Yam Finance just experienced a technical bug affecting the ecosystem that caused the YAM price to drop 99% in just 24 hours
Yam Finance (YAM), the newest phenomenon in the crypto space, has just experienced a technical bug affecting the ecosystem, causing the price of the platform token to drop 99% in only 24 hours.
Source: CoinGecko
Two-day-old DeFi project Yam Finance has seen its market cap evaporate in under an hour
As decentralized finance, or DeFi, continues to explode in the crypto market, yield farming has become the focus. Traders and holders quickly became “farmers,” cultivating and earning passive profits. Yam was awake and became the first name in yield farming array.
Unlike other assets in the crypto world, Yam boasts a flexible, value-stable supply of tokens, generated based on market activity. The process includes a rebasing mechanism and CR-V, a stablecoin from Yam.
However, Yam Finance ran into a technical flaw, namely a defect in the rebase contract that resulted in more YAM generated than initially envisaged. An administrative proposal has been put in place to fix the vulnerability. Accordingly, Yam Finance advises users to withdraw money from the YAM/yCRV pools on Uniswap before proceeding with the proposal.
But it is of concern that even the project developer is not sure whether the proposal will be approved or not, the cumulative number of yCRV in the rebase will be stuck.
The price of YAM on exchanges has been plunging since last night (in Vietnamese time) as soon as the vulnerability was discovered. In the last 24 hours, YAM has dropped 99% in value, from $ 167.66 to $ 0.64.
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