Two-day-old crypto asset, YAM has seen its market capitalization vanish in less than 60 minutes. This happened after developers of the once-promising defi project attempted to fix a bug in the code, but weren’t successful.
Data from BKCoincapital, a crypto hedge fund, revealed how YAM, a liquidity mining protocol which attracted >$400mm in just its first 2 days of trading, had a bug discovered in its code. The bug caused the unaudited defi platform’s Market Capitalization to go from $60 million to $0 in approx. 35 minutes.
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YAM, a liquidity mining protocol which attracted >$400mm in just its first 2 days of trading, had a bug discovered in its code, which caused the unaudited DeFi platform’s Market Capitalization to go from $60mm to $0 in approx. 35 minutes. #cryptocurrencies #YAM #Bitcoin pic.twitter.com/qBf07IzgVe
— BKCoinCapital (@BKCoinCapital) August 13, 2020
YAM is an experimental protocol mashing up some of the most exciting innovations in programmable money and governance.
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What happened?
YAM project developers, discovered a bug in the YAM rebasing contract that would mint far more YAM than intended to sell to the Uniswap YAM/yCRV pool, sending a large amount of excess YAM to the protocol reserve. Given YAM’s governance module, this bug would render it impossible to reach quorum, meaning no governance action would be possible and funds in the treasury would be locked.
At its core, YAM is an elastic supply cryptocurrency, which expands and contracts supply in response to market conditions, initially targeting 1 USD per YAM.
Why the hell invest so much assets in a brand new product that vaporized your money ,when you already have a solid product that act as monetary system.
Take a look at the ryacoin project (a real DeFi system without all the hype)
Admin DYOR pchain Buy some bags thank me later.