I don't know what this new DEFI product is all about but, oh boy, why did they launch their product without fully testing it first? As reported in different news sites, a bug was found out that affects the total supply of YAM. I understand little about coding and all that technical stuff but don't you think this is a shameful newbie mistake? It looks like a team was in a rush to collect money!
This is not the first time YAM was accused of a scam also. Before the bug was found, Shapeshift CEO, Erik Voorhees said in a tweet that it's another pump and dump project. I'm not sure if he knew about the bug or he was talking about the business model and other fundamental stuffs.
$YAM looks like a scam... or to be more charitable, fairly transparent pump and dump nonsense.
Projects like this are not going to be good for defi...
What am I missing? Are the buyers willing participants in a silly game, or are people alleging actual value?
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https://twitter.com/ErikVoorhees/status/1293375588162560000Not surprisingly, some investors went on to defend YAM but I wonder where they are now?
After the bug was announced, this is how YAM's chart looks like now:
- taken from Coingecko
In an attempt to save the project, the YAM team calls upon its supporters. Goodluck to them, I think those hyped investors already left as seen in the chart. I also doubt they will ever come back so let's see if the team can manage to gather new support.
We need YAM farmers to act now.
If we are successful, YAM holders will very likely vote to reward those voters who help save the protocol.
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https://twitter.com/YamFinance/status/1293704924015071234P.S.
Those of you who are riding the DEFI hype, check if the code was audited by a reliable third party service before taking a gamble on these new and highly speculative projects. It won't guarantee that the project is not a scam but at least you won't have to worry about faulty codes.
