The Yam Finance protocol has made a very rapid entry into the market recently and announced its name to the whole sector with the lockout of 400 million dollars within hours. YAM, whose price suddenly broke a record, nevertheless hit the bottom due to an error in a single code index and lost 99% of its value .
Although the announcement made by the developers of Yam Finance expressed regret about this situation, the announcement was not limited to this. In addition, the Yam team signaled a transition to a new network and protocol that did not contain any faulty code, and the transition seems to be very fast.
Yam Finance Returns
In a blog post published today, it was stated that the tokens found on the old network will be transferred to the new network. It was announced that the transition process will take place in two stages. Users will instantly burn their tokens on the first network to V1 and begin digging the tokens on the second network, until a date that has not yet been determined. Before that, YAM V2 contract will store the necessary information and record the users’ assets in the first network.
The smart contract that will carry out the transfer will not have management features, and instead, it will allow users and the community to choose the desired path by using the off-network signature method. Experts now think that the most likely way is to issue a fully audited and revised V3, third version contracts. Although no time intervals are shared on this issue, the team announced that smart contracts will be audited in the coming days.