Review on YAM by jesus ruiz
Yam, a short and controversial history
In August 2020, a new project of the DeFi decentralized finance ecosystem was launched with an experimental currency called Yam Finance (YAM).
At the time of its launch, Yam reached very high levels of capitalization and value. It promised to be a good business investment for its users. But extraordinarily, two days after its launch, Yam dropped 99% of its value.
In an unfortunate turn of events, the team behind the project announced that it had found "a bug in the reset contract." After trying to resolve the problem they realized it was more serious than they initially thought. So the contracts were permanently broken and a total of USD $750,000 was locked inside the platform heralding the imminent death of the project.
Its developers have hinted at the possibility of re-launching the Yam Finance project. So they will set up a grant to coordinate an audit to be funded by the YAM contracts community.
Yam Finance plans to support the launch of what they call YAM 2.0 through the YAM migration contract.
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Pros
- None to add
Cons
- Project out of circulation.
- The project did not have an audited code, which quickly led to its failure.
