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DeFi greediness got a new record breakdown for YAM

The big bubble of DeFi leads to a panic in the markets. YAM missed the train.

From zero to hero and back to zero in only 35 minutes. Or better from $60 Million back to $0 Dollar. A code error could not be fixed right in time and trust has turned into frustration. This is the old world trying to play a new game and wants to make the rules. They only can fail. Welcome to the Olympics games in Finance running for the newest trend. Creating a lending platform for rent out cryptos, tokens, against fiat or vice versa is always a high speculative business. The greediness in the tokenomy and the run for market capital becomes a farce for YAM. A code error was the reason for losing all the value. Believe it or not. No one trusts someone who can not fix a problem in minutes. DeFi hacks are a hot topic and fear is big but fear is eaten by money business. So the risk is denied until it happens.

  • Data from price site CoinGecko shows the total value of YAM collapsed from roughly $60 million at 07:40 UTC to $0 by 08:15 – barely 35 minutes later.

  • The price of YAM tokens, which peaked at roughly $167 at 17:30 UTC, had spiraled down to barely $14 at just before 08:00.

YAM Market Cap Source: CoinGecko

  • Having only launched Tuesday, YAM was a yield farming protocol where tokens were intended to keep parity with the U.S. dollar through loosening or contracting supply.

  • It's relative newness though meant the code hadn't been properly audited; a bug was soon discovered that effectively meant the protocol would keep printing "dud" YAM tokens that would prevent token holders from making any governance decisions.

  • A last-minute attempt to save the protocol ultimately failed and co-founder Brock Elmore pronounced the project dead at 08:01 UTC.

  • Yam's market cap went to zero moments later.

  • The project announced a plan to migrate to YAM 2.0 just before press time. Do you believe in bubbles? Here you have a very colorful. Read the full article here.

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