The future of Yam Finance’s earnings log is on the tightrope while waiting for the token deposits for the governance vote that could save the project.
Less than five hours before the end, Yam is only a third of the way to the 160,000 tokens required.
A code bug that was detected in one of the smart contracts today by Yam Finance pushed back on DeFi’s latest development as it struggles to find a solution through its decentralized governance system.
The project released an update listing the issues and issues Interested parties were asked to use their tokens to save the platform.
We need YAM farmers to act now.
If we’re successful, YAM owners will very likely vote to reward those voters who help save protocol.
Read on for more details. https://t.co/N56vSYgeVF
– Yam Finance (@YamFinance) August 13, 2020
The bug in the code creates more tokens than should be coined by a system called “rebasing”. That was supposed to allocate ten percent of them to the treasury via a dollar stable coin. This leads to too much collateral getting into the treasury.Prevention of future governance measures.
Waiting for guarantees of governance
To solve the problem, Two suggestions have been made to restart the base levels and essentially restart the system. It was originally thought that 35,000 YAM tokens would be enough to get a governance vote. The CEO of Compound Finance, Robert Leshner, WHO warned of risks on the start day, informed the team that 160,000 tokens would be required.
The blog post “Save Yam” Summary of recent events added that If governance is unable to submit a bug-correction proposal before the second base, further governance measures are not possible due to the size of the YAM reserve. He added a stern warning saying so;
“In this case the YAM treasury will no longer be governable and these funds will be lost.”
At the time of this writing more than 56,000 votes were delegatedBut in less than five hours, the chances of hitting the target seem slim.
Delegated tokens must remain in Yam’s wallets until 9:00 a.m. UTC on Sunday, August 16They can be counted, which is another risk for farmers if the platform collapses.
The DeFi expert, Cooper Turley, commented on the possibility of not reaching the amount required for the governance vote due to high gas prices.
Fascinating experiment in $ YAM Coordination 🍠
Will community members eat ~ $ 100 gasoline to save the yCRV treasury?
The feeling that this is a pretty crucial turning point for the project. https://t.co/b7hYeIDPkm
– Coopahtroopa 🔥_🔥 (@Cooopahtroopa) August 13, 2020
Literally from scratch
The YAM token was started with the value zero, but quickly rose to a high of over $ 165 to Coingecko.
The amount of guarantee deposited in the last 30 hours since launch has exceeded According to YAMalytics, $ 570 million.