The volume of assets in the Yam Finance pools has grown …
The volume of assets in the Yam Finance pools grew to $ 400 million with the announcement of the migration plan
The developers of the DeFi project Yam Finance, which made it impossible to further manage the protocol last week, are preparing for a migration and restart after the completion of ongoing audits.
According to the developers on their Twitter, they made a money transfer in favor of the auditing company PeckShield to verify the migration contract. The payment was $ 3,200 in USDC stablecoin.
PeckShield, for its part, reported on the successful completion of the assigned task: “The audit mainly consisted of checking the security and reliability of the YAMv2 migration contract. After several days of rigorous testing, we found that the draft YAMv2 migration contract is generally clear and logical, and the code is compact and efficient. “.
As part of the migration process, a new ERC20 token YAMv2 will be released. It will not undergo denomination changes, unlike the first token, and is intended to preserve investors’ assets during the YAMv3 audit. Holders will need to transfer tokens to YAMv2 within 72 hours from the launch of the migration contract. YAMv3, in turn, will become a fully tested version of the first Yam Finance.
According to Messari analysts, the pilot project raised $ 750 million in its pools before the bug was discovered. After these events, the volume of assets fell to $ 200 million, but with the publication of the migration plan, it increased again to more than $ 400 million.This makes Yam Finance the seventh largest DeFi project in terms of assets..
In addition, investors began to buy YAM on the market, as evidenced by the rise in the rate over the past day by 60%. Thus, they are likely counting on the return of demand for the token after the restart. Before the collapse, its price at the moment exceeded $ 150.
“There are obviously those who believe in the advisability of using assets to mine YAM. Time will tell whether YAM will become the primary financial element. One thing is clear: such experiments with tokens will continue, “Messari analysts conclude..
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