Bitcoin Forum

About YAM
YAM is a new DeFi token. we can join in liquidity mining allows us to harvest YAM tokens using COMP/LEND/LINK/SNX/YCRV_YAM_UNI_LP. Like AMPL, it has a rebase feature and is designed to adjust the token price to $1. An interesting rebase feature allows the number of tokens in the wallet to increase/decrease in line with the price adjustment (the rebase is performed once every 12 hours).Even if the YAM temporarily exceeds the target price of $1, it will be adjusted to $1, but there is also the prospect of effectively increasing the value in the wallet because the tokens within the address may increase cos the rebase will be executed.

However, there are some shady points about YAM. There are no white papers, no documentation that reveals the identities of the developers, and it has been pointed out that the protocols used in YAM have not been audited.

Features
-Yield Farming a kind of liquidity mining: We will receive $YAM as a reward for providing liquidity(using COMP/LEND/LINK/SNX/YCRV_YAM_UNI_LP) to YAM. The amount of the reward depends on the ratio in the pool.
-rebasing: In the case of YAM, the price is adjusted to 1$ by increasing or decreasing the supply of tokens. rebase runs once every 12 hours.

Dynamics of YAM
YAM is a very big mover.

8/12: a serious bug was discovered in YAM on 8/12 in the rebase protocol. So we ran a delegate, which seemed to succeed, but the mint feature of the YAM rebase was triggered during the delegate run, and a large number of tokens were generated that could not be voted on. As a result, delegate failed, making it impossible to repair the protocol.
8/13: After this, YAM announced on 8/13 that it would be audited for protocol and then migrant.
8/14: the specific Migrant content was published on Medium on 8/14.
8/15, YAM raised $75k in gitcoin to pay for the audit, and launched an official discord channel.

What do you think of this hot topic?
a number of prominent people in the crypto industry are also paying attention to it, i see on twitter. so, I personally think that YAM token will be successful in the short term. I also think that if YAM is a high return, the general public who are far from the crypto industry will also be interested in DeFi in the future.

What do you think?

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Links
YAM Official Links

• Website: https://yam.finance/
• twitter: https://twitter.com/YamFinance
• Medium: https://medium.com/@yamfinance
• Github: https://github.com/yam-finance
• Discord: https://discord.com/channels/743654257642700911
• YAMv1 address(etherscan): https://etherscan.io/address/0x0e2298e3b3390e3b945a5456fbf59ecc3f55da16

Non-Official Links but Beneficial or officially recognized

• YAM Wiki: https://yam.chainwiki.dev/
• YAM monitor-Zippo.io: https://yam.zippo.io/
• YAM yield farming info: https://yieldfarming.info/yam/ycrv/

A serious bug was found in YAM's rebase system, and the governance vote also failed because of the mint feature. I thought YAM was completely dead, but they are starting YAM 2.0 after an audit of the YAM contract code. I don't know what will happen to the YAM that is still being farmed now when it moves to YAM 2.0, However it's interesting and I'll keep my attention on the progress.

Another new DeFi token ... What do they offer differently compared to other tokens?
It is not because there is some activity on twitter that it is a good project. John McAfee hyped already a lot of coins and that are all shitcoins  ;D.

don't know about this new defi project ?
its better for you to give a link to YAM website, announcement thread in this forum or others
so, people will learn first before give their toughts about YAM buddy

Who cares about John McAfee ? His brain was replaced with drugs and he is shilling tokens that today are $100 and tommorrow are $1 like YAM. From my point of view John McAfee is an expired influencer.

About YAM I would stay away from these type of tokens . You should start trading with a demo account if you really want to understand the cryptocurrencies volatility

Seriously guys every time there is a trend, you must be careful of it. Coming from Twitter, if it's become a hot topic, don't jump to the hot waters.

Don't fall for it if the trend is there because people are greedier if there is news like this. I don't think it's a good idea to go with them, you need to observe first and don't get into quick conclusions you will make money so fast.

You are not aware that YAM has a major flaw in code that is why it goes down -99%? I guess it's ATH is $167. In my own perspective they are very promising project, if not for that error maybe it will be a different story, But I don't know if they can fixed the trust of their investors for allowing to happen that huge bug not checking it first or being audited.

Source: https://www.dapp.com/article/yam-finance-bug-permanently-break-governance

Some of the Ethereum developers that shill this project need to take part of the responsibilities for this failure, I believe they knew what due diligence that goes into releasing a platform and not to talk of the one that would be holding people's fund. A lot of people have lost money in this and I just hope we all learn our lesson

Yikes. Haven't seen this sort of crash and burn since bitconnect.

