Tag: DEFI HYPE

Like many others, this project is in a rush to implement DEFI and plans to implement it directly into its platform. One notable example in this space is YAM, which has gained attention for its rapid approach. If you don't want examples of groups that know about these projects and can help you, check out the Defi Gems from Fat Pigs Signals. Was YAM or is it? Will be? A yield farming protocol in which tokens were to be in parity with the USD (United States Dollar). Sounds great, so WTF happened! The YAM jamWas YAM a pump & dump scam?YAM raises $500 million in just hours!Final thoughts The YAM jam This 2-day-old DeFi project called YAM has imploded in less than an hour as they furiously tried to fix a bug in the code, which completely failed, so anybody for YAM 2.0? Projects in the DEFI space, like YAM, are showing all the signs of BUBBLELAND in spades, and many should be wary of which projects they get involved in, as the BIG CRASH, imo, is yet to come for the cryptocurrency DEFI space. This is just one example of what happens when everybody wants a piece of the DEFI bubble pie. Yam is a story that tells us to watch out so we don't get into the YAM JAM! Launched on Tuesday, YAM had nearly $600 million in assets before the collapse. The project's code contained a bug that issued an excess of rebases to the token's treasury, rendering on-chain governance useless. The main reason for such issues is everybody and their mother's aunt's right-wing brother-in-law's dog, all of which went into the DEFI hype, like it is not loud enough up in here. The project team tried a last-minute fix this morning, but it was unsuccessful. The project's co-founder, Brock Elmore, later thanked everyone for their support and expressed how deeply he felt about their failure. Hope is right around the corner with YAM 2.0, and it seems the exchange will sort out the finances for this FUBAR event. YAM (YAM) Brock Elmore voices his regret as YAM bug hits home. So let this be a lesson to all of the DEFI projects out there to spend a great deal more time on code quality/auditing as not to have such instances occur in the future. Was YAM a pump & dump scam? A prominent voice in the crypto community fired off in a tweet saying: "For the sake of the industry, I think we should immediately crowdfund an audit on YAM right now." Erik Voorhees YAM SCAM? He thinks this is nothing more than a Pump & Dump scheme. Later on, "Erik Voorhees" added his two cents, pretty much calling it pump-and-dump nonsense. Stating how bad projects like this are for the DEFI space. Even if not a pump-and-dump, the experimental nature of this foolish project is for sure in question here. One seemingly angry user quipped back @ Voorhees that he was not educated enough on what YAM does and tried to educate fully in a statement, to which he cites that "Yam/YFI forks are automating yield farming, which in itself is arbitrage of prices and yields based on borrowing/lending rates," Allen Hena a retort to Voorhees. Also stating that the market inefficiencies would be ironed out in time, so basically he is a fanboy and does not understand that the issues are not just inefficiencies, but that the ethics and designs of these projects need to be inspected to a high degree, and that the HYPE in the space needs to be muted. Hard to call YAM a pump & dump cryptocurrency scam just yet, as the evidence overall does not completely support that, but time will tell, and it won't take too long! Far too many people are trying to use yesteryear's hype to fill their crypto/money bags so they can buy their Lambos & Hoes. But you should watch this, and a full audit by a 3rd party should be done when I listen to a programmer talk about the reserves going into an address that can just be nerd speak for "WE GOT YO MONEY B*TCHES! YamFinance trying to talk about their f*ck up and what they are doing with the funds. YAM raises $500 million in just hours! The absolute insanity of the degenerate crypto DeFi space will make it ripe for scammers when you have projects like this blowing off the doors with hundreds of millions raised in hours. It is Tulip Bulbs of long ago all over again. ChainLinkGod.eth YAM Final thoughts I can't agree anymore than with my froggy friend above, so sick of hearing about the DEFI coming, but that being said I found and can see some great opportunities of projects that will make DEFI very useable sought after, but not most of these yield farming arby arbitragers playing with their economic levers, in a future article I will show you some examples of what good DEFI projects that have real programmers/capital and backing by actual knowledgeable and organized individuals, instead of this sh*t show of over inflated GAR BAAAAGE!

Tag: DEFI HYPE

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Tag: DEFI HYPE

YAM (YAM) hero to zero, #1 DEFI horror story

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