Monday, 21 September 2020

Yam farming was a spectacular failure

This week’s Everipedia Digest takes a look at the Yam farming fiasco.

Only hours after Yam.Finance launched their YAM token, compatible DeFi projects saw double-digit gains. However, the prosperity was short-lived as an unforeseen bug crashed the whole thing.

The rest of the newsletter is focused on general DeFi items, because crypto hasn’t seen a boom like this since the ICO craze of 2017.

Wrapped BTC, which is essentially bitcoin in an Ethereum envelope, now has a market of $230,000,000!

The large market cap has mostly to do with the rise in Decentralized Finance, since WBTC is a common medium of exchange among several protocols.

The creator of yieldfarming.info is a memelord named Weeb McGee. As one of the first to calculate DeFi yields from various protocols, he is considered an authority in the DeFi space. ​

Weeb Mcgee developed tools for the emerging DeFi space and released yieldfarming.info in June of 2020, scaling to 200,000+ monthly visitors in no time. 

This new DeFi platform locked up over $500,000,000 dollars worth of crypto merely hours after its launch. However, the project crashed and burned. Learn about what happened. ​

Shortly before the first rebase a bug was discovered that required the community to act unselfishly and delegate their Yam tokens in support of a new proposal, otherwise the network would be subject to hyperinflation. They smashed through the 160,000 token goal a couple of hours before rebase. Sadly, an additional bug caused everything to come tumbling down. Read More »

yEarn turned out to be one of the biggest dark horses in the DeFi space, growing from $30 to over $7,000 per token in a short period of time. ​​

The YFI token got some wind at its back when a Binance listing facilitated a 50% surge. The token is famous for running up 70x in less than a week.

While everyone is praying for a layer 2 solution to lower gas fees and congestion on Ethereum, Everipedia has been developing DeFi primitives on EOS. ​

Everipedia is developing prediction markets, synthetic assets, lending markets, leverage and much more. 


source: everypedia.com

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