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Gate.io Delayed Suspension of YAM Trading/Deposits/Withdrawals amid Rebase Bug

2020-08-13 05:28:50Read:30476 Tags:

As an elastic supply cryptocurrency, YAM adopts a rebase mechanism where its supply expands and contracts in response to market conditions, initially targeting 1 USD per YAM. Users’ balances will be increased when the market price is above 1 USD, while decreased when the price is below 1 USD.

According to Yam Finance, the rebase takes place every 12 hours (8:00 AM GMT, 8:00 PM GMT), and the initial rebase was expected to occur roughly at 8:00 PM GMT on August 12th, 2020. However, due to a bug found in the YAM smart contract before the first rebase, the initial rebase did not happen as scheduled (see more details via https://twitter.com/YamFinance).

Currently, Yam Finance official is calling YAM holders to vote to approve a bug fix proposal. It is expected that the bug fix proposal will be submitted when the second rebased occurs (scheduled at 8:00 AM GMT on August 13th, 2020) (see more details via https://twitter.com/YamFinance/status/1293610115246039042. Cryptocurrencies are highly volatile, please be cautious when making decisions).

Gate.io was scheduled to suspend the trading, deposit, and withdrawal services of YAM at around 7:30 PM to 8:30 PM when the first YAM rebase happened. However, based on the current situation, Gate.io did not suspend YAM trading, deposit, and withdrawal services and will delay the suspension until the YAM smart contract is fixed. We will adjust all YAM holders' balances based on the rebase rates when the problem is solved. YAM deposits after 8:00 PM GMT, August 12th, 2020 will not be updated until the bug is fixed.

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.io 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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Aug. 13, 2020
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