What is the story behind YAM, a defi protocol that attracted $600M of capital and ceased to exist in less than 48 hours? I’ll find it out in this video.
Let’s start with what Yam protocol was all about.
Yam, a protocol built as a monetary experiment, combined some of the most interesting innovations in programmable money and governance, such as an elastic supply, on-chain governance, a governable treasury and a fair distribution mechanism.
YAM, a cryptocurrency of the Yam protocol, was meant to work in a very similar way to Ampleforth, reacting to market conditions by expanding or contracting the supply of YAM targetting 1 USD per YAM. If you need a recap on how this mechanism works under the hood, you can find a detailed explanation in my Amplefoth video that I will link here.
One major difference between Ampleforth and Yam was the fact that Yam was meant to use a portion of each supply expansion to buy yCRV that is a high-yield USD-denominated stable coin. Once bought, yCRV was supposed to be added to the Yam treasury. YAM holders were able to decide how to use these funds for future development and changes to the protocol entirely on-chain through community voting.
Ampleforth Rebase Explained ► https://youtu.be/e-8yjmsshFg
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