"Sweet potato" unsalable Yam re-opened the experimental field

After experiencing an extremely fast roller coaster, the DeFi protocol Yam Finance (hereinafter referred to as Yam), which is popular in the currency circle with the image of "sweet potato", has launched a restart plan.

On August 23, Yam announced the completion of the first phase of planning: Token holders destroy the YAMv1 tokens in their hands and mint them into new YAMv2 tokens to avoid the problem of excessive issuance of v1 tokens. In addition, Yam will initiate community proposals and votes, and the project will be fully governed by the community.

In the second phase, Yam will deploy the 3.0 phase protocol based on the community's voting results, and cooperate with third-party security agencies to audit smart contracts to avoid risks caused by contract loopholes.

Previously, Yam suffered a failure due to a bug in additional issuance, and the price of the currency was once close to zero. The "sweet potato" that was sought after at first became unsalable. After YAMv2 landed on the market, the currency price rose to around $18, and market confidence showed signs of recovery.

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The code of the "first-generation Yam" was not audited. Although it was officially announced as an "experiment" by the launching team, a large number of participants came to dig sweet potatoes and created a market sensation. The "Second Generation Yam" restarted, and Trent Elmore, one of the initiators, began to face up to this experiment. He said that Yam is not just a money game, and there will be more development directions in the future. The "vault" in the agreement makes it a decentralization Possibility of banking.

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In the early morning of August 23, Yam Finance, a much-watched DeFi protocol, completed the first step of its restart. Its tokens completed the migration from YAM v1 to YAM v2, and the final supply of v2 was about 3.7264 million pieces. This means that the 1.0 era of Yam has become a thing of the past, and the "sweet potatoes" in the Yam field will bring former users to version 2.0.

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Yam Completed Token Migration

At this stage, Yam's liquidity mining is still at a standstill. According to the announcement, Yam will launch a governance forum on August 24, UTC time, using token holder signatures for off-chain voting, which is a key step for Yam to hand over the project to community governance.

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To be more precise, v2 is just a transitional period before the final version of Yam goes live, and its most direct purpose is to allow community members to submit proposals for voting. After the voting is over, Yam will deploy a version 3.0 that has been audited by a third-party security agency based on the community’s voting results. Finally, YAMv2 token holders can convert their tokens to YAMv3.

On August 24, YAMv2 tokens have begun to be traded on DEXs such as Uniswap, with a price of about $18. The market once again has confidence in the follow-up of Yam.

The development of Yam has reinterpreted "one day of DeFi, one year of the currency circle". At 3:00 am on August 12, Yam started mining, and within a few hours, more than 100 million U.S. dollars of funds poured in. "Sweet potato" YAM once exceeded 150 U.S. dollars.

It is a pity that the prosperity only lasted for more than 30 hours. The Yam protocol exposed a code loophole, which caused the exponential increase when it triggered the elastic supply mechanism, which means that Yam1. . The once-sought-for "sweet potatoes" are unsalable, and most holders choose to sell them with tears. Those who don't want to sell "sweet potatoes" may encounter the situation of "rotten" in their hands.

The price of YAM currency has plummeted, but the outside world is still impressed by the gold-absorbing ability and unique mining mechanism of the Yam protocol. Therefore, many community members proposed to restart it, hoping that the DeFi experiment of mining "sweet potatoes" can continue.

During the few days when Yam was shut down, a number of similar DeFi protocols appeared on the market one after another, some digging "grapes" and some fishing "shrimp". The essence is to pledge tokens or provide liquidity for tokens. Mining, the wave brought by Yam is still continuing.

Yam's vulnerability once again exposed the huge risk of unaudited smart contracts. Such a nascent DeFi project can attract hundreds of millions of dollars in a short period of time. On the one hand, it is the epitome of strong speculative sentiment. Professional development team but optimistic about the token 0 pre-mining project.

The big V in the currency circle "Super Bitcoin" has participated in digging "sweet potatoes". While he called today's DeFi "a beautiful new world of bubbles", he also saw its transformation of the primary market. Some people commented that Yam is just a "money game", and the value of hype is higher.

Obviously, when Yam is planning to deploy a new "experimental field", there are both doubts and optimistic voices, which is also a manifestation of the duality of DeFi.

In this regard, Trent Elmore, one of the promoters of Yam, wrote that the original concept of Yam did have a deep game component, but he became more and more aware that this idea is not just a game.

He said that the greatest value of Yam is reflected in the "treasury" of the agreement. Users can obtain considerable income by mortgaging assets in the treasury, but its greater value lies in the fact that the community can tap the potential of this reserve mechanism. the

He gave an example that the community can establish a decentralized reserve financing model around the treasury, and can choose to allocate a certain proportion of the reserve fund, pay audit fees for new projects to obtain a certain Token share, and thus obtain returns. This case sounds a lot like decentralized crowdfunding.

Trent Elmore also cited that the community can also build financial agreements, such as borrowing from the treasury. He believes that the future form of YAM may be like a decentralized bank with community-led governance.

Of course, Yam has only been born for less than half a month, and it is hard to say whether anyone will use it to form more ideas and develop more functions. Trent Elmore said that achieving these requires a lot of collaboration, community governance and effective management. In the future, the cumulative value of YAM will be reflected in the community's joint efforts to integrate these concepts into the system. the

At present, Yam in the restart process has begun to break away from the state of "streaking" of the smart contract. On August 19, the blockchain security company PeckShield announced the completion of the security audit of the Yam2.0 smart contract.

Yam2.0 smart contract passed security audit

PeckShield said that shortly after locating the key issues of Yam1.0, the Yam team contacted them for cooperation. According to reports, this security audit mainly focused on the security and reliability of the YAMv2 migration contract. The main audit contents include: the balance query and destruction logic of the old YAMv1 account, the minting of the new YAMv2 account, and the security and integrity assessment of the overall migration logic.

"After several days of rigorous security audits, we found that the overall design of the YAMv2 migration contract is clear, the logic is rigorous, and the code is concise and effective." PeckShield believes that Yam, as a star-level project that the whole community pays attention to, should not be defeated due to a single security issue , which still has expectations for the development of Yam.

A number of users with YAMv2 positions also told Honeycomb Finance that they will participate in community voting to water potential new DeFi experimental fields including Yam.

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