Yield farmers are going wild for YAM — not the vegetable, the newly launched DeFi challenge.
Mimicking the elastic provide of Ampleforth, Yam is an “experimental protocol mashing up among the most fun improvements in programmable cash and governance,” in keeping with a Medium put up by the group. Launched at 7:00 PM UTC on Tuesday, the challenge started distributing its YAM tokens to eight staking swimming pools. Liquidity suppliers are required to supply one of many eight tokens in one of many swimming pools to obtain YAM tokens in return. These tokens are: COMP, LEND, LINK, MKR, SNX, WETH, YFI and ETH/AMPL Uniswap v2 LP tokens.
By The Block’s depend, roughly $76 million in tokens have been deposited in these contracts regardless of Yam’s weblog put up warning that no audits have been carried out on its contracts.
“We strongly urge warning to anybody who chooses to interact with these contracts and assume a correct skilled audit could be extremely advisable if this challenge will get any significant use,” the weblog put up reads.
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