According to the official YAM announcement, the full-featured version of the YAM contract (V3) has been developed and audited, and will be deployed and launched from 18 to 19, September 2020, at the same times, the migration of YAMV2 to YAMV3 will begin. MXC will process the Rebase (automatic adjustment of holdings) operation for the first time on September 21, 2020. The specific arrangements of the migration of YAMV2 to YAMV3 are as follows:
1. MXC will convert all YAMV2 tokens to YAMV3 tokens for users after the YAMV3 migration contract is deployed. Users should deposit YAMV2 before 20:00 on September 18, 2020 (UTC+8). Users on MXC can complete the conversion without any action.
2. Users who do not want to switch on the MXC should withdraw YAMV2 before 20:00 (UTC+8) on September 18, 2020. It is important to note that because some YAMV3 tokens on the blockchain after conversion have a lock-up period of 30 days, MXC will limit withdrawal amount during this period to meet all user needs.
3. MXC will pause the deposit, withdrawal and trading functions of YAMV2 at 20:00 (UTC+8) on September 18, 2020.
4. After the conversion is completed, MXC will reopen YAMV3 trading and deposit and withdrawal services. Please pay attention to the follow-up announcement for the specific time.
5. MXC will start the user balance adjustment operation from 22 to 23 on September 2020 according to the official contract rebase time. Please be sure to understand YAM's adjustment mechanism carefully.
Risk warning: The YAM project is similar to AMPL in a very special way. The user balance is updated through the smart contract Rebase operation every day (the original project is twice a day, the new contract is to be determined), and the market price increases or decreases, and each update will give rise to a part of the tokens (10% of the original project, new contract to be determined) are converted into stable coins and retained by the project. MXC will suspend trading according to the official rebase time and update the user's YAM balance. If the balance is insufficient after the update, the pending order for the sell order will be cancelled. The deposit record during this period will also update the amount based on the blockchain ratio.
If the Rebase method designed by YAM has a downward selling stamp, it may accelerate the decline and even fall below the target price. Please understand clearly to avoid buying at a high price, it is recommended to carefully understand the project situation, be sure to observe the stability before making a decision, so as to avoid losses.
Regarding the YAM Rebase adjustment mechanism: The original YAM smart contract will perform the rebase adjustment operation twice a day according to the YAM exchange price on the blockchain. When the YAM blockchain price is lower than the preset price, everyone’s coin holdings will be reduced. When the price is higher than the preset price, each person's holdings are increased. MXC has been strictly following the blockchain smart contract to adjust user positions.
For details, please visit: https://medium.com/yam-finance/yam-replanting-migration-and-launch-997b4848b8d8
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The MXC team
September 18, 2020