YAM protocol, the DeFi project that was shut down within 48 hours of its launch due to a crucial bug in its unaudited code is going to relaunch. YAM, which was created by copying and pasting code from other projects, had a bug in its code that lost the network $750,000 and made network governance impossible. However, the YAM team was able to raise enough funds to have their code audited, and is planning to launch the protocol once again.
The revival of YAM
Shortly after YAM protocol died a quick death, the YAM team made an official announcement, saying,
“We will be setting up a Gitcoin grant to coordinate a community-funded audit of the YAM contracts. If the funding goal is reached, upon the completion of the audit, we plan to support the launch of YAM 2.0 via migration contract from YAM.”
Days later, YAM received $115,000 in donations and was able to contract blockchain analytics firm Peckshield for an audit.
Migration contract audit in progress with @peckshield, to be completed in the next 24-48 hours.
Following the audit, we will publish the report, deploy the migration contract, and enable migration through https://t.co/uKY1iFbNu7
YAM holders will then have 72 hours to migrate.
— Yam DAO (@YamFinance) August 18, 2020
Once the audit is complete and approved, the YAM team will be launching YAMv2, and has even released plans that discuss launching Yamv3 sometime in the future.
What does this tell us about DeFi?
The fact that YAM Protocol was able to raise over $100,000 in donations in just a few days tells us that sadly, DeFi is nowhere near its top.
YAM protocol is a meme project (like Dogecoin), there is no benefit to holding YAM tokens and its primary use-case is speculation. YAM doesn’t even market itself as a project creating a better version of Ethereum, or a project that can scale with better transaction throughput; instead, the team behind YAM considers it an experiment that dabbles in yield farming, governance, and elasticity. Regardless, individuals invested over $300 million in YAM in less than 24 hours after its initial release.
Several days ago, I created a survey asking if DeFi has peaked yet, however, a majority of respondents answered ‘no.’
Has DeFi peaked yet?
— Patrick Thompson 🦍 (@CryptoAmerican) August 18, 2020
With the YAM donation in mind, it looks like the DeFi craze is nowhere close to being over.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.