NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Ethereum DeFi’s Hottest Project YAM is Being Revived After Implosion

Nick Chong
Nick Chong
5 years ago
2 mins read
Bitcoin

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Most readers are likely aware of Yam Finance, an Ethereum-based decentralized finance project that took the industry by storm last week. Announced just earlier this month by five developers in the space, the project, whose native token is YAM, exploded out of the gate.

Within the span of a few hours, YAM grew to a market capitalization in the millions. Also, the value of cryptocurrencies locked in the Yam Finance protocol reached hundreds of millions. At its peak, there was more than $650 million worth of Ethereum, Maker, Compound, Synthetix, and other altcoins allocated to Yam smart contracts.

But just two days after it launched, Yam imploded due to an issue with a core contract mechanism. The $650 million worth of assets locked in the contracts was safe, but there was a bug that made YAM basically worthless.

The bug also ensured that approximately $500,000-750,000 worth of yCRV was lost to the ether.

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC

Ethereum’s Yam Finance Protocol Is Being Revived

Despite some cynics claiming that YAM was a total failure, the community wanted to revive the protocol after it crashed in spectacular fashion.

Just a day or two after Yam underwent its initial implosion, the developers of the project said that they were looking into relaunching the project without bugs (hopefully):

“The community has clearly been supportive of a YAM relaunch with proper auditing, and it has been engaged and helpful in generating ideas regarding how to proceed. This engagement is exactly what we hoped YAM to achieve, and we believe the best solution is to get power to this community as simply and efficiently as possible. Once this is achieved, YAM holders will be able to continue to decide the path of the protocol.”

According to a blog post published on August 19th, the project will be undergoing a migration starting now:

“Following a successful audit of the migration contract from Peckshield, which can be viewed here, we are proceeding with the YAMv1 to YAMv2 migration process. The audit process found only issues of “Low” or “Informational” severity, all of which have been addressed.”

It is unclear if Yam Finance, with new code under its belt, will garner the support it saw last week.

Related Reading: Is BTC Really In a Bull Market? Here’s Why Analysts Think BTC Isn’t

Countless Copycats

YAM has seen countless copycats since its implosion last week.

There are projects like Pasta, Based, and Shrimp that have attempted to replicate the premise and ethos of Yam.

Yam’s re-launch, though, may depress these assets as capital and interest flows back into the “OG” protocol.

Related Reading: Crypto Tidbits: Goldman Stablecoin, Dave Portnoy Wants BTC, DeFi Boom
Featured Image from Shutterstock
Price tags: ethusd, ethbtc, yamusd, yambtc
Charts from TradingView.com
Ethereum DeFi's Hottest Project YAM is Being Revived After Implosion
Tweet123Share196ShareSend
Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Santiment

Santiment Highlights Top Tokens: Bitcoin, Ethereum, And Dogecoin Dominate Social Buzz

Conversations across the crypto space are circling back to blue-chip tokens, with Bitcoin, Ethereum, and Dogecoin taking the spotlight. Data...

Scott Matherson 22 hours ago
Ethereum

Ethereum Mirrors Bitcoin Post ATH Movement, As Market Bears Target 20% Correction

Popular crypto analyst and key opinion leader Ted Pillows has outlined an insightful trend in the Ethereum (ETH) market amidst...

Semilore Faleti 1 day ago
Ethereum

Ethereum Exchange Balance Turns Negative For The First Time – Why This Is Bullish For Price

Ethereum (ETH) has just made history with a development that could reshape its market trajectory. For the first time, the...

Scott Matherson 1 day ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum Price Gains Fade

Ethereum Price To Clear $5,000 If This Level Is Broken

Sandra White 4 hours ago

Ethereum Dominates Trading Volume Despite Market Cool-Off – Details

Sebastian Villafuerte 7 hours ago
Ethereum Price Warning

Ethereum Price Warning – Bulls Losing Grip as Downside Risks Build

Aayush Jindal 16 hours ago

Premium Sponsors

Press Releases

  • SNEYD

    SNEYD Mining will be the world’s first choice for...

    51 minutes ago
  • Best Bitcoin

    Best Bitcoin Mixer Coinomize.is: Complete Privacy Solution...

    1 hour ago
  • miner

    Institutional capital pours into DOT Miners, pushing XRP...

    3 hours ago
  • 仮想通貨おすすめ:ビットコイン11万7,000ドル予測と3億ドル空売りリスク

    ...

    5 hours ago
  • ドージコイン 今後の課題:0.25ドル突破に苦戦、新しい仮想通貨に資金が流入する9月

    ドージコイン...

    5 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.