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About YAMV2 Migrating to YAM V3 at Gate.io

2020-09-16 13:14:42Read:36779 Tags:

According to YAM's announcement, YAMV3 has finished auditing (audit report of PeckShield).
It is going to deploy and migrate YAM V2 to YAM V3 on September 18 and 19 . And the first rebase will start on September 21sth. Read more at https://medium.com/yam-finance/yam-replanting-migration-and-launch-997b4848b8d8.

Gate.io will migrate the YAMV2 for our users to YAMV3 after the YAMV3 contract has been deployed.
If you want to have your YAMV2 migrated to YAM V3 at Gate.io, please deposit YAM V2 before September 18th. If your YAMV2 are already at Gate.io, you do not have to do anything in particular. If you do not want to migrate to YAMV3, please withdraw your YAMV2 before September 18th.

Please note, as a portion of migrated YAMV3 are under a 30 days vesting period, withdrawal will be limited during this period.


After migration, Gate.io will close YAM V2 trading and list YAMV3. Deposit and withdrawal of YAMV3 will be available. We will post the details on another announcement later. Gate.io will start rebasing according to its contract rebase schedule on September 21 /22. Please fully understand the rebasing mechanism of YAM before investing in it.

Risk Warning:
Like AMPL, YAM updates the address balance using a rebasing mechanism.(The old Yam made a rebase every 12 hours , for its new contract, the rebasing schedule is not announced yet). The YAM also converts a portion (10% previously but not known yet for the new contract) to stable coins as a reserve every time it rebases.
When rebasing, Gate.io will suspend trading and update user’s YAM balance. If the updated balance is inadequate to keep the open order, the order will be cancelled. And the deposit record will also be updated according to the change ratio at blockchain. The design of YAM mechanism may further proper price into falling when the market is in a downward trend and there is risk that the price may fall below the target price. Please fully understand the project before making any investment decision.



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Gate.io Team
September 16, 2020



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