Gate Has Gone Through the Initial YAM Rebase and Might Resume YAM Trading/Deposits/Withdrawals Soon

Gate has called on its users to vote for the YAM bug-fix proposal. Currently, the proposal has been approved preliminarily, and the vote will be ongoing for three more days before an ultimate decision is made. Learn more details via https://yam.finance/ (wallet binding is required) and https://twitter.com/YamFinance.



Gate has conducted a rebase in accordance with the YAM smart contract. Spot balances of YAM holders have become 8.30735X larger than the previous balance before the rebase was completed. Gate will carry out a second rebase on 8:00 AM GMT, August 13th, 2020 according to Yam Finance’s guidance. If things go as expected, YAM trading will resume at 8:30 AM GMT, August 13th, 2020. Sell orders can be placed 10 minutes before the resumption. Since the initial rebase led to a sharp increase in balance, the YAM price has dropped accordingly. To protect our users from a loss, we have canceled all the buy orders. The buy price will be adjusted after the market opens.



Trade YAM at https://www.gate.com/trade/YAM_USDT

Deposit YAM at https://www.gate.com/myaccount/deposit/YAM



Please note that due to the unique elastic supply features of YAM, users' YAM balances will be expanded or decreased every 12 hours (8:00 AM GMT, 8:00 PM GMT) based on the market conditions; additionally, 10% of each supply expansion is used to buy yCRV (a high-yield USD-denominated stablecoin) and add it to the Yam treasury. Based on the YAM smart contract eventlog, Gate will rebase (update) the user's YAM balances during 7:30 AM GMT to 8:30 AM GMT and 7:30 PM GMT to 8:30 PM during which the trading will be paused and the deposit amount will be updated.





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Gate
Aug. 13, 2020