Yam Finance Uncovers A Bug After ShapeShift CEO Calls It A Scam
Yam Finance (YAM), the latest fad in the crypto space, uncovered a bug the day after Erik Voorhees, the CEO of ShapeShift, called the project a scam.
The project said in an August 12 tweet:
“We have found a bug in the rebasing contract. All funds in staking contract are safe, as this is an unrelated part of the protocol.”
We have found a bug in the rebasing contract, please read below. All funds in staking contract are safe, as this is an unrelated part of the protocol. User YAM balances are also unaffected. — Yam Finance (@YamFinance) August 12, 2020
It has been reported that as the DeFi crypto boom continues, yield farming has come into the spotlight.
Yield farming is essentially the latest passive income fad in crypto, as Yam has risen to the top of conversation recently as the headline act in the yield farming sector.
However, unlike many assets in the crypto space, Yam boasts a fluid token supply in search of value stability, based on the market. The process involves “rebasing” and yCRV, a Yam stablecoin.
Yam Finance said in a tweet:
“Rebases following the initial rebase will mint more YAM than intended.”
Further tweets explained the project’s proposed bug solution, including setting a 0 rebase level.
To fix this issue, we are creating a two-part proposal: 1. Set rebase to 0; this will pause rebases to allow us to implement full fix 2. Reset YAM in YAM reserves to zero; this will eliminate the over-inflated YAM in the reserves — Yam Finance (@YamFinance) August 12, 2020
The stated bug follows an August 11 tweet from Erik Voorhees, in which he called Yam a scam.
$YAM looks like a scam… or to be more charitable, fairly transparent pump and dump nonsense. Projects like this are not going to be good for defi… What am I missing? Are the buyers willing participants in a silly game, or are people alleging actual value? — Erik Voorhees (@ErikVoorhees) August 12, 2020
Thus, Yam holds as just the latest hype-driven speculative crypto bet amid overall soaring prices.
Source: Cointelegraph | Image: Gramma Tech Blogs
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