YAM v2 to v3 Migration Time limitation

YAM v2 to v3 Migration Time limitation

Basic Summary
YAMv2 to YAMv3 migration with the deadline, After 6:00 PM UTC 10/30, YAMv2 tokens will no longer be eligible for migration.

Abstract
Encourage YAMv3 market cap appreciation, Enhance community cohesion, focus on the progress of V3.

Specifications
YAMV3 is still in progress,the success of the project is our expectation.
But, some community administrators and few people who hold V2 have very disagreements with the implementation of V3, which has a very bad impact on the entire community, especially when the users who have not purchased V3 and want to join the experiment, the V2 holders show their petty trick: V2 to V3 migration with no deadline, when V3 price rises, V2 price will increase accordingly , As the V2 circulation decreases, V2 will become more and more valuable.

These seemingly reasonable speculations are very harmful. The division and disunity of the community will lead to the failure of the entire project. By that time, all token will be worthless, To achieve our goal, the community needs to be united. Too many forked tokens will give buyers a very bad impression and it also made the majority V3 holder confused, So here I made a proposal to limit the migration time.

3 Likes

Hi Satoshi,

I don’t understand the logic for why this extended migration period is detrimental to V3 yam holders or the project in general. Let me lay out my assumptions and then let me know where we disagree.

I agree that the price of yamv2 will follow the price of yamv3 (multiplied by scaling factor), I don’t see why Yamv2 should be more valuable except as a collector’s item. Yamv3 will provide the right to participate in governance, the right to ragequit for a pro-rata share of the treasury, and whatever new features are added in the future. V2 will offer none of these benefits unless upgraded. I am skeptical of things having value solely for their scarcity, unless they become a collectable. And even if Yamv2 or Yamv1 do become collectibles, I dont see how that hurts the value proposition of Yams as a whole.

Furthermore, the fact that there are multiple Yam versions makes accidentally buying the wrong YAM possible. In that case, giving the buyer the option to upgrade seems beneficial.

Are there people who are advocating that previous YAM versions are the “real” YAM? If so, do they have plans to actually do anything with YAMv1/v2? I actually think it could be really interesting if an ecosystem grows up around previous versions of the YAM token.

If the YAM v3 project is not able to compete with non-functioning versions of the YAM token, then I would argue there is a bigger problem than being able to migrate or not. So I don’t see this as an existential threat.

This seems needless.

v2 can live in perpetuity. It does no harm.

Also from a technical standpoint not sure this is feasible without forking state of the migrator contract over, which is non-trivial.

1 Like

The community split between v2 and v3 is exaggerated. YAM v2 only has very little trading volume. In addition to that, the no limited time exchange will make v2 and v3 links the price and still be valued as a whole project. If there is limited time migration, the remaining v2 will become a true collectable.

I, as a community mod, did hold most of my position v2. However, I don’t have any disagreement with “the implementation of v3”. It is for my personal investment decision as I consider v2 is more safe in a short time.

I did mention in Chinese channel why i chose v2. But that’s just for general discussion. If this is considered as offence and inappropriate, i would apologize.

The team defined YamV2 role as migration, so Yamv2 has completed its historical mission and there is no need to continue to exist. We strongly support limiting the conversion time for YamV2 to prevent community fragmentation and confusion over Yam among new entrants.

3 Likes

I don’t see at the moment a YAM ecosystem or community benefit for closing off V2 migration.

YAMv2 holders are YAM holders, let’s keep the door open for them.

1 Like

From the comments received so far it’s easy to see that the community has been fragmented. V2 holders have no interest in V3 , and this it’s really a bad result …

4 Likes

Thanks for your proposal. I have mentioned many times in the discord channel that running V2 concurrently with V3 portrays the entire community as lacking in focus and shows we are not united.
It gives the feeling of a house divided against itself, that cannot stand.

everyone’s efforts should be on supporting V3 and making sure it succeeds rather than the selfish concerns that will eventually see both versions fail.

I support deadline for the migration of V2 tokens to V3. I support growth for YAM!

1 Like

I’m confused too. I had yam 2 for 1000 on the gate.io exchange, I did not check the deposit for a while. but today I saw that I now have yam 3 and the cost is less than 100 and is traded only on gate.io

GATE exchanged everyone’s v2 to v3.

The problem is some yam 2 holders are still farming sushi and the longer they can outlast other yam 2 holders the higher their APY is going to go while yam 3 farming pool decreases 10% each week plus remaining vesting period. Unless sushi swap ends yam incentive then we need to enact deadline ourselves to break the cycle

But I don’t see a fragment between YAMv2 and current YAM. YAMv2 is not a fork of our project. YAMv2 played a key utility role in YAM ecosystem as it allowed our community to vote on aspects of the relaunch. Outside of that, there’s no more that YAMv2 can do. It has no potential for future growth as the code is locked and unable to be developed on.

We had to set a deadline for YAMv1 -> YAMv2 because time was of the essence for the YAM relaunch. Now that YAM is up and running we should keep the deadline open for holders who don’t have the time or ability to migrate at the moment.

1 Like

.I understand. Today yam. tomorrow yam2. and yam4 will be? I saw freedom in yam, but I was wrong. I lost almost everything due to migration. What is the point of investing in yam3 now? Sorry guys, but I’m leaving. And I will tell my friends that this is not the best project for investment. Good luck to you

1 Like

Berkshire Hathaway has both A and B type shares and these live together harmoniously. I am getting a bit sick of the Yam v2 bashing. If you go back to the Yam Medium articles it was stated that there will be no deadline for the V2 migration and I think it is manifestly unfair to now try and change the rules. Disclosure - I own both - more V3 than V2.

Locking this. I think it has been discussed sufficiently in the comments and the conclusion seems to be that it isn’t feasible. If you would like discuss this further I suggest posting in Proposal Brainstorming.