{"id":171997,"date":"2020-09-14T22:30:47","date_gmt":"2020-09-14T21:30:47","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=171997"},"modified":"2020-09-14T20:43:07","modified_gmt":"2020-09-14T19:43:07","slug":"yam-announces-planned-relaunch-date-of-fully-audited-yamv3-platform","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/yam-announces-planned-relaunch-date-of-fully-audited-yamv3-platform\/","title":{"rendered":"YAM announces planned relaunch date of fully audited YAMv3 platform"},"content":{"rendered":"<p>The DeFi community has been captivated by the news surrounding the faulty launch of the YAM platform last month, when a flaw in the platform\u2019s unaudited smart contracts resulted in the <a href=\"https:\/\/cryptoslate.com\/coins\/yam\/\">YAM token<\/a> becoming worthless.<\/p>\n<p>Thanks to a successful community-based fundraising effort that garnered participation from industry figures like BitMEX founder <a href=\"https:\/\/cryptoslate.com\/people\/arthur-hayes\/\">Arthur Hayes<\/a> and other advocates of the platform, the team was able to fund the creation of a working version of YAM.<\/p>\n<p>Today, YAM announced the launch of a fully functional and audited V3 of the platform, which will allow V1 platform farmers who migrated their tokens to\u00a0farm on the new platform.<\/p>\n<p>Unlike the first version of the platform, version 3 has been fully audited by PeckShield, who has concluded that the smart contracts are safe for use.<\/p>\n<h2><strong>YAM announces the launch of YAMv3 following month-long wait<\/strong><\/h2>\n<p>The YAM team has been busy at work since the original platform encountered its fatal flaw.<\/p>\n<p>In <a href=\"https:\/\/medium.com\/@yamfinance\/yam-replanting-migration-and-launch-997b4848b8d8\">a blog post<\/a> from earlier today, they announced the launch of YAMv3, which will be taking place this upcoming Friday \u2013 September 18.<\/p>\n<blockquote><p>\u201cAfter a long and eventful month since the original launch of YAM, we are excited to announce that the fully functional and audited Yam protocol will be relaunching on Friday, September 18.\u201d<\/p><\/blockquote>\n<p>On Saturday \u2013 one day after the platform launches \u2013 incentives will go live for the YAM\/yUSD LP pair. The first rebase will take place next Monday, on the 21st of the month.<\/p>\n<p>Those delegating their tokens will receive a distribution of 1:1 YAMv3 rewards if staking over 27 tokens, whereas those with under 27 tokens delegated will receive a flat 27 tokens.<\/p>\n<p>They explained the rewards system in the blog post, saying:<\/p>\n<blockquote><p>\u201cDelegators with equal to or under 27 votes will receive a flat 27 YAMv3 reward, while delegators with over 27 votes will receive a 1:1 YAMv3 reward for votes delegated. Rewards will be continually vested over 90 days.\u201d<\/p><\/blockquote>\n<p>YAM will be using yUSD (yyCRV) as the reserve asset while making treasury purchases via its YAM\/yUSD incentive pool.<\/p>\n<p>Those looking to farm the rewards in the Uniswap LP pool will be able to tap into a total reward supply of 925,000 YAM, with 92,500 being distributed during the first week. During all subsequent weeks, these rewards will decrease by 10 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The DeFi community has been captivated by the news surrounding the faulty launch of the YAM platform last month, when a flaw in the platform\u2019s unaudited smart contracts resulted in the YAM token becoming worthless. Thanks to a successful community-based fundraising effort that garnered participation from industry figures like BitMEX founder Arthur Hayes and other [&hellip;]<\/p>\n","protected":false},"author":174,"featured_media":145517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940],"tags":[67104],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>YAM announces planned relaunch date of fully audited YAMv3 platform<\/title>\n<meta name=\"description\" content=\"Today, YAM announced the launch of a fully functional and audited V3 of the platform, which will be open for migration starting on the 18th.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/yam-announces-planned-relaunch-date-of-fully-audited-yamv3-platform\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"YAM announces planned relaunch date of fully audited YAMv3 platform\" \/>\n<meta property=\"og:description\" content=\"Today, YAM announced the launch of a fully functional and audited V3 of the platform, which will be open for migration starting on the 18th.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/yam-announces-planned-relaunch-date-of-fully-audited-yamv3-platform\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-14T21:30:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-14T19:43:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/08\/yams.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/yam-announces-planned-relaunch-date-of-fully-audited-yamv3-platform\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/yam-announces-planned-relaunch-date-of-fully-audited-yamv3-platform\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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