Timeline of the $YAM Project in a Nutshell (Updated)

Timeline of the $YAM Project in a Nutshell (Updated)

By Abhi K | News | 13 Aug 2020


On August 13, newly launched YAM Finance protocol escaped severe repercussions after the community stepped to take a vote that fixed a bug that would have gravely affected governance. 

  • Bug in the protocol’s rebasing function minted too much YAM to the reserves
  • Rebase that occurred at 7 AM UTC on August 13 added $500,000 worth of yCRV to the YAM reserves
  • Minted YAM stays in the reserves contract, with governance not being possible as it would not be possible for proposals to reach quorum
  • The team had to introduce the solution before the next rebasing, or risk losing the funds in the treasury
  • To solve this, the team requested the community to provide 160,000 YAM in a timeframe of 7 hours
  • Proposed solution paused rebase functionality to halt excess minting and transferred control to a better governance contract
  • Larger contributions began flowing in, including from YAM whales, who farmed YAM on Uniswap
  • Curve Finance, Synthetix and CoinGecko assisted by spreading the word
  • Completed with 90 minutes to spare, the team will grant rewards to those who have contributed

[UPDATE 13 August]

  • YAM Finance co-founder Brock Elmore reveals that the proposal failed, $500,000 in treasury funds lost

[Further Update]

  • YAM explains that the bug prevented the proposal from succeeding
  • YAM will set up a Gitcoin grant for a community-funded audit of YAM contracts; successful funding will see the launch of YAM 2.0 via a migration contract
  • YAM 1.0 will continue to function on Ethereum, though it cannot be governed

Related Reading:


Abhi K
Abhi K

Technophile, cryptocurrency enthusiast and journalist.


News
News

Official Publish0x Crypto News Channel

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.