Yam Finance Token has dropped to $0 market valuation From $60 million with 60 minutes.
The once-promising DeFi based token, YAM has drastically dropped from $60 million dollar market valuation to zero dollar valuation in few minutes.
The said project saw a market devaluation after the project developers ran into a nightmare following an unsuccessful attempt to fix a bug in the code being used for it’s project.
“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.”
https://twitter.com/BKCoinCapital/status/1293926554217701376?s=19
The bug identified by YAM Finance follows an Aug. 11 tweet from ShapeShift CEO and crypto expert Erik Voorhees, in which he called Yam a scam project.
This possibly might have turned out to be true.
What happened?
The DeFi token project developers, discovered a bug in the YAM rebasing contract.
This bug will mint far more YAM token than was intended for sell to the Uniswap YAM/yCRV pool, thereby sending a large amount of excess YAM token to the protocol reserve.
Considering YAM’s token governance structure, this bug would nake it impossible to reach quorum, meaning no governance action would be possible and funds in the treasury would be locked.
YAM Finance token is among other DeFi based tokens that recorded a high market valuation within short period of time.
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