Yam Finance can be painted as the torchbearer of the DeFi Food farming mania in mid-August. It can be credited for achieving one of the firsts in launching high yielding liquidity pools. With unique offerings and propositions, investors and yield hunters seemingly decided to flock this platform. This happened even when they knew it was unaudited, and also despite repeated warnings from the founders that it was an experiment.
But, with time, Yam Finance’s basics were in danger and the system began to fall apart especially when there was a smart contract code law. This forced its team to launch a campaign to save what has remained of the project.
It was when the project was about to meet its doom, the whales stepped in in a bid to rescue, and following a migration Yam V2 was launched. This was a make-shift stop-gap arrangement taken to salvage the project. But eventually, the founders did realize that for the project to survive, it needs to conduct processes with full-security audits for their smart contracts. With this mind from the last one month, Yam Finance has been working hard and is now ready to roll out its latest version – Version 3 or V2. As per the official announcement, the new migration from the previous V2 to V3 will begin on Friday, September 18th.
Yam Finance took to Twitter to make the official announcement
Source: Yam Finance Twitter account
The latest version will be on a 1 to 1 basis for token holders, with no deadline. 50% will be immediately redeemable with the remaining 50%vested on a continual form for over 30 days.
The latest version of the Yam protocol will have one liquidity pool which will hold YAM/yUSD. It will yield rewards to the tune of nearly 925,000 YAMs. Out of these 92,500 tokens will be distributed in the first week beginning this Saturday 19th September. The supply will decrease by 10% every following week after that.
The team at Yam finance were excited to make the announcement and said:
“We’re excited to be officially launching the fully functional YAM protocol, bringing to life the originally intended experiment. We have learned a lot on this journey,”
Amidst these favorable things working out for the company, YAM v2 prices reacted positively to the news of the v3 rollout. It soared up north moving from $24 to $33 as per the latest information fro Uniswap
As is visible, the trends did show a healthy jump and this was due to the announcement of the new version. It means that investors and yield seekers are still pinning their hopes on the project especially now that it has completed its audit checks and rejuvenated its strategies. The above illustration shows a 40% pump in only three hours. The prices have obviously correctly and now settled down to a little over $28.