After failing spectacularly the first time, the controversial “experimental” DeFi project YAM prepares to launch version 3 Friday, September 18.
After a month of interim administration and auditing, YAM will restart on Friday, September 18.
For full details, see here: https://t.co/1Mra5biT59
You can view the audit here:https://t.co/VhITXIBIN3
– Yam Finance (@YamFinance) September 14, 2020
Those in the crypto community will be well aware of the disaster that was YAM version 1. Basically, it exploded on the scene peaking at $ 650 million in market cap. But the discovery of a bug in his rebasing contract caused the price to crash in less than two days.
With that, YAM founder Brock Elmore tweeted his regret that he had failed.
While some expanded their support, others like crypto entrepreneur Bruce Fenton did not hesitate to criticize YAM as well as the DeFi space in general.
“Your #DeFi tokens are junk. They are not a good form of money. You do not own any company. No rights to income. There is no real income. Governance is meaningless without rights. Total nonsense – often pushed by the same pranksters who got rich from ICOs. Few understand this. “
Nonetheless, since YAM went to zero, the team has been openly talking about relaunch, which they did with version 2 on August 20th.
But given the reputation of DeFi food-themed projects, especially one that has already failed, the sense of community is cautious.
YAM gets green light for version 3 release
The YAM migration takes place in stages or versions. Version 2 refers to an intermediate phase where YAM contracts are migrated where previous balances are noted without regard to rebase data.
This process acted as a placeholder while the version 3 code was checked. Blockchain security company Peckshield was responsible for the audit.
YAM Version 1 holders can burn their tokens to coin version 2 tokens. In turn, holders then convert version 2 tokens into version 3 tokens.
According to an blog post the migration process went smoothly through the YAM team. This includes Peckshield signing the code.
“The replanting of YAMs comes after an active and thoughtful interim term of office, during which the community reached agreement on all key issues for the launch of V3, as well as a successful audit by PeckShield.”
The report van Peckshield noted some very serious and moderate code errors, but none were critical. They noted items such as an inaccurate calculated percentage calculator in the migrator and explicit wrappers for YAM conversions. However, Peckshield noted that all identified issues had been resolved.
A donkey does not hit the same stone twice
Still, despite Peckshield’s involvement, it’s important to note that audits don’t guarantee bulletproof code.
Plus, what happened to YAM still divides opinions. On the one hand, some believe it was an exciting experiment that delved into the effects of protocol rules on price.
While others, including the CEO of MyCrypto, Taylor Monahan, were surprised by the rapid pace at which an unaudited project started.
“But no one would have thought that an openly unaudited project with an absurd brand name would bring in $ 500 million in less than a day.”
Either way, the next few days will be critical to YAM’s future.
YAMv2 daily chart with volume. (Source: coingecko.com)