The DeFi YAM project, which only the day before yesterday raised $ 76 million in the sale of tokens, today announced its closure due to a critical error in the code.
YAM Finance has excellently illustrated the risks of the explosive growth of the decentralized finance industry. In the best traditions of the “instant” ICO of 2017, on Tuesday, in just an hour, the project raised more than $ 76 million, despite the developers’ warnings about the lack of audit. At its peak, the capitalization of the YAM token rose to $ 470 million, and the price reached $ 167. However, today the token collapsed to zero in half an hour after the announcement of the closure of the project.
Shortly after launch, a critical bug was discovered in the smart contract that allowed for the unintended emission of YAM tokens. This effectively deprived token holders of the opportunity to participate in project management. To solve the problem, it was decided to collect a pool of liquidity, but the attempt to save the protocol failed and today at 11:01 Moscow time, the developer and co-founder of YAM Finance Brock Elmore announced the death of the project. After that, the capitalization of the token quickly collapsed to zero.
However, the developers, inspired by the “success” of the project at the token sale stage, have already announced the creation of YAM Finance 2.0.
A recent study by DeFi Italy co-founder Simone Conti found that DeFi project tokens are focused on a small number of wallets.
