A deposit of 200 million U.S. dollars in 6 hours, a brief analysis of the new DeFi protocol YamFinance
Editor's Note: This article comes fromDeep tide TechFlow (ID: Tech-Flow), Author: Li Feng, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Deep tide TechFlow (ID: Tech-Flow)
Deep tide TechFlow (ID: Tech-Flow)
At 3 am on August 12, the DeFi project YamFinance started liquidity mining. According to TheBlock statistics, within an hour after YamFinance started distribution, liquidity miners deposited USD 76 million worth of tokens into the project’s pledge pool. Token.
What is YAM?
According to the latest data, after 6 hours of opening, the total lock-up amount of YamFinance is close to 200 million US dollars.
On Uniwasp, its price has also been constantly pushed up, and it has reached 113 US dollars at present. In the early morning of tomorrow, YamFinance will start the second round of mining!
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What is YAM?
YAM is an experimental protocol hatched by the community. It draws on the elastic adjustment mechanism in Ampleforth and makes some innovations. It has the following characteristics:
Elastic supply mechanism to seek ultimate price stability
A governable treasury to further support stability
A fair distribution mechanism that can incentivize key community members to actively participate in governance
Overall, YAM is an elastic supply currency that expands and contracts supply according to market conditions, with the goal of making each YAM $1.
This stabilization mechanism adds a key addition to existing elastic supply models such as Ampleforth: a portion of each supply expansion will be used to purchase yCRV, a high-yield USD-denominated stablecoin, and Add it to the Yam treasury and control it through Yam community governance.
According to the official statement, at the time of launch, the value of Yam tokens will be zero, and after deployment, its value and future development depend entirely on Yam holders.
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How to get YAM?
Just like YFI, the distribution of YAM adopts a "decentralized" distribution method, which is characterized by "no pre-mining and sales, no founder's shares, no venture capital benefits, and equal opportunities for benefit distribution."
Currently, the total supply of YAM is 5 million. Due to the nature of the token, the YAM supply figure is subject to change based on future benchmarks.
The initial allocation adopts the method of pledging the liquidity of mainstream DeFi tokens for mining, starting at 3:00 a.m. on August 12, Beijing time, for a period of 7 days.
Currently, YAM tokens are evenly distributed in eight YAM stake pools, including COMP, LEND, LINK, MKR, SNX, WETH, YFI and ETH/APML Uniswap v2 LP.
The co-founder of Continue Capital said on Weibo today, "$YAM came out in the early morning, because 8 pools distribute yam equally, so the optimal strategy is to find pools with small funds. Currently, we look at the funds in COMP/AMPL/LEND/SNX pools The least amount means the highest rate of return, so mortgage ETH to lend the above four coins to participate in mining, it may be a good strategy in the early stage.”
It is reported that the second mining will start at 3 am on August 13, Beijing time.
The cap adjustment of YAM is set to occur every 12 hours, and the initial set benchmark is set to be approximately 12 hours after the second distribution (YAM Uniswap liquidity).
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Risk warning
0x0e2298E3B3390e3b945a5456fBf59eCc3f55DA16
GitHub:
https://github.com/yam-finance/yam-protocol
The official stated that this project has only passed 10 days from start to launch, and has not undergone strict and formal code audits. This is just an experiment, and investors are advised to pay attention to risks.
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