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.
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.
Source: Cointelegraph | Image: Gramma Tech Blogs
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