Statement on the YAM Bug-Fix Failure

As mentioned in the previous announcement, the YAM bug-fix proposal has been passed preliminarily.



However, according to Yam Finance, the bug still exists as the proposal failed to be implemented smoothly. Learn more details via https://yam.finance/ (wallet binding is required) and https://twitter.com/YamFinance.



Check out the statement of Yam Finance via https://medium.com/@yamfinance/yam-post-rescue-attempt-update-c9c90c05953f.





While users' rebased balances will not be affected, the YAM reserves have been affected, where the $750,000 USD cannot be withdrawn. Moreover, the Yam Finance project might lose some features, becoming a project like AMPL. Yam Finance wishes to save the project from failure through a "YAM2" scheme, but the details remain unclear.



Gate has conducted the first and second Rebase and will keep rebasing in the following contract trading. Gate will keep pace with the progress of the YAM official bug-fix proposal and revert to the community immediately. Please note that trading has commenced but involves a higher risk than usual due to circumstances regarding the YAM project. Investors should be aware of these risks before considering to trade.



Gate

Aug 13, 2020