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


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:

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

Next we got hit with the first rebase:

Then, the bug:

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

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.

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