The DeFi craze has led investors and so-called “yield farmers” to jump into just about any protocol that is offering high yields – including ones named after vegetables, like Yam Finance (YAM).
Last week, the market bore witness to just how irrational this trend is becoming, with users throwing hundreds of millions of dollars worth of digital assets into a new platform named after a potato.
The YAM token – which could be acquired by farming various pools – was designed to have an elastic supply that would regularly contract or expand via a regular rebase in order to maintain stability.
Unfortunately, an unfixable bug in the cryptocurrency’s rebasing contract essentially rendered both the token and the protocol completely useless, causing YAM token holders to watch the value disappear instantly.
Following a successful fundraising effort, the Yam Finance team is now migrating to a new version of the platform, which will also allow users to salvage some value out of their currently useless YAM tokens by migrating them to the updated protocol version.
Yam Finance announces a successful audit of YAMv2 protocol
Per a recent blog post from the Yam Finance team, the second version of the protocol has been successfully audited by Peckshield.
“Following a successful audit of the migration contract from Peckshield, which can be viewed here, we are proceeding with the YAMv1 to YAMv2 migration process. The audit process found only issues of ‘Low’ or ‘Informational’ severity, all of which have been addressed.”
As such, migration to this new version is now live, and users can begin transferring their YAMv1 tokens into YAMv2 for the next 72 hours (until August 22 at 4:20PM UTC.)
It is imperative to note that after this transfer window concludes, YAMv1 tokens will no longer be eligible for migration.
Yam Finance offers instructions on how to migrate YAMv1 tokens in their blog post.
They also explain that the YAMv2 token will be a “vanilla ERC-20 token” that will simply be a placeholder that allows users to vote on governance proposals.
These tokens will not be able to be used for farming until YAMv3 is audited and launched.
“The YAMv2 token is a vanilla ERC-20 token to be used as a placeholder for off-chain voting while YAMv3 is audited. The YAMv3 launch timing is not yet determined and subject to both community voting and audit timing.”
YAMv1 holders with questions surrounding this process can navigate to the protocol’s “YAM Migration FAQ” on Medium.