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About Gate.io Migrating YAMV2 to YAMV3

2020-09-19 17:08:31Read:31510

According to YAM's announcement, YAMV3 has finished development and auditing. It is going to deploy and start migrating YAM V2 to YAM V3 on September 18th and 19th. The first rebase will start on September 21th.

Gate.io will close deposit, withdrawal and trading of YAMV2 before September 19th,10:00 AM UTC and start migrating YAM V2 to YAM V3 (coin symbol YAM). Deposit and trading of YAM (i.e. YAMV3) will be available after migration , estimated time from 10:00 AM to 11:00 AM UTC.
YAMV2 will remains available at Gate.io after migration and users can deposit YAMV2 to gate.io to trade. If there is great demand for another migration from YAMV2 to YAMV3, we will do the migration once again.
Please note, YAMV3 will use the ticker/symbol YAM according to the instructions of the YAM.finance team. Gate.io will change the original version of YAM as YAMV1, and use YAM as the symbol for YAMV3. We will still keep the original YAM candlestick chart for the convenience of your reference.

Deposit YAM(v3)at: https://www.gate.io/myaccount/deposit/YAM
Trade YAM(v3)at:https://www.gate.io/trade/YAM_USDT




Risk Warning:
Like AMPL, YAM updates the address balance using a rebasing mechanism. (The old Yam made a rebase every 12 hours, for a new contract, the rebasing schedule is not announced yet). YAM also converts a portion (10% previously but not known yet for the new contract) to stable coins as a reserve every time it rebases.
When rebasing, Gate.io will suspend trading and update the user's YAM balance. If the updated balance is inadequate to keep the open order, the order will be canceled. And the deposit record will also be updated according to the change ratio at blockchain. The design of the YAM mechanism may further propel the price into falling when the market is in a downward trend and there is a risk that the price may fall below the target price. Please fully understand the project before making any investment decisions.



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Gate.io Team
September 19, 2020
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