Is YAM dead? The lock-up volume reached 400 million U.S. dollars, ranking No. 7 in DeFi
Editor's Note: This article comes fromChatting with Xiaozha (ID: xiaonazha88), reprinted by Odaily with authorization.
Editor's Note: This article comes from
Chatting with Xiaozha (ID: xiaonazha88)
Chatting with Xiaozha (ID: xiaonazha88)
, reprinted by Odaily with authorization.
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.
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1. Money is smart, money is profit-seeking
Not only what he said, but also what he did.
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.
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.
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.
In other words, the mined YAM can be easily sold. Judging from the trading volume, the transaction is still very active.
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2. The bumpy road of YAM
1. The BUG 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.
After the Gitcoin Foundation accepted donations, the goal was 75,000 US dollars, and it soon reached 100,000 US dollars, which was overfulfilled.
stage 1
4. Migration of YAM2.0
stage 2
From YAM1.0 to YAM2.0, there are two phases of migration, and the mining of YAM1.0 continues to operate.
stage 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.
stage 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)
