Yam Suffers Technical Outage Following Scam Accusations
Yam finance (YAM), the latest fad in the crypto space, recently warned the public of a technical bug affecting the ecosystem.
“We have found a bug in the rebasing contract,” the project said in an Aug. 12 tweet. “All funds in staking contract are safe, as this is an unrelated part of the protocol,” the project added, also noting participants’ Yam token holdings remain unaltered.
As the decentralized finance, or DeFi, crypto boom continues, something called yield farming has come into the spotlight. Yield farming is essentially the latest passive income fad in crypto. Yam has risen to the top of conversation recently as the headline act in the yield farming sector.
Unlike many assets in the crypto space, Yam boasts a fluid token supply in search of value stability, based on the market, previous Cointelegraph reporting explained. The processes involves “rebasing” and yCRV, a Yam stablecoin.
“Rebases following the initial rebase will mint more YAM than intended,” Yam Finance said of the recently uncovered bug in a subsequent tweet. Further tweets explained the project’s proposed bug solution, including setting a 0 rebase level.
The stated bug follows an Aug. 11 tweet from ShapeShift CEO and crypto expert Erik Voorhees, in which he called Yam a scam. Yam holds as just the latest hype-driven speculative crypto bet amid overall soaring prices.