The DeFi space will have another yield farming protocol join its midst, as Yam Finance announced its launch on August 11. It has been described as an “experimental protocol” that has innovative features for governance and programmable money.
- Protocol features an elastic supply, like that of Ampleforth (AMPL)
- A price of $1 is targeted for YAM; the token is currently at $90.71 at the time of publishing
- Total supply is 5 million, with 2 million set to be distributed in first phase
- Unlike AMPL, a portion of every supply expansion will be used to buy yCRV, which will then be added to the YAM treasury
- Second distribution will occur in a YAM/yCRV Uniswap pool
- Protocol is fully decentralized from the get go with full on chain governance
- Initial distribution will happen among the following staking pools: COMP, LEND, LINK, MKR, SNX, WETH, YFI and ETH/AMPL Uniswap LP tokens