Important Notice
Deposits and withdrawals are not currently available for this coin.
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.
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.
Potential use cases for YAM include:
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.