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Friday, August 14, 2020

DEFI BURST: YAM TOKEN MARKET CAPITALIZATION DROPS TO ALMOST ZERO FOUNDERS AFTER CLAIMING SHE 'FAILED'


    Yield growers excited about the recent decentralized finance (defi) project, Yam Finance, got a rough resurgence after the token's value plunged near zero. Developer Yam Finance found a major flaw in the rebasing contract and at 4 a.m. ET, co-founder Brock Elmore tweeted that he regrets having "failed".



 On Wednesday, more than $ 500 million was funneled into the Yam Finance defi project. More than $ 120 million continued to flow after developers discovered a bug in the smart contract. After the bug announcement, the value of the YAM token dropped significantly as the token touched an all-time high of $ 167.66 per token. At the time of publication, tokens were only valued at $ 0.97 per YAM.

The token was launched on Tuesday and almost immediately a large amount of crypto was thrown onto the yield farming platform. The token is supposed to maintain its value in USD by using an elastic supply inspired by the Ampleforth project defi.

Lots of people complained that the codebase was unaudited and raised the flag for specific individuals in the community. The bugs found were terrible and in YAM the additions were printed during the rebasing period.

After the project developer realized the codebase couldn't be saved after trying to lock down 160,000 YAM, the developer found the smart contract was bullshit. In the early hours of the morning on Thursday, Yam Finance co-founder Brock Elmore tweeted about the situation. Elmore said:


" I’m sorry everyone. I’ve failed. Thank you for the insane support today. I’m sick with grief. "


 A number of well-known ETH supporters told Elmore the project was a good endeavor. "You're giving the community something unique to experiment with - thanks," tweeted Anthony Sassano.


The Yam Finance project is still one of the most trending conversations on social media and crypto-related forums. Crypto entrepreneur Bruce Fenton discussed the defi token situation on Thursday and said: "Your defi token is trash."

"That's not a good form of money," added Fenton. "You don't own the company. No rights to income. No real income. Government is nothing without rights. Bullshit - often driven by the same comedians who got rich with ICOs. Few understand this."

However, not everyone agrees with Fenton's observations regarding the token defi.

"There is no such corporate holdings as any utility token or 'coin currency'," Trustswap CEO Jeff Kirdeikis responded to Fenton's tweet. "You gatekeeper what" has value "here by saying only security tokens have value? General. Owning BTC also doesn't give you ownership in the company or income… Many people understand this," added Kirdeikis.

 What do you think about the Yam Finance project and opening events? Let us know what you think of the subject in the comments below.

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