Yam

Proposal: Whitelisting and Execution of the Revised YIP-210

Introduction

Following the discovery of a mathematical flaw in the previous YIP-210, this proposal outlines the procedure for blacklisting the flawed YIP-210 and for the subsequent whitelisting and execution of the corrected YIP-210 version. Our aim is to ensure the robustness of the Yam Finance ecosystem by adopting these corrective measures.

Blacklisting the Flawed YIP-210

• Purpose: Prior to implementing the new version, it is paramount to blacklist the previous YIP-210 due to the identified math bug. This will prevent any further potential risks or damages to the Yam ecosystem.
• Procedure: The blacklisting process will involve revoking all permissions associated with the flawed contract and notifying all stakeholders of this action. Additionally, any pending transactions or actions associated with this contract should be halted immediately.

Whitelisting and Execution of the Revised YIP-210

• Purpose: The new YIP-210 has undergone a thorough revision to correct the previously identified math bug. Whitelisting the revised contract will ensure that the Yam ecosystem benefits from the rebalancing mechanism without any vulnerabilities.
• Procedure:
  • Whitelisting: Upon a satisfactory review, the contract will be whitelisted, allowing it to interact securely within the Yam ecosystem.
  • Execution: The YIP-210 will be executed, establishing the rebalancing strategy for the STETH/USDC ratio in the Yam treasury.

Conclusion

Our primary objective remains the security and sustainability of the Yam Finance ecosystem. These corrective measures for YIP-210 are in line with this goal. We urge all stakeholders to understand the necessity of these actions and to provide any feedback or concerns they may have.