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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.
Sometimes it feels like this DeFi space is moving too fast for its own good.
Green Eggs And $YAM
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:
Yam Finance @YamFinanceYAM: An Experiment in Fair Farming, Governance, and Elasticity https://t.co/cyzvHZ2Blx
Next we got hit with the first rebase:
Then, the bug:
Which, the community by & large tried to help delegate and save YAM:
Yam Finance @YamFinanceThe 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 @YamFinanceThank 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.
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