Green Eggs And $YAM

RIP Yam Finance, an amazing DeFi experiment with a lot to learn from

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Yam Finance just sent the DeFi space into hyperdrive. Now, were kinda “hungover” shoutout to Anthony Sassano for this one (btw guys he’s a total beast, follow him on Twitter).

Yam found its way to over $100 valuation and a plethora of shillers on Twitter.

But there was one issue…the YAM rebase mechanism had a fatal bug…and YAM is now, pronounced dead.

RIP YAMs (Aug 10th, 2020 - Aug 12th, 2020).

Now, if you bought YAM on Uniswap - we’re sorry to see the price drop 98%. A lesson learned.However, if you farmed YAM you most likely earned a tad of pocket change minus those outrageous gas fees.

Anywho I recorded a short video yesterday MORNING about YAM and lo & behold, the entire UI was different and a whole ‘save the YAMs’ notion was created after.

*Sigh*

Sometimes it feels like this DeFi space is moving too fast for its own good.

- Andy

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Green Eggs And $YAM

Enjoy :)

The team just posted a post-YAM update here!

Here’s a little chronological tweet thread which explains the rise & fall of Yam Finance:

Started off with a tweet with a link to the medium article explaining the protocol:

Yam Finance @YamFinance

YAM: An Experiment in Fair Farming, Governance, and Elasticity

Then, we got hit with the FUD by the community:

Taylor Monahan @tayvano_

please dont be the poor fucker who loses more money than they can afford to lose on an experimental mashup of all the defi things that was started 10 days ago. experiments are fun if no one gets hurt. dont ruin it.

Yam Finance @YamFinance

YAM: An Experiment in Fair Farming, Governance, and Elasticity https://t.co/cyzvHZ2Blx

Next we got hit with the first rebase:

Ledger Status @ledgerstatus

Life happens fast. $yam

Then, the bug:

Yam Finance @YamFinance

We have found a bug in the rebasing contract, please read below. All funds in staking contract are safe, as this is an unrelated part of the protocol. User YAM balances are also unaffected.

Which, the community by & large tried to help delegate and save YAM:

Yam Finance @YamFinance

We are at 28k delegate votes, 9 hours to go. Keep it up y'all, we really can #saveyam

bZx @bzxHQ

🚨📢DeFi needs our help. We're sure many of you are farming YAM. Delegate them to save the project and the experiment. No drop of water is responsible for the flood.

Yam Finance @YamFinance

The initial rebase has occurred adding approximately $500k worth of yCRV to the YAM treasury. If governance is unable to submit a bug-fix proposal prior to the second rebase, no further governance actions will be possible.

Yam Finance @YamFinance

To be clear: YAM is not yet saved. We have not yet executed the governance proposal, and will not do so before 7am UTC.

Yam Finance @YamFinance

Thank you for your support. Help us hit our stretch goal for added safety. It's not over yet. The proposal will be submitted sometime after 7am UTC and before 8am UTC. Please hold your $YAM in your wallet for the duration of the voting period. https://t.co/O2PYnsbmnn

But ultimately, it failed…and users had to sell their YAM for $1 or so and move on after the second rebase. A great experiment in the DeFi wild wild west.

⚠️DISCLAIMER: Investing into cryptocurrency and DeFi platforms comes with inherent risk including technical risk, human error, platform failure and more. We are strictly an educational content platform, nothing we offer is financial advice. Please refer to our blog for more on mitigating your downside when using these protocols!

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