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

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• Yield farming protocol YAM Finance launches