The Comeback of Yam Finance
Mark your calendars! Yam Finance is making a grand return on September 18, after taking a breather due to some hiccups that would make even the best soap operas seem tame. Following the turbulence of its unaudited V2 last month, which managed to mint excessive reserves faster than you can say “decentralized finance,” it’s time for a fresh start.
What Went Wrong?
In a twist worthy of a suspense thriller, Yam Finance V2, which is essentially a remix of Compound (COMP), found itself in a bit of a pickle. A catastrophic bug resulted in governance being rendered useless, leaving the monetary music to play on without a conductor. The result? A dramatic end to a project that managed to collect over half a billion dollars from yield farmers in just 24 hours. Some might say it was a case of too much, too soon!
A Vote of Confidence
But hold onto your wallets, because there’s good news! Following the debacle, the Yam community rallied together in an unprecedented show of solidarity. An interim governance period allowed members to hash out key issues for an upcoming V3, which is now officially in the works. Key decisions included the switch of Yam’s reserve asset to yUSD, extending voting periods to two days, and tweaking proposal thresholds and quorum standards. Talk about being proactive!
Audit Adventures with PeckShield
One of the most reassuring developments in this rollercoaster journey was the completion of an audit by blockchain security experts PeckShield. The audit revealed a mix of coding bugs and performance issues, but nothing that a little spring cleaning couldn’t fix. A total of 17 “basic coding bugs” and 12 other issues were uncovered, with a healthy mix of low, medium, and high-risk categories. Thankfully, nothing suffered from “critical” severity – phew!
Smart Contracts: Not Just for the Bold
While there’s a sense of safety post-audit, it’s important to remember that smart contracts are still the wild west of the blockchain world. PeckShield echoed the sentiments of Ethereum co-founder Vitalik Buterin, warning of the “smart contract risk.” If you’re considering getting back on the Yam Finance train, it’s crucial to keep that in mind!
What’s Next for Yam Finance?
As the clock ticks down to the relaunch, liquidity incentives will go live for the YAM/yUSD pairing on September 19, kicking off this new chapter of Yam Finance. Peculiarly, the first rebase will occur just two days later! For investors eager to migrate their Yam V2 tokens, rest easy: you’ll get a 1:1 exchange ratio, with half of your new tokens available immediately and the other half distributed across 30 days.
Final Thoughts
Yam Finance’s journey from ground zero to relaunch is nothing short of a thrilling rollercoaster ride. With community backing and a full audit under its belt, there is potential for success. But with great reward comes great risk. So whether you’re excited about this relaunch or scratching your head wondering what will happen next, one thing is for sure: the DeFi world just got a lot more interesting!
