The Yam Finance protocol is preparing to release its third version on September 18 after conducting a security audit by PeckShield.
The second version of Yam Finance, which is a Compound fork protocol and offers a native token with variable supply, was released to DeFi last month and raised more than half a million dollars in the first 24 hours of interest from farmers. However, when a catastrophic bug caused an oversupply, the second version, which was not so valid, eventually came to a terrible conclusion, making it impossible to manage.
This relaunch and re-release went through a period of interim management decisions during which a general consensus was reached on "all key issues for the launch of the third edition (V3)" and a public vote led to the change of reserve assets to yUSD; Therefore, the voting period lasted two days, and the amount of bids received and the manner of implementation were adjusted. Most importantly for the confidence of potential investors, the audit was completed by PeckShield. The audit found "several security or performance issues" that could be addressed in Yam Smart Contracts; Of the 17 bugs in the original code, 12 were found during PeckShield's advanced DeFi scrutiny of business areas and system operations, and six were suggested.
PeckShield describes four issues as "information", while six were considered low-risk, four were moderate-risk, and one was classified as high-risk. It turned out that there was no problem with the "critical" problem, and all the problems identified since then were immediately confirmed and corrected. PeckShield stated in its summary:
Yam offers an exciting and new experience of cryptography with community-based intra-chain governance and variable supply, and we are impressed by its overall design and implementation.
However, the company stressed that "smart contracts in general are still in their infancy, but are in an exciting development phase," confirming ETH co-founder Vitalik Butrin's warnings about "smart contract risk." The project was audited using donated funds through the Gitcoin grant, and all remaining funds were used to fund the project. Liquidity stimulus will begin with the YAM / yUSD pair on September 19, and the first rebase is scheduled to take place two days later. Tokens of the second version of YAM must be transferred manually in a ratio of one to one (1: 1) to the third version, 50% of which will be redeemable (release) immediately, but the other half will be redeemable within 30 days.