Yam, the decentralized finance (DeFi) sector'south original food-themed clone protocol, has successfully completed its commencement rebase since its V3 relaunch.

Yam'southward relaunch on September 18 followed the spectacular failure of Yam V2 last month — where a issues in the protocol's unaudited code rendered governance impossible after only 2 days by rebasing the token's supply 10 times college than its design intended.

The Yearn.finance style protocol describes itself as "an experiment in fair farming, governance, and elasticity," with Yam seeking to maintain a peg of 1 yUSD per token through adjusting or 'rebasing' its supply at 12-60 minutes intervals. If Yam's price is between $0.95 and $1.05 yUSD, no rebase will occur.

Yam V3's first rebase took place on September 21, adding $571,000 worth of yUSD to its treasury and expanding tokens holders' YAM positions by ii.49 times — driving down the cost of YAM from $xx to $7.

Despite the rebase, Yam emphasizes that its protocol is not however fully optimized.

It notes that while Yam V3 retained "nearly parameters from V1" to "enable an efficient governance and audit process," improvements yet need to exist fabricated to the governance, liquidity incentivization, and rebasing processes underpinning the protocol. Information technology recommends that in futurity rebasing should exist executed with greater frequency to reduce the market affect of purchases made by the Yam treasury.

On-chain governance is expected to get live in the coming days, with Yam's developers also hoping to launch on-chain analytics, improvements to Yam'southward Uniswap routing, and detailed documentation in the almost futurity.

Yam also hopes to establish greater rewards for community contributors, including core developers, community moderators, and infrastructure contributors.