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