Yes. It's a seemingly ridiculous token, but it's strange that some Ethereum developers seem to be involved. At first I thought it was just a scam to take advantage of the DeFi boom.

ya, of course i know some of links. but there is no whitepaper, linkedin,official telegram and discord. there is only twitter and medium.so, newcomers cant know about $YAM deeply... well. i will post it.  P.S. sry, i forgot there website. but there is very little info too.

another blunder in the making. i hope traders/crypto users have already learned their lessons with this kind of strategy. now, look at the price. sudden fall into deep ravine, huh!

https://i.imgur.com/8KRZ5vs.png

This significant drop is a bit different from other tokens because YAM is designed to be split to be adjusted to 1$ by the rebase feature. However, it's currently below 1$, which is a cause for concern.

Even if they had no white paper, they could have at least made a deck and add all the basic info to it. That is the easiest way to avoid any form of embarrassment. Although, it seems there are several other reasons why people felt they should nor be trusted.

DeFi project is on a hot topic no matter what the name of the project, there’s a big hype on that so no wonder they are on hot topic. Though they really looks the same offering the same services so I’m thinking if its really worth it to invest, or better to buy the DeFi project that is already on the top of them. If its on a hot topic then you must know it by your own why they are on a hot topic, to know if its not just a hype or a trap.

Just after a day I have posted. This Yam coin literally turned into a Yam! a food!

I don't know how this coin became popular overnight and turned a massive gain for the devs while leaving the stuck investors out of nowhere with losses. People never learn from the past experiences of the market and personal experiences.

Don't turn into something without validated facts and don't invest if you didn't do research.

The crash just too much that I think it will not even recover anymore and investors will just treat the project as scam. None of the project I have seen drop like this and now they are restarting it again. It would be interesting to see if its really going to climb up back to its initial price.

If you however trust the team and willing to risk, investing to it right now while its price is in its lowest is good.

That's right mate, this is the 2nd time I've seen such a horrible collapse. Its price dropped 99% in just a few minutes and I really couldn't believe my eyes, a lot of people certainly invested in this project and lost a lot with it.

There is nothing to do, at the expense of such a huge loss and just hope for a miracle to rise again if I am in that position

YUM internasional lol  ;D ;D

They have successfully raised funds 75k$ for a protocol audit via gitcoin, and have launched an official discord channel (800 people have already joined). This is an interesting move. The token price hasn't jumped significantly for now.

I did not expect that they would be able to collect such a sum, I thought that everyone would stop paying attention to YAM, but thay have direct popular love.

they get funds from their own team after getting quite a large amount of funds from the dump of YAM prices, I am not surprised by that, they are trying to restore public confidence but it's a huge loss for their supporters so it is useless rubbish

Probably within 48 hours, the YAM audit will be completed. Also, the wave 1 yields farming will be finished. I pulled up the YAM I was farming.

I read their announcement that they will move from YAMv1 to YAMv2 and if their audit is complete and no bugs occur they will migrate back to YAMv3, but here I regret that in the migration process they set a time of 72 hours and if they don't do that within that time the token can't be used that's the bad thing about this project
if I forget about the migration, maybe my money will be lost a second time after the dump price from $100 to $0.5 is very painful guys

Is it a good flip to buy V1 and swap it for V2 ... u think value of V2 would increase after swap ?

I think the number of circulating supplies will decrease. If the user's YAM is small, it's because the gas money is wasted to move to V2. This would be a buying pressure. But there are many things I don't understand. The team says it will reduce the supply numbers after the transition, but I don't know how this will affect the buying pressure.

i only joined farming and harvest, not buying. but gas fee is too high to pull out YAM. and i dont think YAM is going to be as YFI due to rebasing.

Heh,,, so strange to read things like this that they are actually only NOW hiring people for Audit and that too also through Gitcoin. Like, come on guys,,, do you not need to do these things FIRST in the earlier instance? Shows us all who these guys are and what these guys do. And still people go in.

After I found out that YAM token is a new DeFi project, I am not surprised that YAM token becomes a hot topic on Twitter.
Like other DeFi projects, it is only natural for YAM to experience hype, in fact it is still too early to judge the YAM token
profitable or not. Since the YAM token recently opened trades on several exchanges, we will still have to monitor its price
for the next few weeks. Even though the YAM token price is now experiencing a severe dump, imagine it from a price of
$ 183 when open trading. Then dump it up to $ 0.26 and now it's starting to go up again to $ 0.97. So there is still hope
for the YAM token to rise again, but it is impossible in the near future back to all time high prices again.

Maybe you are not aware the current situation that's why you are still dreaming to see comeback of this token. It was bad experiment of some stupid persons who don't have knowledge of coding and launched this project in hurry and due a critical bug $500 million stuck into this project which is very big loss.

I really don't know if it's going to be a success or not, as we're just getting started. There are a lot of innovative behaviors like reducing the total supply and adding rebasing features after the transition. However, i think, the short-term demand will decrease due to the number of tokens that can be earned by harvesting is reduced

I agree with your statement that they were too hasty without paying attention to security in a system which resulted in huge losses for the community and they are now trying to rebuild the narrative through audits with gitcoin funding but I have to say YAM is absolute stupidity