After the unique Yam Finance protocol collapsed attributable to a single line of code, its builders are planning to relaunch the undertaking on new
After the unique Yam Finance protocol collapsed attributable to a single line of code, its builders are planning to relaunch the undertaking on new, audited good contracts.
In a weblog publish printed on Friday, the builders outlined a migration plan that can see the already current tokens get transferred on a brand new good contract with a correctly functioning rebase.
The relaunch was introduced shortly after it turned clear {that a} last-ditch effort to save lots of the protocol failed on Thursday.
Now, particulars on the upcoming transition have emerged. The migration will occur in two phases, and consists of an preliminary Yam V2 contract that can retailer data on earlier balances. Customers might want to burn their V1 tokens and mint new tokens earlier than an unspecified deadline. This transition contract won’t be taking rebases into consideration, so the quantity minted will depend upon the underlying share of whole provide of the tokens.
The transition contract won’t have governance options, however will as an alternative use off-chain signature-based voting to let the neighborhood specific its desired path ahead.
The most certainly path is the deployment of totally audited V3 contracts, which would be the precise relaunch of Yam. No timelines got on this but, although the crew mentioned that particular data on audits might be supplied within the coming days.
As soon as the contracts are deployed, the crew will “strongly advocate” for rewarding all token holders who “acted to save lots of the system.” It will likely be as much as the neighborhood, nevertheless, to determine if the plan is value pursuing and submit the suitable governance proposal.
This might lead to an attention-grabbing political conundrum for the nascent neighborhood, relying on what proportion of holders delegated their tokens to save lots of the protocol. If they’re a majority, they may pressure the choice via on the expense of the non-participating holders. If they’re a minority, this choice would require altruism from the remaining holders.