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Yam Defi Protocol Token with assets of $ 600 million collapsed by 99% per day
The price of an experimental Yam experimental Defi Protocol has collapsed by 99% per day. The reason was the detected vulnerability in the protocol management system.
On Wednesday, August 12, the market value of YAM exceeded $ 167. After that, in just a few hours the rate dropped to $ 87, and at the end of the day – below $ 13. At the time of writing, the price of Yam collapsed by 99.2% to $ 0.76.
The collapse occurred against the background of the discovered bug, leading to the excessive issue of tokens, which later sent to the address of the Yam Reserves contract. This jeopardized the possibility of further management of the protocol holders of tokens.
The developers noted that to save the protocol, urgent measures must be taken before the second recalculation of Yam denomination. By two votes, tokens holders approved the proposed temporary changes aimed at eliminating errors.
On Thursday, August 13, the developer of Yam Finance Brock Elmore announced that he https://gagarin.news/ua/news/eu-is-unhappy-with-crypto-wants-to-make-it-greener/ was not able to correct the vulnerability.
I’m sorry EVERYONE. I’ve failed. thank for the Insane Support Today. I’m Sick with Grief
– Belmore🍠 (@Brockjelmore) August 13, 2020
“I apologize to everyone. I failed. Thanks for your incredible support today, ”he wrote.
As a result of an unsuccessful attempt to update, the holders of YAM tokens completely lost control of the protocol.
Yam Defi Protocol launched on the night of August 12. An hour after the start of its work, the volume of blocked funds in the liquidity pools of the project reached $ 76 million. The developers initially warned users that the protocol did not take an audit of security. Despite this, the volume of blocked assets in YAM at the peak exceeded $ 600 million.
Updet: The developers of the project announced their intention to launch version 2.0 protocol.