What’s the Deal With Yam Finance?

[Lenipiw]

Is the rebasing project a useful economic experiment? Some of the crypto A-list says it’s just another scam. There are some decentralized finance projects that make flash loans; Yam Finance (YAM) was a DeFi project that made a flash appearance.

YAM, which initially described itself as a “minimally viable monetary experiment,” launched on August 11 amid some fanfare, and in less than two days, its market value soared from zero to $57 million. But on late Wednesday, the company announced that it found a bug in its rebasing contract and by Thursday, its market capitalization crashed back to zero. To no avail, the DeFi community rallied to save the project, whose rebase function turned it into a kind of global competition, with investors gambling on the token price.
Visit here: https://cointelegraph.com/news/defi-be-warned-the-short-unhappy-life-of-yam-finance