The relaunch of Yam Finance v3 took place this Friday, September 18.
Manual migration was required and farming begins on September 19th.
The price of YAM v2 tokens remains stable at $ 25
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One of DeFi’s first “food” protocols , Profit Secret, has just returned to the industry with a third launch following a turbulent start.
Yam Finance started the DeFi “food” farming frenzy in mid-August, when he was one of the first to launch high-yield cash pools using code from another protocol. Investors first flocked to the platform to stock up on YAM.
Things quickly took a turn for the worse when a smart contract code flaw forced the anonymous team to launch a campaign to save the project. Whales floundered to save failed crops and Yam v2 was released following a symbolic migration.
Will the third time be good for Yam
Yam Finance has now just launched its v3 iteration and migrated v2 tokens to new contracts. This change took place on September 18 at 8:00 p.m. UTC, according to the team’s latest tweet;
YAM replanting schedule:
– The migration will go live at 8 p.m. UTC on Friday, September 18
– The initiatives of the YAM / yUSD Uniswap pool will be implemented at 8 p.m. UTC on Saturday, September 19
– The first base can be called after 8 p.m. UTC on Monday September 21
Yam Finance added that there was no need to migrate immediately after launch, as initiatives will only start after an additional 24 hours.
According to an earlier announcement, the new v3 protocol will feature a cash pool that will contain YAM / yUSD, generating rewards of around 925,000 YAM. Ten percent of these tokens will be distributed in the first week, starting September 19. The supply will then begin to decrease by 10% each following week to encourage the advance provision of liquidity.
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 will be acquired continuously for 30 days.
The blog post added that a multi-signature wallet will be created to help users who missed the initial v1 to v2 migration, but it will be applicable to all v1 tokens purchased after the window closes. migration.
The current price of the YAM token
The price of YAM v2 tokens has increased with this new relaunch and migration. It peaked at $ 32.40 on September 15, but has since retreated to the $ 25 level according to Coingecko:
YAM jumped above $ 50 in early September, but fell in half on September 18. Holders are hoping that the revival will boost its price, but “food” DeFi protocols are cooling down very quickly in this ever-changing landscape.