Yam Finance Replants and Rebases But Tokens Still Slide

0
2143

Yam Finance has relaunched, replanted, and rebased the DeFi farming protocol, but this week has not stopped its native token tanking with the rest of the crypto market.

When Yam was one of the first to introduce high-yielding liquidity pools with a highly experimental elastic supply token to be distributed as incentives, the DeFi food farming hysteria gained traction in mid-August.

The project was put on hold by a code error and subsequent bailout by DeFi whales until its relaunch to Yam v3, which occurred late last week. The team is looking to the future now.

Replanting the Yams

The Yam Finance team presented its vision for the future of the project in a recent media article. Yam has concentrated on four key areas in need of improvement without posting a particular roadmap.

Optimizations for protocols are the first since the relaunched version is the same as Yam v1, but with smart contracts audited. In addition to the treasury buying more stable coins or ETH to increase liquidity, a feature was suggested to allow users to burn Yams for a proportional share of the treasury.

Increasing the rebase frequency, currently set at 12 hours, may minimize the effect of Treasury purchases, while consideration was also given to improvements in enabling liquidity providers to take part in governance voting.

Treasury management will undergo an upgrade, and the layout and usability need to be strengthened, the post added. The Yam Finance team also wants to promote technical contributors, group moderators, and platform developers who support the Yam ecosystem as a whole.

“As you can see, there is a lot of work that can be done to improve Yam. Despite the last month of progress, the relaunch of Yam is truly a starting point.”

YAM Rebased But DeFi Tokens Tanking

Today, token rates, which were dumped along with the rest of the DeFi and crypto-asset market, have not changed with the relaunch.

Uniswap has some fake Yam tokens listed, making it difficult to determine which is which for the uninitiated. YAM v3 tokens, however, were trading only around $4.5 after the rebase a few hours ago, following a 28% decline from around $7, according to Coingecko. Of course, it’s worth remembering that this occurred after the rebase, which boosted the overall holdings of users by a factor of 2.49x.

YAM price
YAMv3/USD price – coingecko.com

As double-digit losses are being felt across the board with tokens from Aave, Yearn, Synthetix, Curve, Uniswap, and SushiSwap, all dumping hard, YAM is not the only DeFi token in pain today.

LEAVE A REPLY

Please enter your comment!
Please enter your name here