After $YAM, a new $PASTA DeFi Project Has $200M Staked in 12 Hours

By Abhimanyu Krishnan | News | 19 Aug 2020

On August 19, over $200 million was staked in a new yield farming protocol Spaghetti Money ($PASTA) in just 12 hours. Some of the staking code is based off of controversy-struck YAM finance's code, and it has not been audited.

The governance token $PASTA will be distributed through a staking pool, though there is no information on the protocol’s governance model
Spaghetti Money provides staking pools for Maker (MKR), Aave (LEND), Compound (COMP) and yEarn (YFI), among others
Some of the Spaghetti Money staking code is based off of YAM, which had a critical bug that made over $500K inaccessible
Community members have called the protocol a meme protocol
The DeFi market has been subject to several unrealistic hopes, including absurd return rates
Vitalik Buterin has spoken on the DeFi mania, while Compound Finance CEO Robert Leshner says that DeFi needs to self-regulate