RIP Yam Finance, an amazing DeFi experiment with a lot to learn from
Take one step closer sovereignty every single week, join the DeFi Slate community below:
DeFi Slate Family:
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.
⚠️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!
???? Shoutout To Our Partner: MCDEX— trade the first ever decentralized ETH & LINK perp swap contracts on MCDEX.
???? New To Yield Farming? Use Akropolis to lend, borrow, and dollar-cost-average in the simplest way possible with their new Delphi mainnet launch!
Subscribe to the DeFi Slate Newsletter & join dozens of crypto enthusiasts:
????Check Us Out On Twitter!
????Join the community on Discord to get our freeV.1. yield farming guide!
????Subscribe to our YouTube channel!
