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Investors have contributed USD 400 million to the failed DeFi “Yam” project and have bet on the new version

August 19, 2020

DeFi’s trial protocol Yam Finance nearly collapsed last week after discovering a fatal flawSince then, the project has reached a total value of $ 200 million.

Yam remains the seventh largest defi project based on Total Value Locked (TVL), according to a report by cryptanalysis firm Messari. The TVL is calculated by multiplying the total number of tokens in a protocol by its value in USD. Messari reported that Yams TVL has doubled from $ 200 million to $ 400 million since the protocol collapsed on Aug. 13, and business has grown in the past 24 hours..

“There are clearly some who believe that it makes sense to use funds for YAM farming,” said Messari. The company said the fact that The project migration plan results in existing tokens being transferred to a new smart contract This could be one reason investors haven’t ruled out Yam yet:

“Whether or not YAM can become a useful financial staple remains to be seen. One thing is certain: this type of token experiment will not go away.”

This time there is an audit

Investors have contributed USD 400 million to the failed DeFi “Yam” project and have bet on the new versionInvestors have contributed USD 400 million to the failed DeFi “Yam” project and have bet on the new version

According to an August 18 update on the blog of Yam, the blockchain security firm Peckshield is conducting a review of the migration contractwhich should be completed in two days. After completion, the YAM migration will continue gradually.

“After the audit, we will publish the report, implement the migration contract and enable the migration through [del sitio web]”was said on the blog. Users must burn their V1 tokens and re-mint new V2 tokens within 72 hours of implementing the migration.

In a temporary Yam V2 contract, information about previous balances is stored and sales are not taken into account The amount minted depends on the underlying portion of the total token offering.

Yam V3 will be a fully audited version of the project log, with a mechanism that enables conversion from YAMv2 to YAMv3. According to Yam, users will vote on the details of this mechanism.

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