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Is YAM dead? NO lockup amounted to 400 million US dollars, ranking No.7 in DeFi.



YAM, this sweet potato, will climax when it goes online. After the orgasm, there is a void.

The price of YAM fell from a maximum of $166 to $0.44, a drop of 99.7%.

In YAM, it can be said that the stars are holding the moon in the first hour, and everyone is shouting and beating in the next hour. The gap is as big as the waterfall on the K line. YAM is dead in the media and in the hearts of many.

However, YAM has been "dead" in the media, but in reality YAM is still alive, and many people are using money to mine this scorched sweet potato.

In fact, no matter how you comment, how you evaluate YAM is correct. But voting with money expresses everyone's final attitude.

1. Money is smart, money is profit-seeking

Not only what he said, but also what he did.

Yam Finance: YAMv2 migration will end at 08:00 today: Yam Finance tweeted that today is the last day to migrate from YAMv2 to YAMv3. The YAMv2 migration will end at 08:00 on February 15th, Beijing time. [2021/2/15 19:45:59]

After a BUG appeared in YAM, the team indicated that the repair failed. The lock-up volume of YAM has plummeted from more than 600 million US dollars to 180 million US dollars. However, the follow-up stabilized and gradually climbed. At the time of writing, the lock-up volume of YAM has reached more than 400 million US dollars.

Such money will quietly flow back into YAM and dig sweet potatoes silently. It seems that although the sweet potato is burnt, it may be burnt on the outside and tender on the inside. It is also very fragrant when you peel it off and eat it slowly?

The price of YAM currency is around 0.4, but the daily mining interest rate of YAM pool 1 is above 1%, and the daily mining interest rate of pool 2 is above 11%. The interest rate is still high in comparison.

The community is trying to save Yam. The number of YAMs participating in the voting has reached more than 50,000: After Yam Finance was exposed to a loophole in the rebase process, resulting in the number of additional YAMs exceeding expectations, Yam officially proposed two solutions. One is to set the Rebase If it is 0, the rebase process is suspended to fix the vulnerability. The second is to reset the reserved YAM to 0 to eliminate the redundant YAM in the reserve. Whether the proposal is approved or not will be determined according to the voting results of YAM holders. According to the community information, users need to deposit 160,000 YAMs to participate in voting before 3:00 pm Beijing time today, so that the community governance of the project can really work. Currently participating in voting The number of YAM is more than 50,000. [2020/8/13]

Although the interest rate is high, the risk is great. If you are not careful, you may burn your mouth, and it is easy to get black.

Then YAM has a lock-up volume of 400 million US dollars. Where does it stand in DeFi?

Stimulated by CRV liquidity mining, 3 DeFi projects have locked up more than 1 billion US dollars.

YAM will be readjusted at 4 am tomorrow: Yam Finance tweeted that it will be readjusted conditionally under the following conditions. The main conditions are to meet the two time functions, to delay by 12 hours, and to be able to be within the two reset window periods of 16:00-17:00 Beijing time today or 4:00-5:00 the next day. The first reset should be at 4 am Beijing time tomorrow. (Beep News)[2020/8/12]

According to debank's data, YAM's lock-up volume ranks 7th, a very high position.

To play DeFi, you still need to learn to check the data. The data is relatively the most real. Money is smart. Where there is profit, go there.

Of course, this is not for you to mine. YAM’s 1-pool mining will end in less than 1 day.

So can the mined YAM be released? YAM has nearly 5 million ycrv in its liquidity pool on Uni, with a daily trading volume of nearly 6 million.        

CoinW will launch YAM in the DeFi zone at 13:00 on August 12: According to official news, CoinW will launch the YAM/USDT trading pair in the DeFi zone at 13:00 on August 12, and start the "trading to share 20YAM" , -0.1% Maker Rate \"Activity; It is reported that Yam is an experimental protocol with an elastic supply cryptocurrency at its core that expands and contracts its supply according to market conditions. [2020/8/12]

In other words, the mined YAM can be easily sold. Judging from the trading volume, the transaction is still very active.

2. The bumpy road of YAM


YAM is an inflation deflation coin. When YAM was inflated for the first time after it went online, a problem was found. Because of one line of code, the inflated central KuCoin has an astronomical number of tokens, and these inflated YAM will be sold in the market to exchange for yCRV. As a result, YAM/yCRV will always be in an unsafe state in the Uniswap V2 pool.

Therefore, the team declared emergency rescue, but it turned out to be a failure.

A tragedy caused by one line of code.

2. Launch of YAM2.0

YAM has been online for 36 hours, has gone through the peak, and then fell to the bottom. The team feels that the distribution mechanism of the past 36 hours has made the community around YAM very special.

To preserve this community, a Gitcoin grant was established to coordinate community-funded YAM contract audits. If the funding goal is met, after the review is complete, we plan to support the launch of YAM 2.0 through a migration contract from YAM.

So there is YAM2.0.

3. The donation of YAM2.0 exceeded the target

After the Gitcoin Foundation accepted donations, the goal was 75,000 US dollars, and it soon reached 100,000 US dollars, which was overfulfilled.

Although the YAM team’s imprudence caused YAM to suffer a lot of losses, and the people who bought YAM in the secondary market suffered a lot. But there are still a group of people who support them with money.

4. Migration of YAM2.0

From YAM1.0 to YAM2.0, there are two phases of migration, and the mining of YAM1.0 continues to operate.

Phase 1

YAM developers will build a migration contract that allows YAM holders to convert YAM tokens to YAMv2 tokens before a certain period, and the migration contract will be reviewed before deployment.

Phase 2

The full YAM system will be audited and redeployed as YAMv3. YAMv2 holders will be able to migrate to YAMv3 tokens through one contract.

This completes the migration from YAM1.0 to YAM2.0. For the specific migration process, YAM official website posted a description, as shown in the figure below (automatic translation)  

Users who have voted for YAM emergency repair will be rewarded.

Although YAM is still mining and there are still a lot of funds involved, the risk of YAM is still there. YAM’s 1 pool mining is about to end, what kind of turmoil will there be, everything is unknown, and everything is full of risks and hopes.

Individuals are participating in YAM mining. From the perspective of interests, of course, I very much hope that YAM will go smoothly in the process of migrating to 2.0.

From the perspective of playing DeFi, you can see different things by checking more data.


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Is YAM dead? NO lockup amounted to 400 million US dollars, ranking No.7 in DeFi.

YAM, this sweet potato, will climax when it goes online. After the orgasm, there is a void.The price of YAM fell from a maximum of $166 to $0.44, a drop of 99.7%. In YAM.

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The article is contributed by Biquan Beiming, the columnist of Jinse Finance and Economics, and his remarks only represent his personal views.