Sunday, October 24, 2021
HomeDeFi NewsMultimillion DeFi Experiment YAM Gets Rotten as Bug Eats Its Market Cap

Multimillion DeFi Experiment YAM Gets Rotten as Bug Eats Its Market Cap

The ‘Save YAM’ operation failed, as a flaw that prevents the hottest, two days old decentralized finance (DeFi) project from being rescued has been discovered. However, the team behind it announced the project’s second version.

According to the latest update,Yam Finance (YAM) discovered that the existing code bug would “interact with the governance module and prevent this proposal from succeeding” – the one on which the project fate rested.

As for what happens to YAM now, the team said that “YAM will live on as long as Ethereum continues to operate with support for the contract as written. It can no longer be modified by governance, so on a technical level, it will behave in a similar fashion to other rebasing assets such as AMPL.”

They added that the YAM / yCRV Uniswap V2 pool will remain unsafe, but that the community managed to get 75% of liquidity out of it before the second rebase, while the rest should be removed immediately.

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