Soon after the Yam Finance announces to relaunch its V3 token by the end of this week in the market, the price of its V2 token increased around 40 percent.
In mid-August, DeFi food farming frenzy was activated by the Yam Finance because it was one of those DeFi protocols that had introduced high yielding liquidity pools very early.
As per the report, the tokens offered by Yam Finance were an experimental elastic supply. It was the ‘zero-value’ token which has been rewarded to the liquidity providers.
Yam Finance’s Migration Protocol Plan
Even though the founders of Yam Finance have warned the yield hunters about the experimental nature of the project, they still gathered on the platform.
A few days later, the Yam team noticed a code flaw in the smart contract which affected the system very badly. In order to save the project, the team decided to introduce a new campaign.
The Whales joined Yam Finance’s campaign to rescue it and introduce a protocol migration plan to launch Yam V2.
But, the founders of the project mentioned that the migration plan was a temporary measure. They knew the smart contracts needed proper security audits so that damage could be repaired.
V2 Token To Start Migrating From September 18
The team has worked very hard on this security audit and finally, it is completed. Now the Yam Finance has decided to launch its version 3 token on September 18.
Yam Finance has notified that the from September 18, the project will start migrating the V2 tokens to V3 tokens.
In its announcement, Yam Finance has mentioned that there would be no deadline for migration. The token holders can start migrating on a 1 to 1 basis.
50 percent of the migrated tokens will be redeemed immediately and the remaining 50 percent would be settled in 30 days.
According to the reports, the new protocol will only have one liquidity pool and that will hold YAM/yUSD as a yielding reward.
There would be around 925,000 YAMs as yielding rewards and 10 percent of these rewards would be issued by the project in the first week only.