YAM Token Market Capitalization Drops Near Zero

#LETAK KODE IKLAN DISINI

Defi Burst: YAM Token Market Capitalization Drops Near Zero After Founder Claims He 'Failed'

Yield growers excited about the recent decentralized finance (DeFi) project, Yam Finance, got a rough resurgence after the token's value plunged to near zero. Developer Yam Finance discovered 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 DeFi Yam Finance 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 DeFi project.

Many people complained that the codebase was not audited and raised flags for specific individuals in the community. The bugs found were terrible and resulted in additional YAM being 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 failed. Thank you for the insane support today. I'm sick of sadness."

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 tokens are trash."

"They're not a good form of money," added Fenton. “You don't own the company. There is no right to income. There is no real income. The government is nothing without rights. Bullshit - often driven by the same comedians who got rich in ICOs. Few understand this. "

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

"There are no such corporate holdings as applicable to ANY utility token or 'coin currency'," Trustswap CEO Jeff Kirdeikis responded to Fenton's tweet. "You guard the gates of 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… A lot of people understand this," added Kirdeikis.

Remember: Any information you read about YAM proposals or actions should be verified through posts by @yamfinance on Twitter and Medium. If and when we support other channels such as Discord, this post will be updated with the relevant links.