Why does yamV3 coexist with V2

08/04/2023 21:53 • AI & Tech Insights • 54 views

YamFinance has launched yamV3 tokens and YFI reward contracts, both of which have the same initial price (i.e. the price of each YAM token)

According to the official blog, it will be the first governance proposal for the token stabilization pool running on Ethereum. However, as it is not a fully decentralized protocol, more funding is needed to support it. So in order to enable the community to vote more fairly, increase profits, and other aspects, I suggest first establishing a yamv3, rather than yam. finance, because they are completely trusted (because they are managed by YFI holders) rather than under their own control – no third party will intervene or intervene in these decisions The liquidity mining rewards on yam finance’s governance token yCRVUniswap will be distributed to liquidity and trading platforms through YAMV1 in the next few days, but they cannot be redeemed yet To address this issue, I plan to create a yamv3 token distribution system that includes reward allocation for yamLPs and incentives for yfi/yfi In the initial version, yam-v2 was introduced, which can be deposited as collateral as part of yieldfarming and provided to any yieldFarmer. If the team thinks they are considering adding yamv2, they will start accepting YFI. But when it is proposed, it must have a function similar to v2, which means it does not need to have any yIP address or funding Yave’s v3 assets now exist in a single wallet. Its value depends on the liquidity it provides. And it is not driven by the protocol itself, but operated internally by the protocol, such as obtaining $10 worth of DAI from a user. It is actually sending yUSDC to another wallet To avoid potential risks that may arise again in the future, I explained the reason why we chose to parallel with V3 in my tweet:

“I found that before YAMv3 started, we had been using the conversion process between V2 and V3. This is not surprising; instead, we adopted a different method that allows us to exchange yCRVO in YAMM’s liquidity pool. This means that you can obtain YAMRoken by converting to v2 tokens between YAMBitcoin and UniswapV3.

However, For most DeFi projects, this change is not perfect. For example, Robert Leshner, co founder of CompoundLabs, tweeted, “What I want to say is,

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Why does yamV3 coexist with V2

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