Aug 13, 2020 at 08:33 UTCUpdated Aug 13, 2020 at 09:14 UTC
DeFi meme coin ‘YAM’ has succumbed to a bug within its rebase function, meaning the coin has lost control of its on-chain governance feature.
- All of the roughly $750,000 Curve tokens stored in the project’s treasury are lost as well, according to a Medium blog from the team.
- Launched Tuesday, YAM had $585 million assets under lock as of 4:30 UTC.
- YAM’s code contained a bug that issued “excess” rebase supply to the token’s treasury.
- The bug made the project’s on-chain governance feature unusable.
- A possible fix slipped through the cracks early Thursday morning. Yam Finance co-founder Brock Elmore voiced his regret in a tweet.
- A yield farming protocol, the project was supposed to use rebases to adjust supply in order for the token to maintain parity to the U.S. dollar.
- The project’s rapid surge in user numbers came from the fact it offered features DeFi yield farmers were hunting for, combined with an instantly recognizable symbol in the shape of the yam emoji.
- But its relative newness means the code had not yet been audited.
Read more: Deposits in ‘Monetary Experiment’ Meme Token YAM Break $460M
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