YAM Token Holders 'Burnt the Hardest' After Price Plunges to Zero

Publicado en by Cointele | Publicado en

Yam Finance, an experiential Decentralized Finance protocol, saw its market cap crash down to zero within minutes on Aug. 13.

The Yam protocol gained steam in the DeFi space as the second purely decentralized DeFi project after Yearn Finance.

It allowed Yam holders to govern the protocol, deploying a decentralized governance model.

Due to its decentralized structure, when Yam first launched, it allowed users to stake various cryptocurrencies to earn Yam.

The staking model enabled the Yam protocol to distribute Yam tokens in a transparent way.

While no assets staked in Yam were lost, the value of Yam itself dropped to zero.

Kelvin Koh, the co-founder of an Asia-based venture capital firm Spartan Black, said big Yam holders were hit the hardest.

"So much for YAM farming. The big YAM hodlers got burnt the hardest......Anyway, thankfully no assets were lost. I am sure someone somewhere is already preparing the next iteration of crop farming."

Most of the Yam held by users were distributed through staking, but some users bought Yam on decentralized exchanges, like Uniswap.

Within hours after the crash of Yam, its developers said in a follow-up medium post that Yam 2.0 is underway.

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