DeFi protocol YAM Finance passed first successful rebalancing after restart
The project from the field of decentralized finance YAM Finance has been successfully relaunched on a new contract, as evidenced by the first rebalancing of its token.
YAM is an experimental DeFi project that combines mechanisms for recalculating user account balances with the ability to earn tokens through the provision of liquidity and decentralized governance.
The first version of YAM attracted $ 600 million in assets from liquidity providers in August, but a bug found in the token rebalancing mechanism made further management of the protocol impossible. Soon, the developers organized the migration of user assets to the new contract while they were preparing the project for the restart..
The first rebalancing in YAM V3 led to the addition of 571,000 yUSD to the protocol reserves, $ 5,710 was allocated as grants on Github, and the volume of tokens in the accounts of their holders grew 2.49 times. At the same time, the price of YAM dropped from $ 20 to $ 7. YAM price always tends to the target range of 0.95-1.05 yUSD. For this, tokens are added or subtracted from user accounts, depending on the current rate.
The developers note that YAM V3 has adopted most of the parameters from YAM V1 “for effective management and auditing.” Going forward, they intend to work on improving governance mechanisms, incentives for liquidity provision and the rebalancing process. In the future, its interval may be reduced relative to the current 12 hours in order to limit the impact of this process on the market..
In the coming days, protocol management will be launched with the participation of token holders. Also, soon the developers plan to present analytical tools, improve the mechanisms of interaction with the Uniswap exchange and draw up detailed documentation.
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