TLDR

1. We’re relaunching Friday, Jun 7, at 9AM PT / noon ET / 4PM UTC / midnight Singapore.

2. No user funds were lost in the launch. Funds are safe.

3. The pool took in trading volume without V1 positions being fully migrated, making the liquidity distribution incorrect.

4. If you traded, borrowed, or looped YES V2, you’ll be reimbursed 100% of your initial investment in a few hours.

5. YES will re-launch with same BLV, premium and liquidity structure.

What happened?

The YES-ETH LP became tradable before all YES V1 positions were migrated to YES V2. Since the correct circulating supply was not present on initialization, the pool started off in a wrong state and BLV bumped higher than it should have.

The Plan Forward

We will refund all V2 participants their initial ETH investment. This plan makes users whole while preventing dilution of V1 snapshot. To see amount you’re getting refunded, see here:

The refund amounts to 1,163.19 ETH which will be paid by 876.28 ETH in net inflows and 286.91 ETH from Afterburner. In the process, the protocol burns 38,425.4 YES V1 which will be reflected in adjusted Yescension snapshot. This plan allows us to relaunch with exactly same BLV and liquidity structure.

If you’d like to understand the details of refund calculations, see appendix section below.

Next Steps & Relaunch

1. In the next few hours, we will distribute the refunds

2. We will relaunch Friday, Jun 7, at 9AM PT / noon ET / 4PM UTC / midnight Singapore

Appendix: Refund calculations

At launch, we were running a batch script to migrate YES V1 holders to V2. As a result, a mix of snapshotted users and non-snapshotted users traded YES V2. To properly calculate refunds, we evaluate three segments:

1. Users not in Yescension snapshot

2. Users in Yescension snapshot, but did not get distribution

3. Users in Yescension snapshot, AND received distribution

Case A: Users not in Yescension snapshot

If you were NOT in Yescension snapshot and traded/borrowed/looped YES, you will be reimbursed 100% of your initial investment, adjusted for profits made and opened loans. You can confirm your refund here:

Case B: Users in Yescension snapshot but did not get distribution

If you did not trade V2, there is nothing for you to do. You will get exact same Yescension allocation as before.

If, however, you traded V2, then you will be reimbursed 100% of your initial investment, adjusted for profits made and opened loans. If you sold YES, your Yescension allocation will be adjusted. You can confirm your refund here:

You can confirm your Yescension allocation here:

Case C: Users in Yescension snapshot AND received distribution

If you did not trade V2, there is nothing for you to do. You will get exact same Yescension allocation as before.

If, however, you traded V2, you will be reimbursed 100% of your initial investment, adjusted for profits made and opened loans made before you received your distribution. If you sold YES, your Yescension allocation will be adjusted. You can confirm your refund here:

You can confirm your new Yescension allocation here: