The Yam Protocol Will Migrate Old Tokens to an Audited Contract

pubblicato su by Cointele | pubblicato su

Listen to article After the original Yam Finance protocol collapsed due to a single line of code, its developers are planning to relaunch the project on new, audited smart contracts.

In a blog post published on Friday, the developers outlined a migration plan that will see the already existing tokens get transferred on a new smart contract with a properly functioning rebase.

The relaunch was announced shortly after it became clear that a last-ditch effort to save the protocol failed on Thursday.

The migration will happen in two stages, and includes an initial Yam V2 contract that will store information on previous balances.

Users will need to burn their V1 tokens and mint new tokens before an unspecified deadline.

This transition contract will not be taking rebases into account, so the amount minted will depend on the underlying share of total supply of the tokens.

The transition contract will not have governance features, but will instead use off-chain signature-based voting to let the community express its desired path forward.

The most likely path is the deployment of fully audited V3 contracts, which will be the actual relaunch of Yam.

Once the contracts are deployed, the team will "Strongly advocate" for rewarding all token holders who "Acted to save the system." It will be up to the community to decide if the plan is worth pursuing and submit the appropriate governance proposal.

This could result in an interesting political conundrum for the nascent community, depending on what percentage of holders delegated their tokens to save the protocol.

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