Yam Finance Uncovers A Bug After ShapeShift CEO Calls It A Scam
Yam Finance Uncovers A Bug After ShapeShift CEO Calls It A Scam
August 13, 2020
Yam Finance Uncovers A Bug After ShapeShift CEO Calls It A Scam
Yam Finance Uncovers A Bug After ShapeShift CEO Calls It A Scam
August 13, 2020

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.”

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. 

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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. 

The stated bug follows an August 11 tweet from Erik Voorhees, in which he called Yam a scam.

Thus, Yam holds as just the latest hype-driven speculative crypto bet amid overall soaring prices. 

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Source: Cointelegraph | Image: Gramma Tech Blogs


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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