18
– Incentives to YAM/yUSD Uniswap pool will go live at 8PM UTC on Saturday, September 19
– The first rebase can be called after 8PM UTC on Monday, September 21
— Yam Finance (@YamFinance) September 17, 2020
Yam Finance added that there is no need to migrate immediately upon launch as incentives would not begin for a further 24 hours.
According to an earlier announcement, the new v3 protocol will have one liquidity pool which will hold YAM/yUSD yielding rewards totaling roughly 925k YAM. Ten percent of these tokens will be distributed during the first week, starting on Sept 19. The supply will then begin decreasing by 10% each following week in order to encourage early liquidity provision.
The migration will be a manual process for v2 token holders on a 1:1 basis, with no deadline. Half of the tokens will be immediately redeemable, while the remaining half continuously vested over 30 days.
The blog post added that a multi-signature wallet will be created to assist users who missed the initial migration from v1 to v2, however, it will be applicable to any v1 tokens purchased after the migration window closed.
YAM Token Price Update
YAM v2 token prices have been lifted as the relaunch and migration approaches. Prices spiked to a high of $32.40 on Sept 15, but have since retreated to the $25 level according to Coingecko:
YAM surged above $50 earlier this month but has fallen back to half of that today. Holders are hoping that the relaunch will rejuvenate prices but DeFi food plates cool off very quickly in this ever-shifting landscape.