A Farming Catastrophe
DeFi protocol Yam Finance will return to the crypto scene on September 18. Yam Finance V2, which includes an elastic supply token, exploded onto the DeFi scene last month. Within a few days, a disastrous bug in the smart contract activated unsustainable reserves that made it impossible to implement governance. The YAM token value plummeted almost instantly.
Source: CoinMarketCap
YAM: Reloaded
The relaunch of Yam Finance V3 follows a different governance procedure. A phase of transitional governance will occur where consensus will be reached regarding upgrading Yam’s reserve asset to yUSD, expanding vote time to two days, and increasing the criteria for proposals and quorum.
Source: YAM Medium
Fully Audited Vegetables
In addition, blockchain research company Peckshield has conducted an audit of Yam Finance V3. Peckshield has conducted similar audits for the bZx Protocol and Swerve Finance.
According to Peckshield: “YAM presents an interesting and novel experiment of on-chain community-based governance and elastic supply cryptocurrency, and we are very impressed by the overall design and implementation.”
