Its been a roller coaster month in the time since the project handover, from the original developer Merunas, to the current three admins who where all early investors in YELD, and just community members like most. Making YELD a community run project since the handover, where members funds security and community proposals our highest priorities.
Over the next week, we will be emptying the current stable coin vaults, and preparing for our upgraded versions of these vaults. All current farmers should contact us in Discord or Telegram if they have any difficulty in un-staking, we have also released a form for this process. Everyone has until the 12th of December 2020 to un-stake their stable coins from the platform, in the meantime rewards have been set to 0 for these old contracts and people will be reimbursed directly for any lost rewards when un-staking. On the 13th we will eject all stable coins left in the vaults, back to their addresses of origin, and those people would have to fill a form to request any reimbursements, this form will be released on the 13th of December 2020.
As a thank you to all our members/investors, who have been with us through all the ups and downs, everyone that staked stable coins would have received a 300% bonus in $YELD, for their entire staking period, when they un-staked during the APY promo period. We have been helping people on an individual basis with the un-staking, to ensure full transparency, and will continue this process until we eject the last remaining funds, and their reimbursements have been resolved.
In light of recent events, the release of our v4 contracts, has become something that has to be looked at more thoroughly, as we will be looking at implementing multiple changes and still keeping the system secure.
We have listened to the communities concerns, and gone over multiple proposals to start formulating a better more sustainable product, where rewards will be more balanced for both stable coin farmers and YELD stakers. The exact metrics of these changes, cant be shared currently as the best strategy or rather combination of proposals is still being devised. Much of the code has to be reworked, to ensure protection against any future attacks, of the kind we suffered a couple days ago. Be assured we are working tirelessly, together with other developers at resolving the upgraded contracts and getting them released as soon as possible, but best is not to rush these things.
YELD v4 Contracts will see many minor changes, among some of the mentionable ones would be, a fee increase from 1 % to X % on staking mechanisms. These extra fees will be distributed into places like rewards for YELD staking (ie: retirement yield), rebuilding rewards wallets for future distribution and possibly a dev/marketing fund. The YELD hold limit to farm stable coins will also be increased on the upgraded contracts, this number will either be 50 YELD, or a 5% of your stable coin stake, as voted for on previously, a 24hr minimum limit on all staking will also be implemented.
Awareness and Community Involvement
This coming week/s, as code development and securing of contracts proceeds in the background, we would like to get the community more involved, in some type of a bounty or giveaway, to help bring awareness to all the changes that have happened since handover, and are yet to come. So keep an eye out for our next announcement. An AMA has been suggested by many and this could possibly be looked at after we re-open the stable coin farming.
We would like to thank the community for your continued support, as we work together at building the ultimate yieldfarming product.
🔌Website: yeld.finance | 🛢56 269,16 Max Supply and decreasing…….
🗣 Discord : https://discord.gg/43fATHA
🗣 Official Telegram https://t.me/yeldf
🦄 Uniswap: https://uniswap.info/pair/0x164ed0df02b3747315b50b806b79962ad9517578