YAM (v3) Rebasing at Gate.io

According to YAM team, YAM (v3) is going to start its first onchain rebase on September 21th, at 20:00 UTC. Read more at https://twitter.com/YamFinance/status/1306648125067718664

Gate.io will conduct the first rebase for Gate.io users based on the onchian rebase result from September 21th 19:30 to 20:30 UTC. During this period, YAM (V3) deposit, trading and withdrawal will be suspended. Deposit, trading and withdrawal will be restored when we complete rebasing. Gate.io will make it a rule to suspend deposit, withdrawal and trading for the coin under rebasing half an hour before and after the rebasing time, 20:00 and 8:00 AM UTC respectively for YAM .

Risk Warning:
Like AMPL, YAM updates the addresses balances using a rebasing mechanism, which updates addresses balances every 12 hours based on how far from the peg the YAM price is by calling a smart contract. On every positive rebase, the YAM also converts a portion ( 10% of the rebase amount) to stable coins as a reserve.
When YAM rebasing, Gate.io will suspend trading and update user’s YAM balance. If the updated balance is inadequate to keep the open order, the order will be cancelled. And the deposit record will also be updated according to the change ratio at blockchain. The design of YAM mechanism may further proper price into falling when the market is in a downward trend and there is risk that the price may fall below the target price. Please fully understand the project before making any investment decision.