### What is YAM?

YAM is an experimental protocol built on the Ethereum blockchain, integrating innovative concepts like elastic supply mechanisms, governable treasury, and fully on-chain governance. It is designed to incorporate the latest developments in programmable money and governance, coupled with a fair distribution mechanism.

### How does YAM work?

YAM operates as a decentralised protocol featuring an elastic supply mechanism that expands and contracts its supply based on market conditions to achieve a target of 1 USD per YAM. It employs a fork of the Compound governance module to enable on-chain community voting for protocol updates. Governance controls a portion of each supply expansion, which is used to purchase yCurve, a high-yield USD-denominated stablecoin, and add it to the Yam treasury.

### What are the potential use cases for YAM?

Potential use cases for YAM include:

1. **DeFi and Yield Farming**: YAM is employed in yield farming and can be staked in liquidity pools to generate rewards. It also engages in lending and borrowing within the DeFi ecosystem.
2. **Governance and Treasury Management**: YAM's governance system allows community participation in decision-making and treasury management.
3. **Stablecoin and Synthetic Assets**: It acts as a stablecoin, maintaining its price through supply adjustments, and is involved in the creation of synthetic assets.
4. **Arbitrage and Market Participation**: YAM facilitates arbitrage opportunities through its elastic supply and allows participation in various market activities.

### What is the history of YAM?

YAM was launched on August 11, 2020, by a team including Dan Elitzer and Clinton Bembry, among others. The project quickly garnered attention, reaching $580 million in assets within a day of its launch. However, a critical bug in the rebasing contract led to a collapse, but the DeFi community supported a turnaround, resulting in a migration to a new version, YAMv2, with audited code. Despite its initial setbacks, the protocol remains active, rebranding itself as a launchpad for DeFi projects while maintaining a community-driven governance model.

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