Will YAM's road to restart go smoothly?
Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji), reprinted by Odaily with authorization.
Editor's Note: This article comes from
Blue Fox Notes (ID: lanhubiji)
Blue Fox Notes (ID: lanhubiji)
, reprinted by Odaily with authorization.
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This error will lead to the inability to reach a quorum of votes in future governance, which means that YAM governance will not be able to be implemented in this case, and at the same time, the funds in the reserve will be locked and cannot be withdrawn.
YAM's road to restart
The original solution of the YAM team was to quickly submit a bug fix proposal and call on the community to vote for a quorum to resolve the issue. Therefore, the team submitted a governance proposal after 7:00 UTC on August 13. At that time, the YAM team thought that as long as the quorum support was reached, the YAM protocol could be saved. Unfortunately, however, this rebase bug interacts with the governance module and can prevent this proposal from succeeding.
In this way, the YAM team's operation to save v1 failed. Of course, the failure to save YAM v1 does not mean that YAM v1 itself will disappear. Since YAM v1 is a smart contract running on Ethereum, it will always exist. However, because the YAM team and the community cannot govern it, it cannot be upgraded. YAM v1 will be rebase according to the current rules, partly similar to AMPL. In addition, the YAM/yCRV pool in Uniswap v2 will also be in an unsafe state.
After the failure of the YAM v1 rescue proposal, many people in the community believe that YAM no longer has a future. However, after acknowledging the failure of the YAM v1 rescue operation, the YAM team quickly sought the next solution. This led to the current YAM v2 and YAM V 3 plans, which is the road to YAM's restart.
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YAM's road to restart
In the process of saving YAM v1, the community has shown enough strength. In just over a day, more than 4,600 users participated in entrusted voting, and the amount of participating tokens accounted for about 3.5% of the total amount of tokens at that time. The highest number of votes was 7,783.095 votes, and most of them were 100 votes. There are hundreds of community users with less than 2 votes. This speaks to the community base and strength of YAM.
In order to compensate these community users who participated in saving the YAM protocol, the YAM team plans to propose compensation for these users who contributed to saving YAM v1 after the successful migration. Of course, since it is decentralized community governance, this proposal also needs to be approved by token holders before it can be implemented.
As of the writing of Blue Fox Notes, the holders of YAM v1 tokens have reached 10,508. Rarely have tokens with less than a half minted have this size of holder count. The strength of the community demonstrated during the rescue of YAM v1 is a source of strength for YAM to have the opportunity to continue to grow. After failing to save YAM v1, the YAM team set up a Gitcoin community donation for auditing the YAM contract, which quickly exceeded the target amount.
So, how to do a restart of YAM?
The YAM team is proposing to migrate in two phases over the next few weeks to enable the restart. Restarting YAM is divided into two stages:
