On August 24, Binance CEO Changpeng Zhao tweeted criticism on the state of DeFi, and specifically the ill-fated YAM Finance protocol, which led to the cryptocommunity offering some criticism in return.
- Zhao said that there would be “many projects like this one”, referring to YAM Finance and posting a picture of YAM’s precipitous drop in value
- Yam Finance suffered from a rebasing bug on August 13 that led to $500,000 being locked
- Some community members also pointed to Yam V2, an improved version of YAM whose token is now valued at $14.60 (at the time of publishing)
- Others have said that CZ knows little about what is actually going on in the DeFi market, while others have agreed that there is considerable speculation in the DeFi space
- ShapeShift CEO Erik Voorhees has also criticized YAM, calling it a scam