Yam Finacne has proposed a "relocation plan" under which the project will be under community control

On August 14th, Yam Finacne disclosed a "relocation plan" to place the project under community control, according to Rhythblockbeats. To speed up the YAM system restart, the current solution will be implemented in two phases:

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Phase 1:

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The YAM deployer address sets a migration contract. This would allow YAM holders to destroy their tokens and mint YAM V2 tokens by a certain deadline. The migration contract will be reviewed prior to deployment.

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YAM V2 token will not be rebase. The balance of the underlying functions on the current YAM V2 token contract will be used to determine the amount of YAM V2 token cast. This means that YAM Rebase does not affect the amount of YAM V2 token received.

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YAM V2 will have no on-chain governance. We plan to implement an out-of-chain signature vote to allow holders of YAM V2 to choose the direction of governance.

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Stage 2:

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The complete YAM system will be audited and redeployed as YAM V3. Holders of YAM V2 will be able to migrate to newer YAM V3 tokens through additional contracts. More details on timing and audit will be released in the coming days.

Text link:https://medium.com

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